Real Estate Blog

If you have been thinking about jumping on the foreclosed homes bandwagon and making some pretty good money off of these homes then it may seem like a simple process. Get a foreclosed home listing, make an offer close to the listed price and cash in. Unfortunately as with anything in life it is not quite that simple. The great news is that while you probably won’t make big money all that easily with some hard work and a little knowledge you can cash in on one of the hottest foreclosed homes markets we have ever seen. The key is to avoid 3 of the big mistakes many new investors make when setting out on making their fortune in real estate investing

. Mistake 1 aE” Using the bank’s sale price. Many new investors often use the bank’s price on a foreclosure listing as a method to decide what they will offer for the home. Here is a common scenario, take the banks listing price on the foreclosure and reduce it 30% to make an offer. While this is a simple method and appears you are sure to get a deal there is one problem. The bank’s listing price may or may not have anything to do with the value of the home. I recommend that you completely ignore what the foreclosed home is listed for and only use your own due diligence to analyze the deal. First you should calculate the market value, then take into account any repairs needed and lastly build in your profit. This should be the only offer you should make on a bank owned home, or any other home for investing purposes for that matter.

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Every day in my business I come across a foreclosed home being sold by a bank. For the most part very few of them are deals on the surface. There is a small percentage however with some work and fact finding that turn out to be potentially good deals for my portfolio. Even more often than finding a good foreclosed home deal I find new investors or potential investors that tell me they want to buy foreclosed homes and want some help on doing it profitably. My first question inevitably to them is, “Why do you want to buy a foreclosed home?” Just about 9.9 out of 10 answers I get back are, “Because they are good deals.” I hate to burst the bubble here but buying foreclosed homes is not the path to great deals. Instead understanding how to buy real estate at a discount is the way to profits in foreclosures. If you plan to buy foreclosed homes and expect deal after deal to come your way then we need to hit the off button on those late night infomercials for just a few nights and talk about how to really buy foreclosed homes and profit. The process to profiting from foreclosed homes is actually fairly simple, spend a lot of time and money learning plus do a lot of hard work plus learning from your mistakes equals profits in foreclosed homes.

I know that isn’t sexy but it is possible and that is what we all want, right? I will take possible any day over the allure of the get rich quick approach that never pans out. Let’s look at the process briefly. First of all if you want to profit in foreclosed homes you need to know what you are doing. The quickest path to removing paralyzing fear is understanding your game. Doctors spend over $100,000 on their education to earn on average $127,000 a year. If you want to make $250,000 a year in foreclosed homes you are going to need to put some coin into your education. There is a lot of quality foreclosure education out there but it isn’t free. Two of my best friends offer some of the best foreclosure home study courses, Andy Heller and Don Derosa, but their courses run $1,497 and $797 respectively. Worth every penny and have made me tons more than that from what they taught me over my career. The second part of our equation is that horrible word, hard work. Yes working really great foreclosed home deals is hard work.

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Beverly Hills in Califlornia is a picturesque city adorned with intermittent boulevards, lines of fruit bearing trees, mellifluous lanes, manicured lawns and grand houses. Nicknamed as the Hollywood city, Beverly Hills is one of the most expensive and plush cities on earth. Resided by recognized affluent individuals that include Hollywood celebrities, Beverly Hills has some of the most opulent residents inhabiting in its ritzy neighborhood. Expectantly, the housing market of the city has acquired the first rank as the most expensive one in United States, two times in a row. These housing premises range from plush sprawling villas to compact, grand bungalows, to duplex rental units. As understood, the cost of these premises is whooping and extravagant. To make the homes affordable to the commoners, Beverly Hills foreclosed homes for sale have been initiated.

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I came across the San Diego Union Tribune, it was very thought provoking article. The paper presents some new ways that cities have been brainstorming to solve the problem of foreclosed homes and the blight they create when they’re in the market. As cities deal with rows and rows of foreclosed homes in the vicinity of lowering home and inviting squatters or worse value. One of the solutions have been explored by the San Diego City-County Reinvestment Task Force is a regional bank. The new agency will be created to buy up these homes before they become urban blight or Speculators dream and instead of creating affordable housing. was much more radical proposal, but what intrigues me is the use of such buildings to address other growing problems. heres what they said:

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For home buyers looking for real estate deals in the State of Virginia, opting for Richmond foreclosed homes makes for a golden opportunity. Now real estate investors as well as home buyers can own a house at a highly reduced price by purchasing a foreclosed home and therefore enjoy a large range of residential benefits in this scintillating city.

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When it comes to making smart real estate investments, Orlando foreclosed homes have gained immense popularity in the U.S housing market and especially in the Orange county area. The major reason for the high demand of these properties in the real estate market is due to the wide range of investment benefits that are associated with buying foreclosures as well as the top notch residential facilities that are being offered across this vibrant and friendly city.

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