Newbie looking to invest in Foreclosures Jacksonville/Swansboro, NC
Hello everyone,
Tyrone here, I'm a newbie here looking to starting out in REI for the long term. I currently live in Jacksonville, NC and I want to begin by investing in foreclosures (plus willing to do rehab) in order to give myself the opportunity for greater return.
First off, I've done some reading about REI, haven't seen to many books on foreclosures but have read several articles on this. I understand there will be several things to look for when buying foreclosures but I know firsthand knowledge is better and I also know of the extensive time it takes to secure these type of homes. Although I'm looking for foreclosures I am not counting out great deal homes for sale or short sales.
The area I live in is high military residents but it seems like they are continuing to build new homes. After doing some research it looks like homes with upgrades get the quickest visibility (as normal) as there are a lot of homes in this area without upgrades. So I figure a decent sized family home with moderate upgrades (i.e. kitchen (countertops, sink), bathroom, bedroom (closets), possibly hardwood floors) would get buyers. I know all of these upgrades are possibly not feasible on the first buy (fingers crossed) but some of these would separate my home apart from the rest.
I currently rent but I have a VA loan at my disposal and I know other ways to secure homes via conventional home loan and other types of loans.
Are there anything important I should know or tips to help me on my first investment? The more the better.
If there is anyone in the Jacksonville/Swansboro, NC area or anywhere else that could give me some insight on this that would be great.
Welcome any insight!