Hi, me and my friend are looking into investing in foreclosed Homes, but have limited money avialable and no property currently owned....does anyone have any tips on how to get the initial money to buy a foreclosed home ? Thank you in advance for your help.
The scope of your question is way to vague. What are your plans with the properties you buy. Are you going to buy and hold(rental) rehab and retail, wholesale etc. Different ways to do each. You can do all of them without having alot of cash and even no cash but the deals have to be "deals". You can find plenty of lenders if there is enough equity in your deal. Research hard money lenders in your area and research investment lenders that provide rehab/refi loans. Both can be done with no out of pocket expense. Wholesaling can be done with no cash or loan on your part.
At this point I would really suggest you think about what you want to do, make a detailed plan on how you want to do it and then research it so you arent the guys crying when you lose your shirt. Join a local real estate club and start networking. These are full of information to help you make the decisions you need to make prior to buying your first property.
To add to what the others have said:
I usually inform new investors to simply stay away from foreclosures simply because I hate to see "newbies" get discouraged fast.....and that's what will happen to you. You're better off in the Wholesale side of real estate. You do not need any credit or money. You just need to be able to communicate. Wholesale investing is a great way to start off you're real estate investing career. It's so basic and yet easy to accomplish. I would suggest joining you're local REIA Group when you have the time. These will provide you with the guidance that you seek.
And to think that GoWolverines didn't even charge you
for that advice.
Excellent replies to an excellent question.
Stay away from foreclosures at the start.
Thanks......and if anyone else has any questions, my line is always open. Remember, communication is KEY in this business. If you have a question, or are doubting a certain technique.....ASK! I have been involved in real estate for the past 5 years.....and counting. BUT ~~ In no way am I a so called "guru." I am constantly learning this business as well. But, I do find that when I teach, I learn as well so......if you do call/email me with some questions, you'll be helping me out as well. It's a good working relationship.
And YES.....my info is always FREE!! :D
THanks, for the inputs..aLot i needed them.