What are some good resources on how to buy foreclosure properties? Has anyone done this?
Topic: What are some good resources on how to buy foreclosure properties? Has anyone done this?
July 18, 2019 / By Deven Question:
Foreclosure props - buying procedures and information
Advice and suggestions
Resources - best books, websites
Best Answers: What are some good resources on how to buy foreclosure properties? Has anyone done this?
Candice | 6 days ago
Some of the best resources for forclosures are:
But the most effective source is your local REO Agent, this is a real estate agent that gets most if not all the properties that are going into foreclosure in their area.
The best part about it is they know about the property before it even gets listed. If you can make friends with this agent you can be sure that you get what properties nobody even know about and gives you the advantage over other investors looking for these properties.
Buying procedures; You have to find the property first then find out how much they are asking for it. Then do a market analysis on this property by contacting a realtor to give you comparables in this property area of atleast the 3 latest houses sold and 3 houses currently selling in the vicinity as well.
After you do your market analysis and know what the price is and how much your going to sell for, this will determine if it is worth going to look at the property. If it's worth looking at it then take a camera and a notebook pad to write everything down that you see needs repairing or replacing and I mean every little detail no matter how small. Make a detailed list.
Make sure you look at the foundation very good and look for signs of water leaks or water coming into your basement. Look at the structure of the house, if you see that the roof is sagging you might have to replace the roof etc.
Even though you might not determine if this might be a problem it will give you an idea if the property is worth even putting in an offer or will give you an idea of how much money it will take to rehab the house.
Then take your notes and contact atleast three contractors to give you a free WRITTEN estimates on how much it will cost you to repair the house.
After this you put all your numbers together and determine what you will offer and remember if you are selling the property after you repair it make sure that take into account your profits, carrying costs ( mortgage payments ), closing costs, title insurance, attorneys fees, advertising and always add an extra $5,000 dollars for those unexpected things that show up.
After you calculate all this and have an offer ready make sure you put in your additional contions or better yet in a seperate addendum that the contract is; " Subject to final inspection by an inspector at Buyers sole discretion " You want your own inspector and not the banks or the owner of the house. This will give you an out on the contract if the inspector finds that there is foundation or structural damage which are some of the most expensive repairs.
Make sure you ask the agent listing the property if there are any sellers disclosures, like for example : Lead Based Paint, Asbestos Issues, Termite or Radon Gas. Ask the inspector when you go for inspection to educate you on this. Most inspectors would be glad to share their insights.
Most if not all foreclosure properties owned by banks you need either proof of funds or a letter from your lender stating that you are pre-approved.
You can checkout this site that gives you leads in your area for Wholesale, Foreclosures, Bankruptcies and Pre-Foreclosures. You can sign up for $6.00 and a month free of all of theses resources and also checkout the bonuses area, here he has pre-recordings and free ebooks so you can read too.
The site is: www.hotbargainproperties.com, the owner of the site is Tim Mai and he is loceted in Texas but will help in your area as well.
Also go to : www.reiclub.com and www.creonline.com and sign up for free. Here you will get to know investor clubs in your area and get a lot of free advice as well.
I hope you find this useful and wish you well with all of your endeavours.
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Originally Answered: What are good books and/or resources for someone just entering the world of investing in real-estate?
By all means do some research in books to identify where your interests lie...short-term, long-term, residential, commercial. But then, take the advice to find local REI clubs and get to know the area. Real estate is a people business...you won't find the people in books.
When I first started, I learned a lot about 'what and why' by going to free seminars put on by the big-name gurus in most major cities. Unfortunately, the 'how' was what they were selling, so that's as far as free will get you. But it's imperative that you educate yourself before getting too involved. Education doesn't cost, it pays. Failing to get accurate, up-to-date education is what costs.
One more thing...real estate investment is a business, not a hobby. Like any other business, it requires a good business plan. After you do some preliminary research, be sure you have a written business plan, and get some competent help with it.
Although some of my resources are specific to my area, there is also some good general information on my blog if you would care to visit. www.UtahBelowMarket.com
If your trying to turn and burn properties, it should be said that this is not as easy as some make it out to seem. Obviously there are alot of get rich ideas out there. I'm sure you are looking for a way to make money in this market. If you are serious about it, there are several ways to approach the situation based on previous knowledge, current income, and time restraints. First and foremost, your going to need to have a good understanding of the market you live in. To achieve this you should either real estate consultant or look into becoming one youself! There is never a get rich quick set up that I've ever seen work legally. There will be money that you have to invest. There will be hours of dedication that must be invested as well. If you contact the NAR (National Association of Realtors) they can provide info based on you state and what you would need to do to get your state licence. It will set you back about $1,000- $1,500. Once you are licenced and affiliated with a broker, you can begin widening your knowledge base. Turn and burn properties are like finding needles in haystacks and usually get snagged by big time investors before the rest of us even know they're there. The true way to make money at this profession is to invest in multiple properties and probably dump alot of man hours into repairs. If you have wealth already, then hiring contractors to do the dirty work would be the way to go. Then you just become a paper shuffler. The market is pretty crappy right now and it might not be the time to jump into this kind of gig.
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A lot of newspapers usually have a listing once or twice a year that lists properties that are foreclosures or even are being sold because the ground rent or water bill hasn't been paid. Check your newspaper or go to the municipal building, that should help. Be careful though because properties that are being sold because of late ground rent or past due water bills, the person being evicted has about 18 months or so to pay what they owe and get their property back. Check with the laws in your area. Good Luck!
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For the Atlanta area, a good resource of foreclosure information is...
It gives Atlanta house foreclosure and auto auction data, like what property address, the date of the foreclosure sale, and a link to the public notice.
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Best bet is to go to your local courthouse and ask the clerk where they list the foreclosures. Go to the list and when you find a property or properties write down their ID#s. Take those numbers back to the clerk and ask her to pull the files. All the information you need is in there (who the attorney is,how much is owed,back taxes,liens,etc)
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Originally Answered: Please give me some good situations where Human Resources played an important role.?
McDonald's fast food restaurants and Walmart stores make extensive use of entry level and low income labor. This appears to be a winning formula for their successful bottom lines.
General Dwight D. Eisenhower seems to have been the ideal person to command multinational forces in Europe during World War II. Victory in Europe can be attributed to effective management of enormous human and material resources.
President Franklin D. Roosevelt is credited for authorizing brain trusts and think tanks to develop programs to implement industrial growth under the "New Deal" umbrella. WPA, Social Security, ALCAN Highway, and World War II mobilization are classic examples of mass organization of human and material resources.
President Dwight D. Eisenhower dispatched federal troops to enforce school desegregation after Brown v. Board of Education in 1954. Presence of military personnel quieted unrest while facilitating the transition from segregated schools to integrated learning environments.