My First Month In!

This makes the first month of my new life (divorce, she got the house, and I'm fighting to ensure that my life is not devoted to her ever-lasting care; nuff said)!

In taking these first steps, I'm beginning to do something I've always wanted to do, real estate investing. So, I joined BiggerPockets; I joined a local real estate investing group; and now I'm reading; reading; and reading! So I'm thinking to myself, I should be able to make a pretty good-deal and get off to a great start with all this new knowledge!

My plan will center on me!!! My first buy will be the home that I live-in and I'm thinking if I stay flexible, I should be alright-that's my thought anyway. I figure, the money I use to pay my rent will be used to pay my mortgage and the knowledge I gain from this website and my local investing group should help me create a strategy that will fit my situation. I'm thinking I'll be one-up on the average Dude or Dudette!

So I got to talking to one of the guys in my local group. I'm so glad I did. One of the first benefits to reaching-out and getting involved has been the knowledge I've gained. Anyway, my new contact is pretty knowledgeable. As a result of our conversation and my telling him what I'm looking for (to move out of my apartment and into a house) he started sending me listings.

One thing I noticed—on the foreclosure listings—most foreclosures are/were listed at "sold at" or market price. Here I learned two new terms, "comps' and "upside down!" I asked my contact about the foreclosure thing, I said in my email, "I noticed that most of these foreclosed homes are at market price. I thought that foreclosures were supposed to be discounted, right?" My contact replied and told me--well, the banks are upside down on most of these loans and are trying to get what they can; but, I've just done a comp on the area and the price value of this particular home is this amount, but, if we make an offer we'll ask for this other amount (this other amount was more below market value and in line of what I would think a foreclosure would be) so anyway he went on to write in his reply, that's how it is done. BTW, have you spoken to a mortgage broker?

Mortgage Broker???