Breckenridge investment guidance

[Joseph H.]

I have a group of investors that are looking to purchase either a pre-foreclosure or a tax lien property for a vacation investment property. I am looking for someone that has knowledge in that area and can offer some advice on which is better and how to pursue that route. The group are considering a REIT if the legalities workout. Does anyone have experience on this type of circumstance? If so how did you go about doing it and what route worked best for you?

[Bill S.]

@Joseph H. so ... why purchase a pre-foreclosure or tax lien property? I'm going out on a limb and guess that it's because you want to buy at below market value. As @Jake Sklanka said, foreclosures are few and far between. Now tax liens. It's a 3 plus year process to get ownership to a property via tax lien in Colorado. On top of that, it requires cash since you can't get a bank loan on a tax lien property until after you have "seasoned" the title. Most tax lien investors consider acquiring the property the bonus of tax lien investing. It rarely rarely happens and when it does, the property usually is in bad shape. 

The best way is to buy a listed property using an agent. 

If you are really dead set on getting a good deal. You will need to learn one of the ways of acquiring a property off market (driving for dollars, direct mail, cold calling, schmoozing agents, or internet marketing). Search these terms and you will see tons of posts that can provide direction for your next step.

As for a REIT, unless you plan to own hundreds, it's probably beyond what you would do. Syndication would be a step before that.

I can tell by what you've written you are just beginning your real estate Journey. Congrats on taking the first step. I would suggest you devote some time (20-40 hours) to reading the loads of information on this site.