foreclosure experts ....new to foreclosure in nyc and ...
1) what banks can i go and get list of foreclosures, what about online or those foreclosure magazines and are they worth it since i hear they sell at market price is this true
2) from nyc and want to find out how i must work nyc in order to find out about pre-foreclosures do they first announce a public msg in a newspaper completely lost here
3) what is the best way to work foreclosures if i don't have money should i seek out investors who are into foreclosoures or what else are my options to make money on them
4) does flipping homes strategy involve foreclosures and must one have money to flip homes
reinyc,
Hello again...Like I said before, I don't know the NYC market, but I can answer your questions.
1) what banks can i go and get list of foreclosures, what about online or those foreclosure magazines and are they worth it since i hear they sell at market price is this true
You cannot go to a bank and get a list of foreclosures, unless they are bank REOs (Real Estate Owned). You get a list of foreclosures from your county courthouse. The foreclosure documents are recorded at the courthouse. If your county has a website, then the documents may be accessible online. I would not subscribe to a magazine because you can get the information from the courthouse for free.
2) from nyc and want to find out how i must work nyc in order to find out about pre-foreclosures do they first announce a public msg in a newspaper completely lost here
To find preforeclosures, you will be looking for a document called a Notice of Default or Lis Pendens at the county courthouse. The county will usually announce when the foreclosure sale date is in the local or legal newspaper.
3) what is the best way to work foreclosures if i don't have money should i seek out investors who are into foreclosoures or what else are my options to make money on them
Well, you may need a little money for marketing. You can become a bird dogger for other investors. You can start sending out preforeclosure letters to the addresses you get from the NOD or Lis Pendens documents. Then when you get a lead, you will pass the information onto the investor. If the investor purchases the property, then you get paid a finder's fee. If you want to get into bird dogging, then you should check out this website from a newbie investor named mel that helps people like you:
http://www.birddogz.com/
4) does flipping homes strategy involve foreclosures and must one have money to flip homes
You do not have to have a bunch of money to flip homes and any type of investing can involve flipping. When you flip a property, you are getting it under contract and then either assigning it to someone for a fee, or selling it at a higher price for the difference (double closing).
Tanya
hey reinyc
im from ny do alot of investing here, the best way yo find foreclosures,or the way that i do it is hook up with a couple of re agents who deal with reo's(a lil research on the intrenet and you can find this out),you can also go to clerks office but i have never done that, i dont really have the time , if your lacking cash the take the contract on the property and flipp it thats how i got started. Everytime i flipped a property i would give the re agent or whoever gave me the lead a few extra bucks for giving me the lead, its worth it
good luck any questions email me nyreinvestor@aol.com