Advice for someone new to foreclosure investing

[Erik McElhinney]

I’m seeking advice on foreclosures. I am a new investor but a long time contractor. I’ve built and renovated many flip houses for my clients. What have you found to be down falls in the foreclosure world? What successes have you personally accomplished investing in foreclosures? I’m seeking all information you guys may have! Good or Bad! Thank you!

[Jay Hinrichs]

Originally posted by @Erik McElhinney:

@Jay Hinrichs Thank you for informing me on the different risks in the different types of foreclosure investments. I am more interested in what you had mentioned. The sheriff sales and the auctioning. I would like to take the cash that I have and buy a property to fix and flip. I have the cash and the knowledge of construction. This community here has been so helpful and I am also reading books on it as well. I’m just looking for any and all knowledge and I appreciate the input you gave! 

No problem,,  my suggestion since foreclosures are so very regional with very specific rules.. Is to first find an attorney who does foreclosure work for banks.. etc.. then pay for their time and have them walk you through the rules..  should take no more than an hour or two of their time.  so you get correct information..  Then its just a matter of figuring out where you find them published.. Usually the legal paper in the county if your in a big enough area there could be a service that you subscribe to.. and off you go.. keep in mind if its a lucrative market there will be a lot of competition.. and a lot of starting and stopping.. again depends on the market.. Like in Ohio most sales that make it to the final list actually get sold.. On the west coast most sales that make it to the final list do NOT get sold.. they get worked out postponed BK what have you and you literally have to look at 25 to 50 homes to buy one.