Archive for July, 2009
by Doc Schmyz
They say that one man's trash is another man's treasure. Although home foreclosure can be considered a tragedy it can also be a blessing for others. Gas prices are not the only ones that continue to rise. Residential properties are also expensive. Their prices also vary from one place to another. Due to this other people take advantage of foreclosure auctions.
Repo Homes
Repo homes are a great opportunity for those who simply cannot afford a new house. Often these houses are sold far below the market value.
Unfortunately most repossessed houses are those which require a lot of repairs. Previous homeowners do hot have the means to maintain the house or just didn't take care of them. Some of these houses have also been abandoned by their previous homeowners and mortgage lenders have no choice but to get rid of them immediately.
Study Up on the Process
Before you buy, you need to make sure that you're going to get a good deal. The biggest part of the deal is adding up all the expenses to see if it is indeed the deal you thought it was.You may have to do a little bit of research first to be able to see how much you will have to spend in buying and repairing the property.
If you don't have any cash on hand for the moment, you can get a loan. Have a consultation first with an agent to see if you are qualified. If you are qualified gather the information you need.
You will be able to find several lists of foreclosure homes or homes for auction on the internet. In some cases a list will also be published in local newspapers. After you have gathered enough information visit the houses to stake out possible properties that you can buy.
Review your budget. What are you willing to pay for the foreclosed house along with the repairs? If you're planning to "flip" or sell the house,ask your agent to get you comps for the "after repair value". If you're planning to rent it, calculate the monthly rate and compare it to prices in the local paper for the same type of property.
Once you have finished all the research, make a bid on the property. After you have purchased the house have it inspected and appraised. Then look for a title company to research the history of the house. Once the house is yours and, any repairs you need to make are done, you have the option to live in it or rent it out.
About the Author:
Doc Schmyz has done real estate deals all over the US and Mexico. He owns a free website that shares Real estate investing information for all over the US. Find Real estate investing information by state
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The Real Estate Investor's Handbook: The Complete Guide for the Individual Investor List Price: $24.95 Sale Price: $11.99  |
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The Real Estate InvestorÂ’s Handbook is a must-have for beginning investors, real estate veterans, commercial brokers, sellers, and buyers. Real estate investing has created more millionaires than any other investment vehicle in this country... |
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Recession Made Millionaires; Can They Be Someones Hero? Foreclosure Investing the Next Big Thing!
by Shane E. Bryan
There are several people saying there will be more millionaires made during a recession than ever before. So why during the worst time in the economy are more millionaires made? I'm going to reveal the secret!
So let me first ask the question that's on most peoples minds. What got us into this mess in the first place? While I cant answer that question with 100% certainty, I can say that I believe it is because the main stream way of thinking will not try to think outside of the box. Millionaires made during this recession will be out of the box thinkers.
Being different or out of the box thinkers has made some of the largest, most successful businesses today. The founders of these businesses knew that they had to do things differently to outperform the main stream.
So I bet you're thinking That's great but how do I become a millionaire in these times or I don't have any ideas like those. Let me ask you this, what is the largest market in today's economy? If you answered foreclosures you are right.
Foreclosures are one of the main reasons that the economy is in the shape it is in now. This gives out of the box thinkers a great opportunity to find a way to make their millions. I once saw a quote from a person on twitter that said Show me a business that helps the economy and makes millions in the process and Ill show you a business Id like to invest in (VCtips).
There are several people in any certain area who are going into foreclosure. They are looking for someone to help. They need to sell their house ASAP so they can get into a house they can afford. This gives you an opportunity to help and become wealthy at the same time, without taking advantage of anyone.
So do you see the opportunity to help your neighbors and become a recession made millionaire. You get to help someone save their credit and improve the economy in the process. Great way to think out of any boxes! The less foreclosures out there the better the markets will be and the more real estate sales the better.
If the people who are unable to afford these homes end up losing them to the banks, they will lose their credit and a lot of other things. Most people have a friend or family member who is looking at a foreclosure. I'm sure you have thought how great it would be to help them. I believe that there are people out there that will help these people and become a very well liked millionaire.
There will be more millionaires made in today's recession than ever before. We can all do our part to help change things but some will become millionaires in the process. These new millionaires will be very happy and will enjoy their new found fortune, helping people find a new beginning at the same time.
You can become one of these recession made millionaires who think outside the box. All you need to do is find out how to help these people in need. How to purchase these Pre-foreclosures before the banks take them.
About the Author:
Author Shane E. Bryan is a "out of the box thinker" who contributes to Foreclosure Cottage, a training website in the field offoreclosure investing. Shane has spent his life learning from the best "out of the box" thinkers.
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The Complete Idiot's Guide to Buying Foreclosures, 2nd Edition List Price: $19.95 Sale Price: $10.24 |
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One person's loss is another person's gain. This invaluable guide explains everything readers need to know about finding and financing foreclosed and soon-to-be foreclosed residential properties with the highest potential return... |
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Foreclosure Investing For Dummies List Price: $21.99 |
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With the housing bubble of the past few years bursting and interest rates on the rise, there has been an upsurge in the number of foreclosures across the country, creating many opportunities for profit... |