Thread: How do I get into these foreclosures??

Hi. I'm new to the forum and I'm here because I want to be able to take advantage of this bad market. Though I know it may still go down, I figure it's a good time to start getting my ducks in a row.

I have a little box of a condo right now and that's the extent of my experience in real estate. I think I want to keep the condo and rent it and I want to move into something bigger. Possibly a bigger condo or SFR, but I'm also considering a duplex, triplex or fourplex. However, all of this stuff, on the market, is still a bit higher than I would like to pay. I hear about all the foreclosures, short sales, etc., but it seems I can't get into any of the foreclosure sites without paying fees. That's fine, except I don't have a real picture of what's involved in the process.

I think in the long run, I would like to get even more properties, but I have A LOT to learn first. The whole using the money to buy more properties, but raising the debt level higher and higher, doesn't make sense to me. So many things seem like they are super negative cash flow still and I'm just trying to figure out which is my best route.

I have some cash, amazing credit, but i'm also looking for a bargain. I prefer something I can move into without too much repair work. Any suggestions in general and more specifically in how I can take advantage of all these distressed, and vacant homes? Auctions, foreclosures? The real scoop. What's the best way for me to learn the real story in all this stuff?

Thanks in advance.

Jamie

Jamie,

Best source is here online. See if you can find a local realtor in your area that specializes in Short Sales. Also you may want to see if there is a local Real Estate Investor Association in your area. Sometimes they have free education for members. You can also hook up with local investors that are still in the biz.

I would not limit yourself to just short sales. Short sales can be aggravating, even if you get a REALTOR with alot of exprience with them. It is the banks that make short sales soo much a PIA . What you may need to look at are short sales, already foreclosed and bargain properties. Start networking with other investors, educate yourself, consult your financial/tax advisor, get your funding/mortgage lined up and finally start searching for a REALTOR to help you.

The number one thing to do is educate yourself! Google real estate investing and you will find other places to find out more!