Foreclosures - Where to start for the novice?

Question

Hello.

If you have a goto book, workshop, podcast, etc on learning foreclosure investing I would really appreciate it.

Thank you.

-Jason

Nancy Truong · Answer

I would start with Youtube videos. There are plenty of excellent ones. Another recommendation is to go to a live auction. When I started out, I went to a live auction and asked around. This was 15+ years ago when there weren't much information on the internet. You can also private message me. My law partner is a foreclosure attorney and foreclosure consultant. She may be able to provide some time to answer some of your questions. Also, on our law firm website : Waltertruongpllc.com has a few articles on Texas foreclosures. Good luck!

-Nancy Truong, Texas Attorney

Dwayne Poster · Answer

As foreclosure is a legal process, you should become familiar with the  laws that regulate the process. This will give you ideas to strategize your participation. Otherwise, it’s just another property.

Marty Boardman · Answer

I agree with Dwayne. To begin learn how the legal process works in your state. Once you understand it then you can develop a marketing/acquisition strategy.

Will you be targeting pre-foreclosures or auction properties? Each requires a different set of skills and working capital. And what's your exit strategy? Fix and flip? Buy and hold? Wholesale?

To contact homeowners in foreclosure I've found the best way is to 1) door-knock and 2) skip-trace w/personalized text message.

Good luck Jason!

Chris Seveney · Answer

Look into USFN.org, they have a ton of great resources on their site and also host webinars that teach you more about foreclosures. They have several guides you can buy that detail foreclosure laws as well as timelines.

Dabvis Le Sutton · Answer

I've been wanting to get into foreclosure auction sales here in my county. There is a property I want to bid on in the next week or so.  There is just one think Im not sure of, and that is the final judgement total. If the final judgement is 20k and I win the bidding with lets say 25k do I own the property free in clear once its settled or would I then be responsible for the mortgage payments left over on top of my bidding win? Thank you in advance

Sutton, D

Foreclosures - Where to start for the novice?

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