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ton of insanely cheap opportunities out there.

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There are a ton of foreclosures. That doesnt' necessarily mean that those properties are insanely cheap. What do you mean by insanely cheap?? What is your expectation and what kind of return do you need to make the time, energy, and effort worthwhile?

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i'm wondering if anyone has experience buying foreclosed homes, i've never done it before and i don't know what to expect.

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Again, it depends on your expectation. Buying a foreclosed property isn't really any differnt than buying any other kind of property. Foreclosures are listed on the MLS just like any other real estate. Generally the MLS isn't the place to scout for bargains, although you can find bargains on the MLS. More often great bargains on foreclosures are found by buying properties short BEFORE foreclosure takes place. That is a lot more work to do and you've got lots of competition in most markets.

Another thing is that just because a property is being sold for a 30% discount of the amount owed (i.e., like in a forclosure), that doesn't mean that the buyer is getting a good deal. Good RE deals are deals where you either gain equity on acquisition or you gain a substantial positive cash flow. Those things can usually only be attained by buying properties for less than the CURRENT market value. So, if a property sold a year ago for 150k and was foreclosed on, the 150k number becomes meaningless UNLESS you can sell that property in the CURRENT market for 150k.

Also, you need to think about a market that you want to work in. Real estate is local. Many communities have not been affected too much by all the mortgage problems. Also, I'd expect that in some metro areas only the higher end neigborhoods have been affected and the middle and lower income neighborhoods have remained flat with few foreclosures. I don't have any data on that though.

Another thing - it seems to me like you're buying primarily for appreciation. That is not the best way to invest in RE. Buying for appreciation, IMO, is plain foolish. You likely won't beat the market for lots more work and hastle. Besides, there is a lot in RE that is way beyond the power of anyone to predict or control. Zoning changes, credit markets, taxes, etc. have an enormous impact on RE as an investment. To try an predict where a market will be several years from now is a fool's errand. That's exactly why all those speculators in Vegas and Miami are in forclosure right now.

I like your spirit, but you've got a long way to go before taking any action. You have vague idea about buying RE cheap, but no real understanding of what you're buying and why. I'd suggest that you take some learning how to make money in RE. Despite what the late night infomercials would have you believe, there is lot of work and expertise involved in being successful in RE.