Posted by JT - IN on May 11, 2001 at 08:31:23:
Was not trying to be nasty at all, but I guess I was, brutally direct. There are a lot of way to make $$$ in the RE investing business. Starting with lis pendens is NOT the recommended approach, and by the nature of your questions, I can tell that you do not understand some of the risks associated with this approach. With foreclosures, there are many things to balance, and areas to run aground.
You would likely further your investing career by looking into other areas that are simpler, easier to put together, without some of the reisks of 4closures.
Try Lease options, or buying houses subject-to.
The whole point of my original post was to encourage you to get educated before trying to wrestle the grizzly bear, in deals where your knowledge level will impead your success. If you spent two weeks reading over this site, form A to Z; Success Stories, Archives, etc. you will gain some of the much needed knowledge that I am referring to. Then as you gain this knowledge, it will invariably create many new questions and areas of curiousity, and in those areas, buy a course or get a specialized book to address those subjects, and further that knowledge.
Unfortunately, in RE investing, there is no requisite education before an investor can go out and begin making an investment. The education that most investors get, is when an investment goes bad, then they tend to learn all the things that they should have learned, before they made such an investment. Kind of backwards, heh?
Yes, I could answer your original question, but the answer to your question is an expansive one. The post, to answer those questions, would clog the board, as the areas that would need to be touched on, to accurately address each area that is involved in les pendens, etc.
Again, I appologize if I offended you, as I surely did not intend to offend you, but to stear you in a more limited direction, than that of your original question.
Good luck to you, in whatever direction you take.
JT - IN
Pre-foreclosure Question - Posted by Allie
Posted by Allie on May 09, 2001 at 20:10:07:
At the court house I picked up a few Lis Pendens on second mortgages and open end mortgages.I am looking for propeties to flip. Are there good properties to follow up on?
Re: Pre-foreclosure Question - Posted by SS
Posted by SS on May 11, 2001 at 21:53:20:
It seems that some investors resent the idea of other people learning to do RE investing. Most of the material I have studied teaches that flipping is the best place to start out. And, I am taught that foreclosures are the best place to start flipping. Concerning your question, if you have some money or access to some you can purchase a second mortgage for 50 cents on the dollar or less and foreclose on the property yourself. Yes, this requires some knowledge and a little education which can come from books, courses, online discussions, bar association courses, mentors, the school of hard knocks, etc. But it’s not so arcane that the average person could not do it in a relatively short period of time with some effort and persistance. Don’t let one jealous and negative person discourage you. You seem to be on the right track.
Re: Pre-foreclosure Question - Posted by JT - IN
Posted by JT - IN on May 10, 2001 at 22:49:02:
You will starve to death out there, until you learn, on paper, what to do with these deals. (Your question indicates that you don’t know which end of the cow, the milk comes out of, in these Re matters).
Having sat (stood) with Sellers that are in foreclosure and attempted to work out something that makes sense, you must know the fundamentals of what will work, on the spot, or you will spin your wheels; or at the very least, you will be standing knee deep in deals, that you are unable to recognize as a deal. The irony of this is, that it does neither of you, the Seller or yourself, any good to work the foreclosure, or any other deal for that matter, and not be able to recognize a “chicken from an egg”. Do yourself a favor; “Get some education”. Buy a course, read a book or get a mentor!
Attempting to begin in the foreclosure area is too lofty of a task. Foreclosures should be left for those that have “been there”, so to speak. Now you could go to a FC auction, or work pre sale properties, and maybe get lucky, earn a check, but it would be purely luck, at best. Fact!
Gain some knowledge, the best way that fits with your schedule and learning style, otherwise, with dabbling in the area that your question indicates, with the knowledge level that you currently have, will likely be a costly and disappointing educational process.
Just the way that I see things…
JT - IN
Re: Pre-foreclosure Question - Posted by Allie
Posted by Allie on May 11, 2001 at 07:35:50:
Thanks for being so nasty. Everybody has to start somewhere. I’m sure you had a point when you first started and had questions. I was always told there are no dumb questions. Maybe someone can give me an answer because obviously you can’t.