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#1
11-15-2007, 05:30 PM
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thinking of buying some foreclosed properties
i figure with all the subprime problems in the US at the moment, there is a ton of insanely cheap opportunities out there. i'm wondering if anyone has experience buying foreclosed homes, i've never done it before and i don't know what to expect. ideally, i'd like to buy a bunch of houses at the same time for say 4-500k... any insight would be appreciated.
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#2
11-15-2007, 05:46 PM
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Re: thinking of buying some foreclosed properties
[ QUOTE ]
i figure with all the subprime problems in the US at the moment, there is a ton of insanely cheap opportunities out there. i'm wondering if anyone has experience buying foreclosed homes, i've never done it before and i don't know what to expect. ideally, i'd like to buy a bunch of houses at the same time for say 4-500k... any insight would be appreciated. [/ QUOTE ] 1. Are you saying $500k for EACH home,or the whole portfolio would be a total of $500K? 2.What area of the country are you talking about? 3.Are you looking to buy/fix them up...then re-sell them? 4.Renting them out? 5.Do you have any prior experience in home buying? Stephen [img]/images/graemlins/cool.gif[/img]
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#3
11-15-2007, 05:51 PM
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Re: thinking of buying some foreclosed properties
1. upto 500k total portfolio
2. where ever i can find the best investment 3. i'm assuming foreclosed properties would probably need some work, so i'm prepared to fix them up 4. looking to rent, long term invest until the market turns around 5. i've owned my own condo for a couple years now, but that's it as far as my real estate experience goes
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#6
11-15-2007, 07:34 PM
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Re: thinking of buying some foreclosed properties
you'll probably wanna avoid getting it through any auction because you'll be bidding against people that really know their stuff and you dont really know the condition of the property and if the "pros" let it go then you're probably gonna be getting nothing but a money pit
probably the best way is to contact the actual owners of properties that will be foreclosed on so you know exactly what you're getting involved in and buy the property directly from them depending on how much they owe on their loan
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#8
11-16-2007, 12:22 AM
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Re: thinking of buying some foreclosed properties
well maybe it wont et worse, but if it stays flat and not get better for year or 3, why buy now?
imo now is agood time to get started: search, learn, etc... but IMO no one can spot a perfect entry point. I wouldnt be concerned on spotting a bottom; i would be focused on spotting great deals/value.
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#9
11-16-2007, 12:55 AM
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Re: thinking of buying some foreclosed properties
[ QUOTE ]
[ QUOTE ] too soon [/ QUOTE ] i was thinking this might be the case too...any thoughts on this point? how much worse is the housing market going to get? [/ QUOTE ] I would look at the reports. Foreclosures are on public record, you can look at the numbers. Currently the numbers show that more people are going in to foreclosure every month.
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#10
11-21-2007, 11:14 PM
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Re: thinking of buying some foreclosed properties
[ QUOTE ]
[ QUOTE ] [ QUOTE ] too soon [/ QUOTE ] i was thinking this might be the case too...any thoughts on this point? how much worse is the housing market going to get? [/ QUOTE ] I would look at the reports. Foreclosures are on public record, you can look at the numbers. Currently the numbers show that more people are going in to foreclosure every month. [/ QUOTE ] Soko, where can I find this information? Thanks
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