Rental Property Investor · Durham, NC · Member since 2019 · 22 posts · 5 votes
I'm a 1st time buy and hold investor in the Raleigh & Durham area. The market here is pretty hot right now, and I'm looking for some cashflow opportunities with Single Family homes under $180k.
Although scarce, some of the deals I see are in pre-foreclosure or in foreclosure status. Is it a good ideal for a 1st-time investor to get these properties? Or should I wait until I gain more landlord experience?
Hey Vic. I don't know how it works in your state, but in Cali, the foreclosure doesn't complicate things. Buying as REO is more difficult, banks want to spray paint them and sell for higher $$.
If it's in preforeclosure, it's still a regular sale, bank still gets paid off etc, time restraints can be a challenge is sale date is close, but most banks will extend if they get a fully executed contract and POF etc.