New And I Live In A Very Profitable Area
Hi I just joined and am brand new. I have read a few titles on RE investing, forclosure, etc. I live in one of the fastest growing RE towns in USA , on Long Island, NY (11. 8 percent projected growth in 2004, and 118 percent in past 5 years). Despite being about the number 4 slot in growth, there are currently 3 forclosures advertised within 5 blocks of me. I am wondering, do foreclosure autions fetch much beyond the price to settle the debt, and expenses? 2 of the foreclosures require 60K + back interest and expenses.
Since I live so close and have been following local RE, these homes are worth minimum 160 K, and the monthly rent minimum would be 1500. I want to buy but dont know where to get cash. I also don't want to deal with banks, and their points, rules, delays, and red tape.
I could come up with 25 to 40 K by cash advancing credit cards, unsecured loans, etc. I think I will sit in silently on the first few auctions, and see how it all works, and the final prices the homes forclosure auction fetch. Should I be looking for investors to partner with, using the 50 percent split. Since I am on site, perhaps I can do the legwork, renting, fixing up, and selling. This town has many boarded up homes, for sale signs, etc. Yet, at the same time, it is crawling with new home buyers, young families, remodling, new construction, etc. all indications are it is a neighborhood in renewal. Some homes are only blocks from South Shore, LI waters, beaches.
Any advice on financing these lucrative forclosure properties?
Click the lenders tab above and search for a lender...
When you go to sit in on these auctions as those who are bidding where they got their money or if their is a REI club around.
Search for hard money lenders.
If you're going to perform repairs a rehab loan from a bank might be good, and can get you pass a lot of that red tape if the repairs total enough.