Hidden oppourtunities in foreclosure..

**boatboy** · 05-28-2007, 02:22 PM

I live in the 10th highest forclosure rate in the nation (lorain county). I am young and wondering besides short selling real estate, what are the ever present oppourtunites in this high forclosure market? Also, I haven't yet short sold a home but am extremly interested. Is this as lucrative as it sounds?

D,

**jaschoenly** · 08-22-2007, 09:02 PM

It is but it is really hard work. Another strategy in a high foreclosure are is subject to investing. If you would like a free ebook on the subject send me an email.

Best Wishes,

Josh Schoenly
jaschoenly@comcast.net

**Malok** · 08-23-2007, 05:09 AM

You also need to learn what are the ins-and-outs regarding foreclosure laws for your state.

Not all states are investor friendly.

In Kentucky as an example, there is a 1 year right of redemption.

If a home is purchased through foreclosure for less than 2/3 of its appraised value, the person that lost the home can buy it back for the appraised value plus 10% interest per annum.

If you bought it, and put in hardwood floors, tile, plumbing, updated electrical, new kitchen, etc - you get NOTHING for those upgrades.

You only get purchase price plus 10% interest per annum.

Thats just 1 example of several hundred unfriendly investor laws on the books that are floating around - that most persons that have gotten into real estate from watching the "Flip This House" TV shows are unaware of.

Educate yourself before diving in - or you can get burned.

**jaschoenly** · 08-23-2007, 05:56 AM

Great call about educating yourself, that is definitely vital. But taking action is the only way you will get results so try not to get bogged down with just educating yourself.

Best Wishes,

**jaschoenly** · 08-23-2007, 06:31 AM

It is always a numbers game, but you can increase your chances by starting with a targeted list. For example people who have owned apt. buildings for 20 years or more. They are more likely to own the buildings free and clear and therefore a great possibility to do something creative.

Best Wishes,