Foreclosure still Occupied

[Ryan Strutton]

Hi, I am very very new here and to the Real Estate Investing. I have been reading everything I can get my hands on and listening to books on tape when stuck in the car and can't read. I have felt the confidence growing and have started looking for a target unit. I found a foreclosure that is in the area I am looking and appears to be possible to get it in my price range. I have looked up everything I could on the property and done all the calculations I can. I have inspected it as best I can with the Open House not being an option (should've been a red flag). Well after feeling like I have learned everything I can and projected all rehab costs that I can, I decided for one last drive by the location. Lo and Behold, but what did I find, someone is still living there!! So now I am not sure if my projections are off, if I need to take into consideration the current tenants and what steps would need to be taken once it is purchased. I am not in scramble mode all over again..... Hopefully this isn't a huge setback of blocker, but I do want to make sure that I take this into consideration and know what I could potentially be getting into. Thanks for any insight or experiences you all have had.