Most important thing is purchasing a property less then the market value so that right at buying equity is made. This is possible buying foreclosure homes or buying from people who are in a distress conditions. Sometime when houses are run down for long time they are called fixer uppers. They can be stolen at real low prices and then by adding value to them good profits can be made.
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As regards the articles on MORTGAGE, be careful when taking decision
unless you want to become a SLAVE to your debt.
Once you do the search, you will see a lot of properties and Realtors . Go to the different websites and talk to few Realtors who have connections with the banks and who also likes to sell run down properties. Tell them that you are looking to buy a property which is 30% to 40% below the value. Good Realtor can provide valuable advice and won’t cost you anything as most of the time they are paid by seller. Ask your real estate to bring you old comparison sales as well as new listings in the area .After you know the prices little bit then ask him to show you the properties so that you can see what are the best deals.
Auctions: You should also look into local newspapers listings. There are also sometime auctions by the banks and distress home sellers who are selling properties with no reserve prices and some times they go very cheap.
Bank owned real estate (reo)
Banks forecloses on property when people who owe money on the property stop paying their interest and capital which they had promised to pay back in a fixed period of time .After foreclosing bank becomes owner of those properties.
Once bank forecloses on property from owners he sells them through real estate brokers. Some banks also list these properties at their web sites. Banks are not in a business of owning properties they are in lending business so most of the time they sell them lower then the market value to get rid from their books. REO can be very profitable if you buy it at a good price. I will recommend what ever prices banks are asking offer much lower price and lot of time banks accept those crazy offers.
Most of the bank owned properties are generally in bad shapes. When people loose their properties they are very sad, they loose their homes as well as credits so they destruct the properties. There are cases when people remove every kind of fixtures, cabinets even plumbing so that they can sell whatever ever money they can make out of it. So it is very important that before you buy any property you should look into cost of repairing the damages and add it to the purchase price to know the real cost of house.
Best source of finding these properties is go on MLS and find different agents who have connections with different banks. Another way is phoning directly to the banks or going on their web sites and search for REO properties. I will recommend go to a search engine and search for foreclosed property and name of cities where you are thinking of investing. This search will bring you list of properties as well as name of agents who are selling them. Local agents are the best because they know history of property.
Some REO properties links on internet are provided below.
http://www.Realtor.com
http://www.ushomeauction.com
http://www.freeforeclosuredatabase.com
http://www.pasreo.com
http://www.reosearch.fanniemae.com/reosearch
http://www.bankofamerica.reo.com
http://www.forclosuredata.com
By Ashok of http://becomerichinfiveyears.blogspot.com
Screwdriver Bits · Recession And Bleading · How To Find Distressed Properties · Investments in Real Estate: Personal Experiences – Part 2 · How to Become an Entrepreneur. Becoming Rich in Retail and Service in Business · Leveraging: Make Money With Other People’s Money · Role Of Inflation And Demand Supply In Appreciation Of Real Estate ·
you’ve got a great blog! would you prefer to make some posts on my blog?