All Forum Posts by: David Brodeur

I have a novice working knowledge, of how some of the local actions work, but I'm still learning on the go. Most of my prior knowledge comes from working closely with REO's with the company I used to work for. I was a collections manager and was responsible for ordering BPOs, NODs, and approving the foreclosures after the NOD period had expired. Ironically, I was recently laid off due to a regional cutback and would prefer to take this opportunity to get into investing before deciding to go back into a corporate job.

 Yes, I'm interested in court house action bids. You are correct on the right of redemtion period. While I already knew that, it was obviously something I had not accounted for. I'm glad I asked, so ultimately I would end up having to hold the property if I went this route, which eliminates that as a realistic opinion. 

So, I'm a newbie/want to be invest and have been doing a lot of research but still confused about how to get started and take that first leap. 

Here is my plan, I would like to start out in a few low balance flips, with limited rehab, and feel the greatest opportunity for the biggest return is through foreclosure auctions. Once I have completed the purchase and flipped the property, I would like to roll the earnings into my next flip, until I have earned enough capital to purchase homes in higher growth, high rental areas to hold and rent. 

I feel that I have a good enough just understanding and knowledge to succeed in finding a good deal. However, my dilemma or area of insecurity is knowing how to arrange funding, or locate a parter prior to action. 

I've checked out the market place which seems like a good starting point, but understandably so, most of the suggestions are to locate the deal first. The problem is most of the houses I'm looking at would be cash purchases, and you are required to have verified funds at the time of the auction. 

Please help educate me on what I'm missing. 

Additional question, about foreclosure feasibility. So, I was looking through a few recent foreclosure sales locally and found a house down the street from me with a market value of $145K, and the default was for $113k, and reportedly was purchased back by the bank, and then sold to an investor for $500. The home was immediately placed back on the market by the investor for $145K. Does this sound feasible, or is it likely the reported sale figures are not accurate. 

Thanks in advance.  

Thank you to all that have replied and Welcomed us to the community. We have yet to make our first deal. At this point we are trying to educate ourselves as much as possible. We are really excited about getting started and plan to start small.

My wife and I have been considering getting into real estate investing for a while now and see this as a great opportunity to reach our financial and personal goals.

@James Wise 

Thanks James!! Just updated our keyword alerts.

Hello- We, David & Marni Brodeur, are in the process of becoming real estate investors. We are interested in rehab, wholesale and rental properties. Can anyone suggest a trusted local contractor and real estate agent in the Birmingham area? Any additional advice for beginners would be appreciated? We look forward to getting to know the BP community.

Thanks.