Ok, Who is into real estate?

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elucidex

elucidex

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Jul 3, 2007
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Foreclosures, where is the best place to find them?

I'm just getting into the whole real estate game so go easy on me.

I've been checking out bank sites, they show what properties they own but there isn't much. I'm going to keep Google'n for sure but I know some of you guys have to be into this sort of thing. Any advice.. would be awesome.
 


I wouldn't be surprised if they were available through the county or state. Sorry that's all I got for the actual question.

On a side note: I saw some guy handing out foreclosure lists to pedestrians, after they filled out their info.
 
Investor Person

Banks and mortgage lenders are drowning in foreclosure properties. To buy them for 40 to 50 percent on the dollar you must be prepared to buy them by the dozen. If you understand real estate investing the path to success is to form a syndicate to raise the cash.

For a single home buyer you will find that banks list their homes with a local real estate broker. One agent in the brokers office may be responsible for one or two hundred homes. Call RE brokers and tell them you are interested in buyer an REO... that's a bank owned home.

Banks don't dump single homes at deep discounts because it can kill all real estate values in the area. They try to sell single homes at close to market value, but you can always make a low ball offer. Under present conditions an all cash offer may get their attention.

Talk with an agent who is handling REOs and see what's going on in your market.

I offer a free book on finding private money for real estate investing. I don't know if I am allowed to place that URL here... so I won't.
 
Really depends on the area. Despite what the press might make you believe, not the entire country is getting foreclosed on. If you are looking for something in CA, AZ, or Nevada - there are tens of thousands of properties on bank sites.

At the same, in other areas, the selection is way smaller. I've been looking at foreclosures in MD and there are very few here - and the ones which exist are in dumps like Baltimore or Hagestown .

Are you looking for something in NY?

elucidex said:
Foreclosures, where is the best place to find them?

I'm just getting into the whole real estate game so go easy on me.

I've been checking out bank sites, they show what properties they own but there isn't much. I'm going to keep Google'n for sure but I know some of you guys have to be into this sort of thing. Any advice.. would be awesome.
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Like someone else said, start looking for a realtor with connections with a bank. Sometimes you can find them in Craigslist. Don't pay for a bogus list though, there are a lot of those out there. YOu can usually search the MLS for bank owned (REO) homes as well. I usually look for REO homes that have been on the market for a long time. Some real estate search sites show you how long they have been on the market. Those are the ones you may be able to lo-ball the offer.

Auctions are another opportunity. We bought a home at an auction that happens every 6 months here in Colorado and there are sometimes smaller auctions that banks sponsor. I forget the company that put on the auction we went to but it was advertised everywhere and was easy to find. Good Luck!
 
My mother and father actually bought 4 homes all within 2 blocks of my home, here in Macomb, MI; 48042.

250K homes all for 130K~ each, as they were all foreclosed, the families or people owning them just had no money, and there was no one else buying then here as the people here just really don't have the funds in my state to buy a new home.

We are currently renting out each of the rooms, as each of the houses have 3 bedrooms, and 2 baths, and a basement. My family bought them in cash, so there is no mortage; however, the homes were all appraised more then what we bought them at, so the taxes went up.

It's nice when they are all generating 2K each, and we got them for more then half the price, and I assume, and pretty sure the houses market will make a come back within a few years. Even my area is upper-middle-upper class and even they are poor. XD
 
Xenon said:
It's nice when they are all generating 2K each, and we got them for more then half the price, and I assume, and pretty sure the houses market will make a come back within a few years. Even my area is upper-middle-upper class and even they are poor. XD
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Everywhere in Michigan is like that. I grew up Birmingham/Bloomfield area, and even out there shit's not looking so good last I heard
 
xmcp123 said:
Everywhere in Michigan is like that. I grew up Birmingham/Bloomfield area, and even out there shit's not looking so good last I heard
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Yeah.
I do hope things get better.

I am attending Pharmacy School as I make money from affiliate marketing and Paid Search. I would not mind living around my surrounding Michigan area, and local pharmacists make around 115K. With the real estate market as it is, I could easily find a cheap place to buy or rent.

But I would like to live where I can later profit from my time spent at that place. I am almost done with school, just another year - I have already gotten job offers around my area.

And it makes me wonder should I buy a home now, and wait for things to pick up, or just rent an apartment for a mere 600-700/month? Since I get homes very cheap here.
 
Xenon said:
Yeah.

And it makes me wonder should I buy a home now, and wait for things to pick up, or just rent an apartment for a mere 600-700/month? Since I get homes very cheap here.
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If you buy a home for $135k your mortgage isn't going to be much more than the apartment and you can rent out a room to a friend for another $400 a month.
 
Yeah, that's a pretty solid way to do it. I roomed with a guy who had bought a four bedroom house back just after high school. Between the room I rented, and the other two he rented out, his mortgage was more than paid for. If you're single (or at least not married, cuz that'd be odd), you could really get ahead with creative living arrangements like that.
 
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