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Hi, im out here in iraq on a contract job, i have money saved up and i want to get into the foreclosure business. Does anyone have any ideas what my first step should be? Ive been doing the research and im excited about it, i dont really want an agent but if i have to get one i guess theres not really much of a choice....preciate it
If you are speaking about getting into the foreclosure business in the sense of buying and flipping you may want to rethink it.
You can make money at it but if you have not had any previous experience you could also lose money.
Remeber that there are many foreclosures out there and everyone is looking for the great deal. Why would they look at your home that you bought as a foreclosure, slapped a coat of paint on and raised the price when they have other less expensive foreclosures to look at?
As far as not wanting an agent, how will you know when a new home comes on the market? If you wait for it to be on realtor.com then you will miss out.
The best deals in my area are gone before they hit realtor.com.
Basically I would go further. As some one that has been involved in real estate for 20+ years there has NEVER been the flood the distressed properties on the market.
This is a VERY dangerous thing. Even in TOP NOTCH areas there are properties that are good values and others that will be a HUGE sucking money pit.
Only a tiny percentage of real estate agents and brokers have EVER been involved with ANY kind of distressed property, and an even smaller percentage have any clue at all about how to make money with a true foreclosure situation.
There are frauds and idiots ON THE PROWL for newbies. They would separate their own elderly parents from their life savings to make a few bucks so they would not blink an eye trying to "put a screw into a nut"!
If you understand what kind of house you would like, are willing spend time shopping, and are realistic about potential gains and losses I do recommend scouting properties that seem attractively priced. If some of them are owned by lenders you MIGHT get a good deal of those, but they might also be in atrocious shape, so much so that even if you had FREE materials and 100% of your own labor you might still loose a bundle on stuff that won't pass code...
If you do not appreciate the advice I am giving you I am sorry. It is not meant to discourage you, only to keep you from getting burned. Badly!
I am seeing terrible signs of people getting really bad advice and getting in WAY too far over their head and it scare me. Alot.
If too many people that do not realize what they are risking get involved with distressed properties, even more harm will happen to the total real estate market. It would be a spiral of doom.
And I am being optimistic...
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