mkmdulay question : What should I know about investing in “real estate foreclosured” ?
I am a year trying 21 years, invest in a property where I’m starting to Best Answer:
Reply from
tsbr1963
its limit for a reason. Are you good at rebuilding walls, foundations, termites, etc. to get rid of? Seriously … One of my friends he has and it works well … but there are hours and months and months of rehabilitation. I would like in a real estate broker and go in that direction.
post answer to this question below!
You begin by understanding the market and the product. Whatever property you identify after foreclosure, you must properly evaluate the area within a 2 mile radius unless it’s a rural property. If you’re attending a bank sale, I suggest you seek to make a contact with the bank reprentative in case you’re outbid. That way, you can call them at another time and inquire about ALL those other properties they have for sale but will never be listed. So in summary, you want to evaluate the market (for value), plan how to market the property once acquired (target marketing) and be prepared to pay for construction if needed. All properties in foreclosure aren’t damaged. Just a few insights for you and good luck!
Don’t do it if you’re asking here. Just kidding! Find a real estate investing association nearby and network with other investors.