Foreclosure as first investment

[Adam Keith]

I am looking to buy my first investment property. I just contacted an agent for a SFH that's foreclosed. Listed @ $40,000. I am walking through it tomorrow morning. Now I am very new to this so any tips or advice would be greatly appreciated. What I should be aware of , look for, ask the agent. Thank you everyone.

[Dev Horn]

Is this a LISTING agent, that represents the bank? Or is it your (BUYING) agent?

If you can't do it yourself, you need a list of recently sold comps so you can determine the ARV (after repaired value) of the property - this is what you'd expect to sell the house for, in perfect condition.

You evaluate SFHs based on $ per square foot, so you can make apples to apples comparisons to similar properties. Comps help you do that.