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.
Can anyone explain me about foreclosure real estate investing?
- Thread starter Rodriguez
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QUOTE (Rodriguez @ May 30 2008, 08:16 AM) I have some interests in real estate and have read that foreclosure is an efficient way to gather up profits.
Where did you `read` that, in some U.S.A. book? The U.S., and Canada foreclosure markets/system are totally different.
Where did you `read` that, in some U.S.A. book? The U.S., and Canada foreclosure markets/system are totally different.
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QUOTE (Rodriguez @ May 30 2008, 08:16 AM) 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.
easy in principle .. hard work in reality!
nothing is "secure" !!
it is all really easy once you know it .. like flying a 747 airplane .. quite easy for the experienced pilot ..
so foreclosures: find motivated people that are behind in their payments .. then help them out of their misery by buying their home at a steep discount .. pay back the arrears .. and sell the house for a profit .. EASY ..
the hard part:
a ) find the people that are behind in payments
b ) once you find them find out that the mortgage is close to house value and not a lot lower
c ) convince them to deal with you
d ) having enough money to assume mortgage, pay back arrears, renovate, hold, rent and/or sell
e ) convince bank to let you assume mortgage
there are couses that teach you that .. and after MANY MANY MANY iterations you will probably be succesful unless you have given up because what looked easy on paper was actaully quite painstakingly HARD WORK with many aborted attempts to do a) and b) and c) and d) and e) ..
Happy Hunting !!
easy in principle .. hard work in reality!
nothing is "secure" !!
it is all really easy once you know it .. like flying a 747 airplane .. quite easy for the experienced pilot ..
so foreclosures: find motivated people that are behind in their payments .. then help them out of their misery by buying their home at a steep discount .. pay back the arrears .. and sell the house for a profit .. EASY ..
the hard part:
a ) find the people that are behind in payments
b ) once you find them find out that the mortgage is close to house value and not a lot lower
c ) convince them to deal with you
d ) having enough money to assume mortgage, pay back arrears, renovate, hold, rent and/or sell
e ) convince bank to let you assume mortgage
there are couses that teach you that .. and after MANY MANY MANY iterations you will probably be succesful unless you have given up because what looked easy on paper was actaully quite painstakingly HARD WORK with many aborted attempts to do a) and b) and c) and d) and e) ..
Happy Hunting !!
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- 4,730
QUOTE (thomasbeyer2000 @ May 30 2008, 05:21 PM) easy in principle .. hard work in reality!
nothing is "secure" !!
it is all really easy once you know it .. like flying a 747 airplane .. quite easy for the experienced pilot ..
so foreclosures: find motivated people that are behind in their payments .. then help them out of their misery by buying their home at a steep discount .. pay back the arrears .. and sell the house for a profit .. EASY ..
the hard part:
a ) find the people that are behind in payments
b ) once you find them find out that the mortgage is close to house value and not a lot lower
c ) convince them to deal with you
d ) having enough money to assume mortgage, pay back arrears, renovate, hold, rent and/or sell
e ) convince bank to let you assume mortgage
there are couses that teach you that .. and after MANY MANY MANY iterations you will probably be succesful unless you have given up because what looked easy on paper was actaully quite painstakingly HARD WORK with many aborted attempts to do a) and b) and c) and d) and e) ..
Happy Hunting !!
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- 2,880
Thank You Thomas for the GREAT input!
I considered it myself and read a book or 2 about it.
You summarized the challenges in a more clear way than a good book 250 pages I read -
"The Pre-foreclosure Property Investor`s Kit" By Thomas Lucier.
Regards,
Neil
I considered it myself and read a book or 2 about it.
You summarized the challenges in a more clear way than a good book 250 pages I read -
"The Pre-foreclosure Property Investor`s Kit" By Thomas Lucier.
Regards,
Neil