Posted by Redline on April 07, 2001 at 21:22:28:
“Working the foreclosure market” IMHO may be one of the easiest things to do.
Who says you need a loan or cash? Why can’t you purchase foreclosure property at the right price and simultaneously close it with an investor and walk from closing with a check?
Sure you may need $500 earnest money but I would imagine most people could come up with that if they really needed it. This is EASY compared to rehabbing.
RL
Flipping or foreclosures? - Posted by Brett
Posted by Brett on April 07, 2001 at 10:56:00:
I am trying to figure out my niche in RE. I am trying to decide if I want to sink my time into learning about foreclosures or flipping properties. I should say I have the worst credit imaginable! Anyone with advice on what flipping course is the easiest to understand and implement? As far as foreclosures go, I have read some good stuff on this site and with the testimonials. My main question about that is “how much competition is out there buying foreclosures?” I recently read that there are more houses in foreclosure than there are RE investors in them. Anyone have a clue as to whether this is true? What foreclosure course might be worth looking into? Thanks for any help I could get in advance!
Brett
Re: Flipping or foreclosures? - Posted by NJdave
Posted by NJdave on April 07, 2001 at 12:05:56:
The two disciplines are not mutually exclusive. The successful real estate professional doesn’t limit his/her options, but has a comprehensive understanding of many different techniques. In my experience, there are 100 wannabe investors/speculators for every bona fide opportunity. The better your understanding, the more easily you’ll be able to recognise, identify, hold onto, and profit from potential deals.
Re: Flipping or foreclosures? - Posted by Dallas
Posted by Dallas on April 07, 2001 at 11:13:28:
Some of the other Carton Sheets program folks may disagree with me here but I’d recommend that you deal with the credit issues, not matter what they are as you learn. If you want to work the foreclsoure market, which is harder in my opinion than rehabbing sooner or later you will have to bring some money to the table and unless you find a really great deal (70% of value or less) you will need a loan. I have an info/education site (no costs to access) that covers forclosures and I belive CREO has some information on it as well. I’d also suggest that you take a close look at ICR for the credit issues.
Re: Flipping or foreclosures? - Posted by Mike Schmidt
Posted by Mike Schmidt on April 07, 2001 at 11:13:16:
What area are you in? From the short time I have been watching foreclosures here in the greater Chicago land area I can tell you there are not to many deals to be found. People are buying these homes at fair market value, some over FMV. For me in my area, I think running ads and locating people before a foreclosure is better time spent. On the other hand there are many here in this group that seem to be doing just fine in this market. The area your looking in seems to be the key.