Foreclosures as an Opportunity?

**Chrisopolis** · 02-28-2009, 03:30 PM

Here's a tough question for someone:

What I'm looking for is information on how someone can use the housing market as it is, (being a buyers' market) to make money at foreclosures with little or no money down on and either flipping them or renting them out. Here's what makes the question a challenge: I have $5,000 to begin this with, that's all.

I want to start this rolling right away because the market is great with pricing being down and foreclosure rates up. Deferring would be a missed opportunity and 5-grand is the amount I have to get things started with. How can I get a foreclosure that would be worth having, or any property? I work out of my home as a graphic designer; I'm not going to see any large increases in my income any time soon and there is no way I will be able to get a loan from a bank. Is anybody able to tell me how to make this work? I want to succeed; I know this can be done, and has been done - I'm not going to give up.

Thanks in advance to anyone for your time

Chris

**REI GIANT** · 03-02-2009, 04:09 PM

Chris,
Since you have limited funds you should use different creative financing techniques. I have had great success buying properties using subject to, lease options and seller financing techniques . You should also buy Jack Cummings book Real Estate Finance and Investment manual. It is a 500+ page book that tells you all the ways to buy properties using creative financing. I make all my coaching students buy his book. I call it the Real Estate Bible.I suggest that you look into buying properties that are in probate. It is the best lead source out there.
REI GIANT

**Chrisopolis** · 03-03-2009, 04:13 PM

Thanks for the suggestions REI Giant, and thanks for the book recommendation, I'll definitely look into that. I appreciate any leads and advice I can get that help me to get things rolling.

**Bridget** · 03-04-2009, 09:21 AM

Chris,
I used to be a school teacher but due to the budget cuts I was layed off. Imagine that in todays economy. Thats how I got into real estate. I started with flipping short sales and REO's. I found a program that taught me how to do everything step by step instructions and videos, the proof of funds letter, the cash to close, the forms and a title company to close and understands the transaction.
Tonight at 8pm EST there is a live webinar on this also.
its ezmoney4homes.com
I have to say going from closing one deal which was a check that equalled my entrire annual teacher salary, well I'm hooked on real estate now, lol
Hope this helps you!!

**Chrisopolis** · 03-06-2009, 03:50 PM

Originally Posted by Bridget

Chris,
I used to be a school teacher but due to the budget cuts I was layed off. Imagine that in todays economy. Thats how I got into real estate. I started with flipping short sales and REO's. I found a program that taught me how to do everything step by step instructions and videos, the proof of funds letter, the cash to close, the forms and a title company to close and understands the transaction.
Tonight at 8pm EST there is a live webinar on this also.
its ezmoney4homes.com
I have to say going from closing one deal which was a check that equalled my entrire annual teacher salary, well I'm hooked on real estate now, lol
Hope this helps you!!

Cutting back on education, what a brilliant idea

Well, it's great to hear that working real estate has helped you out, especially in the current economy; that's fantastic! What's the name of the course that looked into? Real life testimonials are my favorite and exactly why I posted this thread

**BOSS** · 03-10-2009, 05:32 PM

Family and friends money, "Love Money", if the deal is good enough where you start making money at the beginning and you are confident enough. Make a plan and tell you family and friends and ask if they know anyone that would interested in investing.

**Renaissance America** · 03-10-2009, 07:58 PM

Hi Chris

We are currently in the process of completing a social lending web site, similar to prosper.com and lendingclub.com, except for foreclosures, that allows people such as yourself to participate in the market by enabling people that don't have enough money to purchase a foreclosure, to join together and pool their money to complete a purchase.

I know this doesn't help you at the moment, as we are waiting on our SEC registration to be completed before we can start accepting loans. But it does give you an option if you are still in the same position a couple of months from now.