Can Anyone Explain Me About Foreclosure Real Estate Investing????

Martinez21

My regards to the community, I would be seeking your advice on some matter. I have some interests in real estate and have read that foreclosure is an efficient way to gather up profits. I would like a little more thought on this…as to how does the whole thing work and how can we invest properly in pre-foreclosures to earn secure profits.

Mike Finley

By being a contractor.

I don't know about you, but if you are a contractor I doubt you should have the time it takes to get into pre-foreclosures. That's pretty much a full time job in my opinion. In foreclosure is certainly a bit easier, but the profits won't be near as high, but you'll make up for that if you're a contractor.

MAD Renovations

You should really consult a Real Estate Agent about this..... I can not start to explain the considerations involved in this. There are Realtors that specialize only in foreclosures.

Cheers

Mike Finley

He's asking about pre-foreclosures. No realtors involved at that time.

mickeyco

I keep hearing a commercial on the radio about great foreclosure deals, 3 bedroom houses for pennies on the dollar, here's the problem for me, they said people with last names beginning with the letters A through M can call today, people with last names beginning with the letters O through Z can call tomorrow (mine begins with an O), by the time tomorrow rolls around I forgot to call and hear the same commercial and that O through Z have to wait until tomorrow again, it's been going on for months now.


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Some people climb mountains. I take out the trash. But we both do it for the same reason.

MAD Renovations

I understand that the op is asking about pre-foreclosures Mike.... I am simplely saying that if the resource is there that he / she should use it. Realtors have access to a properties history, selling trends, mortgage amounts (which will tell you an approx. on the bottom line for selling), etc. etc. Homes in foreclosure or pre-foreclosure can be great investments or sinking holes. Whenever I have a chance to grab more info to help me decide I grab it.

Cheers

W-Tinc

Some real estate investors market to distressed home owners to try and find houses they can get cheap. They have several different options for making a deal, but really that is a whole different field than what we do.

You could join a good real estate investment club and learn alot about what they do and also get some good networking in.

For me as a contractor I look at bank owned(REO) properties on the mls and on some mortgage companies websites, and just any mls listings that fit the criteria I'm searching for.

You need to know what area you want, how much you wish to spend, what types of work the property should need.

You also need to have cash or financing set up so you can make offers.

You should also have an exit strategy, are you going to live in the house, fix and sell it, or rent it out. Each has different financing needs.

Get a good realtor but try not to waste their time, I will walk around 30 houses before finding a couple I want to go through.

Make a few offers(low ones, you never know what they may come back with) and don't get too attached to any one property.

Mike Finley

The big money is(was) in pre-foreclosures, you're one or two steps in front of the banks and the realtors. But that usually involves full-time marketing to people who have just poped on the radar and just entered the foreclosure cycle. That market got so aggressive at one time, you were basically having to go knock on the door of that person to keep ahead of the hundreds of other investors pummeling him with "helpful" offers in the mail.

Pre-foreclosures around here were the ones where you find people being bird dogs, just getting to the people first, striking a deal and then flipping it to another investor and pocketing 3-10K for your efforts.

That business is no different then what any of us face. Just like we are generally better off spending our time contracting instead of spending our time to make our own websites and market them, the real estate investor was better off just buying a deal from a bird dog then trying to generate deals in pre-foreclosure.

I dabbled in pre-foreclosures years ago. What a mess. Probably part of the problem was the amount of get rich schemes going on at the time, flooding the market with so many people all chasing the same nut. In a different market direct marketing to the homeowner just going into foreclosure might be a totally different thing though.

For me since I'm a contractor I have found that REO or bank owned is far better. The deals aren't as good, that's for sure, but like I said, you can make up for that since you're in the trades.

arnold123

VERY LAME ATTEMPT AT SPAM!!!

mickeyco

Thanks Arnold, sounds like you really know what you're talking about, I'm headed over to your website right now to give you my credit card information. I can't wait for "quick" money to start rolling in.



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__________________
Some people climb mountains. I take out the trash. But we both do it for the same reason.

thomas08

Yes, I agree with you and this is the easiest way to know about foreclosure in real estate investing.

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Sam Thomas
Real Estate Agent

hbelectric

I know that sh*t is brutal, my ex g/f had the "balls" to actually walk up to peoples houses and confront them. I told her to stop or she was going to wind up dead.

rewrew87

We have that same commercial in Connecticut... sounds fishy to me.

dirt diggler

you guys just HAD to chase this guy away.


Do you know how FUN it would have been messing with this guy. UGH!


couldn't just say "psst - Dirt ... we got one for ya"

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Thanks in advance!!!