Help me get started... please...

1 Reply

I have been doing some reading on RE investments and have decided on several areas of which I would like to concentrate on in RE investment:

1) preforeclosures
2) court house auctions
3) REOs

However, I have so far found that preforeclosures were already jumped by others and owners do not want to talk. Court house auctions involve too many unknowns since you cannot inspect prior to sale. REOs are a bit too close to market value.

Which do you say is better for you? For the preforclosure one -- what do I exactly offer the homeowner? I do not want to sign my life away but yet do not have enough equity to offer them. What kind of loans are out there for me to offer the seller? What forms do I need to seal the deal? How do I beat out my competition? Many of the books I have been reading were general at best and failed to help in the nitty-gritty of the matters. I know you guys are very knowledgable and would be so great if you can just lend me some words of wisdom.

As for the court house auctions -- how do I check out all the outstanding liens without paying an arm/leg to the title insurance company and in case I did not even win the bid, I would have lost a few hundred dollars just for doing a title search?

REOs -- do i need an agent to submit an offer? If I go through the lender's listing agent, would that agent not be in a dual relationship, representing both myself and the lender in this foreclosure process?

Please... anyone... I have spent eons of hours on the internet and everyone that promises free advice or properties search had a little box asking for credit card information. I think this site is BY FAR the best and hope someone out there can come to my rescue with some tips/advice.

MUCH THANKS..
Eden :violin:

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here