Question reguarding for foreclosures?

[chris246810]

hello i am new to the real estate investing thing. i was doing some reasearch on tax liens & tax deed but i also was looking into foreclosures like house flipping. the problem is that every where i look on the net its i have to join and pay and i was just curiuos on if there is a site,place i can do some research on some propertys. i would like to focus on north carlina maybe south carlina etc etc. any ideas on where to look on line for some information and not haveing to pay our just any information would be great.
thank you

[slh2002_77]

You should probably get with a real estate agent to locate properties for you. They can look up foreclosures that have gone through the process and are listed on the MLS. Now you yourself need to go to the courthouse and check the newspapers for when the properties will be auctioned off. That's where you'll get the best deals. Usually once a foreclosure gets listed it is priced at market value. The last thing you need to try is drive around and find vacant properties and try talking to the owners. This is where you'll get great deals. Those are things the investors I work with do. I'm sure there are other ways of founding properties but that is what I've seen done.

[Codythebest]

Courthouses and newspapers are the places to go.
Don't ask a Realtor. When they get a 'good deal' , they keep it for them. And if they find one for you, chances are it's not a 'good deal' ...

[Malok]

Don't ask a Realtor. When they get a 'good deal' , they keep it for them. And if they find one for you, chances are it's not a 'good deal' ...


I STRONGLY disagree with this statement. A good deal for one person isn't necessarily a good deal for another.

A person looking for a house to flip is altogether different than a person looking for a long term buy/hold strategy relying on appreciation for their investment which is altogether different than a person looking for a cash cow that generates positive cash flow but little appreciation.


A COMPETENT Realtor can find the deal you are looking for, save you money - and problems.


I see in your first link in your signature that you like flipping foreclosures (side note: the link is broken by the way), and you reference it again in your quote by recommending checking the courthouse, so using that as an example:Courthouses and newspapers are the places to go.

Kentucky has a right of redemption. If you purchased a home that has been foreclosed on for less than 2/3 of the appraised value - the person that lost the home, can come back within 1 year and purchase it for what you paid for it.

So, lets say you bought it at 50% of the appraised value, you spend $20,000 for new hardwood floors, $3,000 for plumbing, $2,000 for electrical, and $7,500 for a new roof.

The previous owner shows up 11 months later - and he pays you what you paid for it at the courthouse steps, and says "thanks for fixing up my place" - you get NOTHING for all the additional money you dumped into it.

[CarolinaGal]

i'm no pro at the foreclosure thing, but i do watch what my husband does very closely so i basing my post on that. he finds his own properties through MLS, does his own title searches at the courthouse, etc.... he has his RE and brokers licenses. if you don't want to put in the time to get the education and licensing that is really required to get that kind of info, then i would suggest working with a realtor to find properties for you. you can always offer up a 'finders fee'. i don't know why anyone would turn that down. either way you need to either have that knowledge yourself or pay someone for their own. if you go into it blindly (as many people do) then you'll get yourself into some trouble.

[CarolinaGal]

by the way, i pretty sure NC and SC do NOT have that right of redemption law. if it did then there would be no foreclosure competition here i'm sure.

[Codythebest]

A COMPETENT Realtor can find the deal you are looking for, save you money - and problems.


There is no competent Realtor out there then...

[Malok]

There is no competent Realtor out there then...


No surprise, I disagree with that as well. :)


As with any profession, there are the "weeds" that are just taking up space. Unfortunately, due to ease in licensing, and the perception of "easy money" has drawn a lot of persons that have no business being in real estate.
(Thats one of the reasons why I support making the cost of licensing 10x or more than what it is currently - with additional classes, etc.)

That is probably why industry studies estimate 80% of real estate agents get out of the business within the 1st year.

And a whopping 90% are out within 3 years.


Those that do make it, and are successful (and not just getting by) - can be quite competent and make their clients money by finding them good deals and providing guidance to avoid pitfalls.

[Codythebest]

No surprise, I disagree with that as well. :)


As with any profession, there are the "weeds" that are just taking up space. Unfortunately, due to ease in licensing, and the perception of "easy money" has drawn a lot of persons that have no business being in real estate.
(Thats one of the reasons why I support making the cost of licensing 10x or more than what it is currently - with additional classes, etc.)

That is probably why industry studies estimate 80% of real estate agents get out of the business within the 1st year.

And a whopping 90% are out within 3 years.


Those that do make it, and are successful (and not just getting by) - can be quite competent and make their clients money by finding them good deals and providing guidance to avoid pitfalls.

I agree. And you seems competent.
I'm looking for properties for sale at 50% of FMV or less. When you find one, give me a call, I'll buy it from the owner...
The last time I ask for a piece of land to a Realtor, he said: " I found one, but it was so cheap, I bought it for myself...But don't worry, I keep looking for you..."
Pfff...I write, I write and I don't even believe of any chance I can be wrong. If an owner, owning a $200,000 FMV property, call you to say he need to sell and will take $75,000 for a quick sale, I'm positively 100% sure you will not call me (or a buyer) to buy the property. I'm positively sure at 100% that you will buy it for you, keep it, flip it or something...
Which is not an act from a competent Realtor in your terms...

[chris246810]

wow alot of information good stuff. i am just loooking reading and learing. what i am doing now is just reading and searching the net but i can't find anything on the net thats free to join but i will try and talk to a local realestate company and maybe they can give me some information also.

[Malok]

I agree. And you seems competent.
I'm looking for properties for sale at 50% of FMV or less. When you find one, give me a call, I'll buy it from the owner...
The last time I ask for a piece of land to a Realtor, he said: " I found one, but it was so cheap, I bought it for myself...But don't worry, I keep looking for you..."
Pfff...I write, I write and I don't even believe of any chance I can be wrong. If an owner, owning a $200,000 FMV property, call you to say he need to sell and will take $75,000 for a quick sale, I'm positively 100% sure you will not call me (or a buyer) to buy the property. I'm positively sure at 100% that you will buy it for you, keep it, flip it or something...
Which is not an act from a competent Realtor in your terms...


Sounds like you've been burned which is unfortunate.

If I was looking for a property for a client, I would never purchase it without passing it by him first.

I've sold 5 farms in Kentucky to one investor from Florida within the past 2 years. Good deals? You betcha. We write 15-20 offers before 1 finally works out. If he doesn't get a deal - then he moves on to the next property.
(And, he's in turn appreciated my loyalty and referred me to several other persons to work with.)

I'm in real estate to make relationships for the LONG TERM - not to make a quick buck today on a deal.


[And incidentally, I make a LOT more money with the client's best interest at heart long term than by being cutthroat and only worrying about making a fast buck today. Just add up the numbers in your head: X% representing him on buying, X% on him selling, plus each of the persons that he referred to me I get X% for them buying and X% for selling, all multiplied times LOTS of deals = LOTS more money for me than by being greedy and cutthroat to make a quick dollar. And now, I'm getting referrals from the referrals. It grows exponentially if you are honest. People want to do business with you and will be loyal to you.
Making a quick buck today - can't compete with the exponential long term growth with clients that are fiercely loyal to you and will work to get their friends/family/colleagues to use you.]


I currently own investment properties that include single family, duplex, and 4-plex. I do deals - but not until after a client passes on a property. I always give my clients dibs if it meets their criteria.

I'm negotiating a deal right now for client thats buying a horse farm that goes into foreclosure August 30 thats been reduced repeatedly and is currently listed for $985,000 - which is in the 60% FMV range. Is he going to get a great deal on it - yup, definitely. And I'm glad I was able to help them out on it.

And I'm confident that I will get a LOT of referrals from those clients for future business.


There are competent and honest persons out there - just have to find them.

[Codythebest]

Sounds like you've been burned which is unfortunate.

If I was looking for a property for a client, I would never purchase it without passing it by him first.

I've sold 5 farms in Kentucky to one investor from Florida within the past 2 years. Good deals? You betcha. We write 15-20 offers before 1 finally works out. If he doesn't get a deal - then he moves on to the next property.
(And, he's in turn appreciated my loyalty and referred me to several other persons to work with.)

I'm in real estate to make relationships for the LONG TERM - not to make a quick buck today on a deal.


[And incidentally, I make a LOT more money with the client's best interest at heart long term than by being cutthroat and only worrying about making a fast buck today. Just add up the numbers in your head: X% representing him on buying, X% on him selling, plus each of the persons he referred me to buying I get X% for them buying and X% for selling, all multiplied times LOTS of deals = LOTS more money for me than by being greedy and cutthroat to make a quick dollar.]


I currently own investment properties that include single family, duplex, and 4-plex. And I buy horse farms.

If a client passes on a property - then its open season for me. But I always give my clients dibs if it meets their criteria.


There are competent and honest persons out there - just have to find them.

I found one. After having dealing with Realtors that were not able to help me as investor, I passed my RE license. It's been interesting. I was so mad against Realtors that when I get a client, I put myself in his shoes and fight the ennemy. So bad, I end up to have each time a great deal for my client. Result: so much business because of word of mouth, plus, they want to stay friend with me!!...

[Malok]

Well, at least you found a solution and a competent Realtor to work with. :)

Thats actually something I was going to suggest. If you are competent, can't find anyone else that is - then step up and do it yourself. :)





I think it gets back to the ease of licensing for real estate agents. You have people that fail at 3 or 4 other careers and they are like "might as well give real estate a try" or the "My real job is I'm in a band and I do real estate part time" because of the perception of easy money.

This results in lots of new people that don't know what they are doing, and not committed to their business, or servicing their clients - and the extremely high turnover figures of 80% getting out of the business within 1 year, and 90% getting out within 3 years.



I really would like to see at least a 10x increase in cost for license renewals. That would force most of the "weeds" out of the business and help restore reputation. You'd be left with mostly competent persons that are fully committed to this business.

[Shaune]

And incidentally, I make a LOT more money with the client's best interest at heart long term than by being cutthroat and only worrying about making a fast buck today. Just add up the numbers in your head: X% representing him on buying, X% on him selling, plus each of the persons that he referred to me I get X% for them buying and X% for selling, all multiplied times LOTS of deals = LOTS more money for me than by being greedy and cutthroat to make a quick dollar. And now, I'm getting referrals from the referrals. It grows exponentially if you are honest. People want to do business with you and will be loyal to you.
Making a quick buck today - can't compete with the exponential long term growth with clients that are fiercely loyal to you and will work to get their friends/family/colleagues to use you.


I couldn't agree with this more, kudos.