My name is Marie. I am interested in real estate investing in Florida. Especially bank foreclosures. I am practically new to the business and is looking for as much as information that I can get before K get the ball rooling. Is there any of you who has experience in foreclosures and court housw bits?
I heard that the market is pretty much staturated in south florida.
Does any of you invest in south florida?
Is there any investors group in south florida that I can joint in south florida.
Hi Marie welcome to BP there are lots of great resources and people around here.
Yes the market is very saturated, expensive and competitive here in South Florida.
You will want to focus your time and energy on finding off-market deals in the area.
It will be very tough to find anything on the MLS, through wholesalers, auctions, etc.
Thank you for responding Brian.
Do you know anything about investing in foreclosures (court auction)? How to find the money?
I saw a couple properties at Broward Clerk Court and would like to put a bit for some. I have enough cash for the deposit and repairs but I am not sure on how to get the cash (financing) that they are asking for.
Can anyone help me?
Welcome to BiggerPockets and best of luck investing Marie!
Foreclosure auctions are very very tricky and you have to be careful on what you're getting yourself into. You'll have to make sure the property is worth your time, make sure you know what you are bidding on, and do a sound title search to see what kind of encumbrances there are on the property. You can't even get into them and see what's on the inside so you'll have to drive by and do what you have to do to look. After all of that work, you may not even get to bid as anything can happen that'll take the property off of the docket.
I don't invest in Broward, but in Palm Beach county, you have to create an account with the clerk and comptroller and deposit 5% of your maximum bid of the property with certified funds a couple days before bidding. When you win the bid, you have to fund shortly after.
As far as getting the money, you should network with some people to maybe lend you private money when you need it or maybe a money "partner" so you could close quickly.
I would say there are easier ways to find deals, but in South Florida it's tough. Good luck!
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Wishing you the best!
Yes, use a service to research the properties coming up for auction, get some kind of advice from experienced people. Then get title checks done to find encumbrances on any property you plan on bidding on!
We have several great meetups in Broward typically listed on events page on B/P. Welcome!
I am so grateful for all your answers. Thank you so much to all of you for taking the time to help me. I guess I have much to learn. I look forward learning from you all professionals.
Please keep me in the loop. I am pretty much open and need to start moving as soon as possible.
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