😱 What do you guy's think of the foreclosure market?
Lot's of money to be made.
What is your opinion on it?
Lot's of money to be made.
What is your opinion on it?
Got a tip for us?
Let us know
Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
foreclosing homes.
- Thread starter gregdrummeraz
- Start date
- Sort by reaction score
How could I get burned? fee's?
My Aunt is a R.E.A. for Remax and is 2nd best in her office from last month! \
My guess is she would be a good person to talk to?
What about maybe buying a apartment complex for rental?
My Aunt is a R.E.A. for Remax and is 2nd best in her office from last month! \
My guess is she would be a good person to talk to?
What about maybe buying a apartment complex for rental?
mcarnes
macrumors 68000
well, why dont we ask the donald him self. 😀
mc whatever.
can I borrow 16 million. I can make 16 mil earn about ~80 percent. hones
on another note. I will ust post another thread for that.😀 it will be up in a second.
mc whatever.
can I borrow 16 million. I can make 16 mil earn about ~80 percent. hones
on another note. I will ust post another thread for that.😀 it will be up in a second.
sushi
Moderator emeritus
That's why you need to know the laws of your state as they vary from state to state.
One example comes to mind. I know you are talking about recent foreclosures that have been in the news. But foreclosures can be for other reasons as well such as the owner not paying property taxes.
In some states, the owner can have up to 2 years to pay off the taxes. So you can purchase the property, and be living in it, and the owner can claim possession if they pay the back taxes. Strange isn't it?
My point is that many of the get rich quick real estate seminars, TV infomercials, and the like make it sound like all you need to do is go out and buy some foreclosure property and you will end up rich. It doesn't always work that way, and is not near as easy as they make it out to be.
Having said that, you can make money if you know what you are doing.
If you can find a 16 million line of credit in this day and age, you can afford to hire a professional to help you with all this....
it5five
macrumors 65816
Seriously.
According to the OP's profile, he is 17 years old. I doubt any 17 year old could find a 16 million dollar line of credit.
Yeah, something is fishy. Unless the OP registered the day MR opened and hasn't changed his profile info since, somethin is up. Perhaps someone mugged him and stole his iPhone as well?
![MattLesko[1].jpg](/data/attachments/107/107225-f4288367605daf15ba2a9e361b892289.jpg?hash=9CiDZ2Bdrx)
iShater
macrumors 604
Ummm ... I wish it was that easy. If you are already into real estate, have the funds, experience, patience, and know markets, then it might be a good idea.
If you are buying your first home, that might work too, just be very careful. Although you would think banks, HUD, etc, are eager to sell these, they move like a semi truck in an alleyway. 🙄
If you are buying your first home, that might work too, just be very careful. Although you would think banks, HUD, etc, are eager to sell these, they move like a semi truck in an alleyway. 🙄
Is this Casey Serin in disguise????
Seriously, read that link, and do a google search for more info about this guy. Read and learn from his mistakes.
Seriously, read that link, and do a google search for more info about this guy. Read and learn from his mistakes.
rhett7660
macrumors G5
Before you jump in the rental market I suggest you doing some reading. I have been a landlord for the past 5 years. I am now up to 6 individual properties spread out over the US.
You really need to know what you are doing. Do you know what a GSI is? Do you know what it means? ROI? Cape Rate? NOI? and more.
I don't do a lot of flipping. I like the monthly income that is steady for 3,5,7 or so years. I have sudo flipped two properties.. Held them for more then a couple of months hens the sudo flip.
Here is are a couple of books that I keep handy:
http://www.amazon.com/Landlording-H...2353554?ie=UTF8&s=books&qid=1187120435&sr=8-1
http://www.amazon.com/How-Buy-Sell-...=sr_1_1?ie=UTF8&s=books&qid=1217436779&sr=8-1
If you have any questions please feel free to ask...
You really need to know what you are doing. Do you know what a GSI is? Do you know what it means? ROI? Cape Rate? NOI? and more.
I don't do a lot of flipping. I like the monthly income that is steady for 3,5,7 or so years. I have sudo flipped two properties.. Held them for more then a couple of months hens the sudo flip.
Here is are a couple of books that I keep handy:
http://www.amazon.com/Landlording-H...2353554?ie=UTF8&s=books&qid=1187120435&sr=8-1
http://www.amazon.com/How-Buy-Sell-...=sr_1_1?ie=UTF8&s=books&qid=1217436779&sr=8-1
If you have any questions please feel free to ask...
As an Amazon Associate, MacRumors earns a commission from qualifying purchases made through links in this post.
Sun Baked
macrumors G5
Do you care if people like you or hate you?
You can make money if you can be openly hostile and hate people, while still going out for a beer with them and stabbing them in the back later.
Can make a lot more money if you want to grab the homes with problems that require tackling -- like throwing people out on the street.
Make a bit less, after these problems are fixed.
If you hate lawyers, want people to like you, don't want to get you hands dirty with the unsavory side, you likely cannot get in early enough to quickly flip homes to the people that will buy them to remodel.
Then there is the money, big risk big reward or failure.
You can make money if you can be openly hostile and hate people, while still going out for a beer with them and stabbing them in the back later.
Can make a lot more money if you want to grab the homes with problems that require tackling -- like throwing people out on the street.
Make a bit less, after these problems are fixed.
If you hate lawyers, want people to like you, don't want to get you hands dirty with the unsavory side, you likely cannot get in early enough to quickly flip homes to the people that will buy them to remodel.
Then there is the money, big risk big reward or failure.
How did you get started? If you don't mind me asking. I have always been interested in the real estate market but at a young age and college ahead of me, I have never really looked into getting started. By means of starting I mean flipping homes after a rehab or renting to individuals.
As an Amazon Associate, MacRumors earns a commission from qualifying purchases made through links in this post.