HOW AND WHERE CAN I FIND CHEAP, CHEAP PROPERTIES

Comments(5)

• 
  SavvyYoungster11th September, 2003

  3 hints:
  
  #1 Lose the caps. If you click on the "Forums" tab above, you'll noticed that it's not allowed (caps are considered yelling)
  
  #2 Put your contact information into your profile. If someone wanted to e-mail/call you, they wouldn't be able to.
  
  #3 Stick around. Read a lot of the articles and you'll learn fast. If you hang out here and read for a while, you'll pick up a lot.[ Edited by SavvyYoungster on Date 09/11/2003 ]

• 
  mussetter11th September, 2003

  I also have 4K to work with. I'll tell you what I'm doing.
  
  I contacted a RE agent about a property I knew had been foreclosed. I made an offer to the bank for 5K more than the price I wanted to pay with the contingency that they provide 5K for repairs. Now, I've switched lending because my wife lost her job and we now don't qualify for conventional lending, but the way it was to work out was that I would bring 4K (10% down) to the closing and leave with 5K. The house only needs about 2K in repairs (Because I can do the work)
  
  That may not be the best way, but it's the way I did it.
  
  hope this gives you some ideas.
  
  Ronnie

• 
  donanddenise12th September, 2003

  Glad to see another person getting their feet wet, sometimes I feel like I'm in the deep end of the pool, anyway, if you have 4000 to start you can advertise or look in the classifieds for money to lend, they are out there, investors all want the same thing , high return with moderate to low risk. If you find the good deals the money will find you. Try it, it works, I know from first hand experience.,
  
  Good luck
  
  Don

• 
  64Ford12th September, 2003

  YOu can use less than your $4000 to put an option on a property .

• 
  realestate41112th September, 2003

  For one, I'd get registered on foreclosurefreesearch's website. For only about $40 a month you will get access to (and even delivered to you email) foreclosures by county. The next thing I'd do is register on Ebay's foreclosure directory and also receive their lists by email as the listings come out. Then I'd find a good real estate agent who understands (better if he/she is an investor) investing in foreclosures, pre-foreclosures, and fixer uppers. Develop a relationship and ask him/her to set up a profile for you on the realtor's MLS system(s) (we have two in GA) to automatically email you when a listing goes on the market or changes price.
  
  These are the inexpensive ways to find your properties.
  
  While emails are filling up your email, network and find mortgage brokers and lenders who can offer no or low down payment investor loan programs that will fit your criteria and ones in which you can fit their criteria. Believe it or not, there are plenty of 100% investor financing programs. Some of the large banks have low down payment programs (I use Countrywide who has a 5% down program).
  
  Then, work it out to get cash back at closing! This is difficult on bank owned properties, but not impossible!
  
  Finally, negotiate, negotiate, negotiate! Make reasonable purchase offers based on true comps, know the highest you're willing to go before you make your initial offer, then be firm with it and be ready to walk away if the seller won't go as low as your high.
  
  Hope this helps!
  Best wishes!
  Jenny
  
  [ Edited by realestate411 on Date 09/12/2003 ][ Edited by realestate411 on Date 09/12/2003 ]