College student first inv. Let me know what you think!!!

[Julio Caceres]

Hello everyone,  I'm planning to buy a pre-foreclosed multi-family property in my town. How should I approach the owner directly before the property forecloses? I like the idea of negotiating one on one before the property is taken out of their hands. I have little to no experience in real estate. I am a college student, debt free, with 10k in the bank. This would be my first property investment. The house is a multi family home built in 1900, 4 beds/2 baths, 4,000 sq ft lot, 1,500 sq ft, was last sold for $69,000 in 2003 and currently has an estimated value of $79k. 

[Larry Turowski]

@Julio Caceres Learn by trying and failing, especially when there is no cost.  But for specific advice, mail or talk to the owner and simply tell them you'd like to buy.  You don't need to mention pre-foreclosure.  See what they say.  Are they interested in selling?

Generally people would sell before being closed on if they had equity, so chances are he doesn't have much equity.  In this case you'd either need to pay enough to pay off the mortgage--in other words, pay full price--or pursue a short sale.  Those are complicated, often unsuccessful and maybe not the best strategy for you right now.