Foreclosure As Primary
I found a great foreclosure and instead of selling. I'm now considering making it my primary residence. Has anyone done this in the past? Should I make a profit or keep the property? All comments welcome... :oops:
Do you own a primary residence now or are you renting? Do you own any other investment property? I think we need a little more info on your situation before any ideas or advise can be given.
Dave
[addsig]
Yes we do it all the time, that is, buy and then sell pre-foreclosure properties. I think it depends entirely on what your objectives are. Are you in need of more immediate money that you can get from selling to possibly re-invest ? Or this is just a one time situation, and you really like this area and the house? Ask yourself what your priorities are.[ Edited by reinatalie on Date 01/11/2005 ]
estatehound,
Just out of curiosity, I read your post dated Dec 22, about getting started "knocking on doors", and here you are few weeks later having acquired a foreclosure property. How did you do it so quickly? Did you use conventional financing or all cash?
Thanks for the reply and comments. Yes, this is the first property I've acquired. Right Now I'm using conventional financing. Hopefully everything works out... I'll keep the forum posted. :oops:
Thanks for the reply and comments. Yes, this is the first property I've acquired. Right Now I'm using conventional financing. Hopefully everything works out... I'll keep the forum posted. :oops:
If you currently don't have a primary residence or you want to turn your now-primary residence into an investment property - go for it! I don't think there is anything wrong with keeping this foreclosure as your own. If it a really good deal - you can take a line of credit out on this new primary of yours and use that to do more deals... Don't max yourself out on the lines... Just a word of caution... You can get in trouble financially if something were to awry...
Good Luck!
[addsig]