Perhaps you should rephrase your question and include a little more explanation about what you want to do. Tell us a little about your experience, cash reserves, and what you plan to do with the foreclosure properties you acquire.
thamara, a vague answer would be assuming you mean REOs vs. Pre-foreclosures.
REOs are properties that you can bid on like any other place you see, except that the bank owns it and at times you can get a really good deal - since they're not in the biz of owning property they're in the biz of making money - as you are!
Pre-foreclosures take quite a bit of research and cash on hand (or close by) to get owners current when taking over thier property.
Both take some knowlege but both are lucrative if done properly. Read up a bit on the forums here and you can educate yourself quite a bit - then go make money!
Brand spanking new? Want to have some fun and learn something about real estate and who knows you might connect and gain a property or two. And alas you may not.
FSBO aka For Sale By Owner.
You pass by this scruffy little house this elderly type in the shorts and sandels with his baseball hat turned backwards is sitting in a lawn chair, smoking a cigar and displaying an amount of flab unseen outside of a butcher shop. That man believe it or not is trying to by pass the brokers, the Multiple Listing Service, the Newspapers and all organized real estate, firm in the knowledge that by so doing he will save some part of a commisson.
He has in essence painted a target on himself and everybody within a distance of 200 miles is going to try and get that property and in the process see if they can set a new record for little if any money down.
This lumpy no class person is going to have every scam offer ever invented thrown at him and somewhere in the next 60 days someone somewhere is going to connect.
A perfect place to practice your fledgling art. sharpen the point of your rapier wit and daring.
Ask to be shown thru and do not be appaled at the dirty laundry the accumulation of dishes dating back to the death of his wife some five years ago. The newspapers piled high on the couch leaving barely any space for him to slouch to view the ever on television set. The rabbit ears are a particularly interesting accuterment.
Offer him $15 and a bus token. He to carry back the rest of the purchase price in a lst Mortgage. written for a payoff period of 40 years, bearing the present active bank interest rate of 2.5%.
Meet his price. Nobody else will. Of course he is way over the true value price. Nobody said he is in a state of reality. If he were younger he might have the excuse of an ingest of goody smokes. But with him it is just the fog which seems to assend on complacent elderly people.
The above example is about as bad as it gets. Almost everything else should be better. What I have tried to show you there are many ways to offer. Heavy cash, price goes way down. Paper stays pretty much in the middle. Super redic. paper as above described can go way up. Its ok it is still a deal an not bad.
So go forth, fear not, the thoughts of the elderly go with you. If in doubt post. If this does not meet your fancy, why just keep driving and you will in time see another one. Then try it you'll like it.
Can you please tell us who made you ask you to find out the unswer to your questions?
If you want some good unswers you need to give us a better intel on the solgers readiness, such as how much mony are seating under the pillow, would you like to invest alone or you need partners? How good is your credit and how old are you? Birth day is not important but if you are a minor by some chance, that would not be good.
And as Lufos sad: " Heavy cash, price goes way down. Paper stays pretty much in the middle. Super redic. paper as above described can go way up. Its ok it is still a deal an not bad."
I can add to that that it all depends whose CASH are you spending and in what aria of the country are you planing to invest in?
Bank owned properties are foreclosures. Foreclosure investing is not for everybody.
Perhaps you should rephrase your question and include a little more explanation about what you want to do. Tell us a little about your experience, cash reserves, and what you plan to do with the foreclosure properties you acquire.
thamara, a vague answer would be assuming you mean REOs vs. Pre-foreclosures.
REOs are properties that you can bid on like any other place you see, except that the bank owns it and at times you can get a really good deal - since they're not in the biz of owning property they're in the biz of making money - as you are!
Pre-foreclosures take quite a bit of research and cash on hand (or close by) to get owners current when taking over thier property.
Both take some knowlege but both are lucrative if done properly. Read up a bit on the forums here and you can educate yourself quite a bit - then go make money!
thamara.
Brand spanking new? Want to have some fun and learn something about real estate and who knows you might connect and gain a property or two. And alas you may not.
FSBO aka For Sale By Owner.
You pass by this scruffy little house this elderly type in the shorts and sandels with his baseball hat turned backwards is sitting in a lawn chair, smoking a cigar and displaying an amount of flab unseen outside of a butcher shop. That man believe it or not is trying to by pass the brokers, the Multiple Listing Service, the Newspapers and all organized real estate, firm in the knowledge that by so doing he will save some part of a commisson.
He has in essence painted a target on himself and everybody within a distance of 200 miles is going to try and get that property and in the process see if they can set a new record for little if any money down.
This lumpy no class person is going to have every scam offer ever invented thrown at him and somewhere in the next 60 days someone somewhere is going to connect.
A perfect place to practice your fledgling art. sharpen the point of your rapier wit and daring.
Ask to be shown thru and do not be appaled at the dirty laundry the accumulation of dishes dating back to the death of his wife some five years ago. The newspapers piled high on the couch leaving barely any space for him to slouch to view the ever on television set. The rabbit ears are a particularly interesting accuterment.
Offer him $15 and a bus token. He to carry back the rest of the purchase price in a lst Mortgage. written for a payoff period of 40 years, bearing the present active bank interest rate of 2.5%.
Meet his price. Nobody else will. Of course he is way over the true value price. Nobody said he is in a state of reality. If he were younger he might have the excuse of an ingest of goody smokes. But with him it is just the fog which seems to assend on complacent elderly people.
The above example is about as bad as it gets. Almost everything else should be better. What I have tried to show you there are many ways to offer. Heavy cash, price goes way down. Paper stays pretty much in the middle. Super redic. paper as above described can go way up. Its ok it is still a deal an not bad.
So go forth, fear not, the thoughts of the elderly go with you. If in doubt post. If this does not meet your fancy, why just keep driving and you will in time see another one. Then try it you'll like it.
A start is a star. I will send you mine.
Lucius
[ Edited by Lufos on Date 12/19/2003 ]
yes i kno all
Kick Lufos in da nuts!!! "Cmon man you not Jesus here, do Not speak in pArAboLeS!!! lol
much love to ya lufos and point taken
<----that man there, he know what he talkin bout... guh uh uanh...
[addsig]
aah...Lufos, the papa Hemingway of the investor clique. Nice blend of wit and pointed eruditism....remarble
Hey Thamara,
Can you please tell us who made you ask you to find out the unswer to your questions?
If you want some good unswers you need to give us a better intel on the solgers readiness, such as how much mony are seating under the pillow, would you like to invest alone or you need partners? How good is your credit and how old are you? Birth day is not important but if you are a minor by some chance, that would not be good.
And as Lufos sad: " Heavy cash, price goes way down. Paper stays pretty much in the middle. Super redic. paper as above described can go way up. Its ok it is still a deal an not bad."
I can add to that that it all depends whose CASH are you spending and in what aria of the country are you planing to invest in?
omega1