Foreclosure/Homeowners Equity
I would like to buy foreclosures and flip them ASAP. Would I have more success contacting people in foreclosure who have some, but not a lot of equity in their property, or is it better to contact people in foreclosure who have a lot of equity in their property? I am asking since I assume if the people in foreclosure have a lot of equity, they can sell it on the open market and for a below market price and move the property fast, and also, I assume I would have more competition from other investors. Would there be less competition for the properties that have some but not a lot of equity, and would those owners have fewer options available to them outside of an investors help?
Hi Stapler,
If you govern a market in your area and specialize in it (IE: Short Sales), you may get to work that market all by yourself! Not many people know how to successfully complete short sales, and some complain that it is too much paperwork and hassell. However, if you learn this one strategy, apply, and know your exit plan, you can generate som every large paychecks! Read up on the Short Sale Forum.
Best of Success!
BAMZ
In my experience there are so many foreclosures the market can't be covered by any one individual. In my area this week 02/09/2004 there were 45 new listings. How could I ever handle that many myself? I pick and chose carefully sometimes I win sometimes I lose.
[addsig]
stapler - 95% of the foreclosures you will see are not going to have much equity in them. People with lots of equity in financial trouble, use that equity and then are still in trouble, then they end up in foreclosure.