New to Realestate and have a few questions.

3 Replies

So I’m new to this, me and my brother want to start investing in property. I’ve read and heard some people have great success with foreclosed homes. I’m a bit skeptical. To my understanding the banks don’t usually show the house and you’d have to buy it “as is” but how do you know when you have a gem on your hands or fools gold? Would starting off with a 5 unit property be a good idea or should we start off with a duplex or triplex? Where would I️ go to find investors for wholesaling ?
Originally posted by @Julio Velazquez :
So I’m new to this, me and my brother want to start investing in property. I’ve read and heard some people have great success with foreclosed homes. I’m a bit skeptical. To my understanding the banks don’t usually show the house and you’d have to buy it “as is” but how do you know when you have a gem on your hands or fools gold?

Would starting off with a 5 unit property be a good idea or should we start off with a duplex or triplex?

Where would I️ go to find investors for wholesaling ?

Foreclosed homes, also called REOs are sold "as is". You don't mention if you have any experience in lending, repairs, sales or have a huge bank account so it is impossible to guess if you would be successful. Read a couple of books on the subject before you take the plunge, or you will be paying "seminar dues". (Thousands of wasted dollars.)

Originally posted by @Julio Velazquez :
So I’m new to this, me and my brother want to start investing in property. I’ve read and heard some people have great success with foreclosed homes. I’m a bit skeptical. To my understanding the banks don’t usually show the house and you’d have to buy it “as is” but how do you know when you have a gem on your hands or fools gold?

Would starting off with a 5 unit property be a good idea or should we start off with a duplex or triplex?

Where would I️ go to find investors for wholesaling ?

 Welcome to the site Julio.

As for being allowed to see a property if your buying at auction no you cannot see the inside. That is the risk you take doing that type of investing. I do not recommend buying at auction to the brand new investor. Stick with something a little less risky to get your footing in the business. I recommend hooking up with a Realtor & buying a 2-4 family home that's in good condition or needs only minor repairs. Learn the biz from there.

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

@Julio Velazquez they tell you can't see the property.

Don't bother people; don't intrude on people living some place.  If it's vacant, you can do what you have to do to see the property.

I know a guy who has a drone with camera, no joke. 

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