Foreclosure 90 day challenge

4 Replies

Hey Everybody, I have watched the 90 Day Challenge webinar and decided today I will push myself to buying a foreclosure home in Milwaukee, WI by June 6th. As of now I am reading a few books on foreclose homes. My first read is Foreclosure Investing for Dummies. I have a few homes I have been looking at in the 53206 zip code. Anyone who is familiar with that marketing area. That do not mind linking up with a rookie and sharing information about were I can find a lead on getting one of these properties? Even just answering a few questions to help me set sail on my real estate adventure will be truly appreciate.

@Chanda Quarles I can give you some insight into the neighborhood. Shoot me a PM with any questions you have. 53206 is probably the most challenging zip code in Milwaukee. That doesn’t mean you cannot make investing work there, but if you’re not prepared or understand the neighborhood, you could be in for a rude awakening.

I agree with Mike. From a strategic standpoint, there are much better areas in Milwaukee to target short sales/pre-foreclosures. In 53206, by the time you calculate the repairs and other debt many of the distressed sellers have besides the mortgage, the bank would have to pay you to buy it. If someone is behind on their mortgage, they are more than likely behind on other bills as well as their taxes. 

You'd be better off going after delinquent tax properties in 53206 than pre-foreclosures, but this is all just my opinion. 

Thank You guys for the advice. I’m new here so I don’t know how to respond to y’all individually. I seen a few bank own properties

@Chanda Quarles
Make sure you run title reports and the foreclosure is on the 1st position lien and not a subordinate lien. Also check any taxes and utility liens as those may be super liens that you have to pay as well.

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