Buying a Foreclosure

[Joseph R Fornwalt]

So my initial REI strategy/goal targeted multi family properties. However, without any capital, I've started to think I need to change my strategy to at least get started because the multi family market where I'm located is competitive. There seems to be a large amount of SFR available though at less competitive pricing. Currently I'm renting, and am starting to consider buying a place that I can place some sweat equity in, in hopes for a profitable ARV. All things considered, there seems to be plenty of opportunities to purchase that will be cheaper per month than what I'm paying to rent. I like to view this essentially as "cash flow savings". With all that being said, there seems to be a lot of pull towards foreclosed homes. What do I need to know about these types of properties? Can they be financed? Can a contingent offer be made on inspection or are they typically as is? I have plenty to research on the topic and am hoping this can serve as part of that process. Thanks

[Wayne Brooks]

Preforeclosure/foreclosure Ends with the foreclosure auction. REO's are not necessarily a better deal than any other property.....they are about 5-10% of the volume they used to be, so greatpressure on the banks to fire sale them.