Recently I have been seeing more foreclosures come on the market in my area in the middle upper/upper class hoods.

Now I am looking for another investment and was wondering about buying real estate, but I already have 5 properties and am in the middle of purchasing a 6th, mostly duplexes.

This is a decent middle class area.

I see an area as having about 5 sections: 'slums', lower middle working class, middle working, upper middle, upper class homes.I personally would stay out of the 'slum' areas.

(Example: in one area where I buy, trash is paid quarterly ahead of time, so when you buy in the middle of the quarter, you owe the trash fees that were paid ahed for your portion of the quarter.)And if it's REO, then you will pay for the U&O (Use and Occupancy inspection / Certiificate of Occupancy).And if it's REO, then closing might be a LOT longer than 5 minutes ...

I am an investor and in the middle of processing my 1st short sale.Home is worth $100,000 ($90,000 for a quick sale).

Or assume that the value is somewhere in the middle?

Then they go up to the middle and the top last.If I am a buyer I care about what surfaces I will come into contact with and live with everyday.Other parts of the house that are functional but I don't come into contact with I don't care about as much.Nothing is worse then putting cheap flooring in a rehab for selling.First you have to define what updates "means" on your flip.

I was planning to do it on a Saturday, I don't know if I should try to start early in the morning or if most people are available in the middle of the day.2.

I know of many high end properties owners who have not paid the mortgage for years, but the children are attending private schools, riding their horses, have ski passes and are going on expensive vacations a few times a year.In some of the middle class areas we see 5 cars in the driveway on weekdays, and most of them are not older models.