Planning on purchasing My first deal!

[Nicholas Mullens]

Hey everybody I’m new to REI and am planning to purchase my first deal. I’ve been looking for single family and duplexes in my area of southeast Wisconsin and have been looking into foreclosed homes and just wanted to see if anyone had any tips or advice for a new Investor looking into foreclosures! Thank You In advance for any help!

[Scott Schultz]

not many foreclosures right now, but they are starting to increase, we are near the top of the market in my opinion, not a great time to start. Best advice is Not all foreclosures sell for a good deal, and most will not qualify for traditional financing, so if you are serious about buying an REO make sure you either have cash, construction financing, or commercial type loan at your disposal. Most REO sellers will not turn on or allow water to be turned on, or allow repairs for appraisals or before closing, most secondary market loans require all utilities to be on at time of appraisal, minimum 5 years or more roof life left, no holes in walls or flooring larger than a quarter, or significantly soiled flooring, walls, ect. If you want a deal, you will need to buy and rehab, you will need to buy what others cant, Personally I love houses that have frozen and burst plumbing, or carpets torn out, or even better they are selling without interior access, thats all money to me, but not advisable to a beginner. best of luck.