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Updated over 17 years ago,
Investing in Foreclosures?
Anyone here use this method? I think the traditional find and flip method is slightly more difficult in today's market then it was 2-4 years ago. House prices are stagnant/depreciating in most markets so finding that rock bottom price becomes all that much more important. You can't just simply buy a house slap paint on it, new landscaping, floor and expect to sell it for 5 digit profits.
We all know that the subprime fallout has caused lenders to force many into foreclosure, these numbers are only expected to grow through the next 1-3 years.
So would it be wise to think if you were looking to get into the flip market that these foreclosures would have the potential to be a profitable investment?
How typical is it to find a foreclosure at 15-30% under market value? I understand there are different phases of foreclosures. Would the bank owned auction be your best bet to find a deal that is under market value?
Any input would be greatly appreciated.
As you may have seen in my introduction post I am 24, 1.5 years out of college. I have around 10-15k to work with and I think I am going to pair up with a friend of mine. So we have the ability to go 50/50 on expenses and it will also make getting a loan easier.
I am interested in getting into REI, mainly flips at the moment and eventually multi unit rental properties for the income stream.
So to make a long story short, given my circumstances(money, expereince, market) what would you do?
Are foreclosures the way to go for now?
Thanks!