Posted by Ronald * Starr(in No CA) on July 23, 2003 at 01:52:09:
I would suggest that you simply stop messing around with possible foreclosure investing. You don’t know what you are doing and foreclosures are very risky, in my opinion.
My view is that many investors should never work foreclosures. I’m not saying you should never do so, as I don’t know you. However, I do think you should hold off from doing anything with foreclosures until you better understand how the work and, more important, I feel, how real estate investing works and how properties are conveyed, financed, and foreclosed upon. If you really persist toward foreclosure investing, I’d suggest that you plan to spend about 6 months studying the arenas, expecting to NOT BUY anything at auction in that time. This is not, I feel, an investment approach for beginners.
Now, if you want some ideas on what to watch out for when you go after foreclosures, I suggest that you read my article on the topic “Is Foreclosure Investing for You?” which is in the “money making” forum of this CREONLINE.COM website. That has a lot of the difficulties in the field, although not all of them. You can use it as a partial guide to what to watch out for.
Meanwhile, study the New York statutes related to foreclosure investing. It seems to me a bad move to start investing in foreclosures without reading up and understanding the laws involved.
Good Investing********Ron Starr****************