foreclosing homes.

Discussion in 'Community Discussion' started by gregdrummeraz, Mar 8, 2008.

  1. gregdrummeraz macrumors 6502

    Joined:
    Jun 7, 2007
    Location:
    Glendale, az
    #1
    :eek: What do you guy's think of the foreclosure market?

    Lot's of money to be made.


    What is your opinion on it?
     
  2. sushi Moderator emeritus

    sushi

    Joined:
    Jul 19, 2002
    Location:
    キャンプスワ&#
    #2
    Yes, you can make money in the Foreclosure market if you know what you are doing.

    However, laws and regulations are different for each state. You need to know the specifics so you don't get burned.
     
  3. gregdrummeraz thread starter macrumors 6502

    Joined:
    Jun 7, 2007
    Location:
    Glendale, az
    #3
    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?
     
  4. mcarnes macrumors 68000

    mcarnes

    Joined:
    Mar 14, 2004
    Location:
    USA! USA!
    #4
    Would you be approved for a loan that big?
     
  5. gregdrummeraz thread starter macrumors 6502

    Joined:
    Jun 7, 2007
    Location:
    Glendale, az
    #5
    well, why dont we ask the donald him self. :D


    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.:D it will be up in a second.
     
  6. sushi Moderator emeritus

    sushi

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    キャンプスワ&#
    #6
    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.
     
  7. gregdrummeraz thread starter macrumors 6502

    Joined:
    Jun 7, 2007
    Location:
    Glendale, az
  8. foidulus macrumors 6502a

    Joined:
    Jan 15, 2007
    #8
    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....
     
  9. gregdrummeraz thread starter macrumors 6502

    Joined:
    Jun 7, 2007
    Location:
    Glendale, az
    #9



    so an investor group would be smarter?:(
     
  10. MacNut macrumors Core

    MacNut

    Joined:
    Jan 4, 2002
    Location:
    CT
    #10
    Do you want to buy these places and flip them or just rent them or resell them at a profit?
     
  11. it5five macrumors 65816

    it5five

    Joined:
    May 31, 2006
    Location:
    New York
    #11
    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.
     
  12. Zwhaler macrumors 603

    Zwhaler

    Joined:
    Jun 10, 2006
    #12
    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?
     
  13. Abstract macrumors Penryn

    Abstract

    Joined:
    Dec 27, 2002
    Location:
    Location Location Location
    #13
    He has already robbed us. The money is currently being transferred from our accounts direct to Nigeria.
     
  14. SilentGreg macrumors member

    Joined:
    Jul 22, 2008
    Location:
    University City, Philadelphia, PA
    #14
    Maybe you should consult this guy:
     

    Attached Files:

  15. iShater macrumors 604

    iShater

    Joined:
    Aug 13, 2002
    Location:
    Chicagoland
    #15
    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. :rolleyes:
     
  16. geekgirl macrumors regular

    Joined:
    Sep 26, 2007
    #16
    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.
     
  17. rhett7660 macrumors G4

    rhett7660

    Joined:
    Jan 9, 2008
    Location:
    Sunny, Southern California
    #17
    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...
     
  18. Sun Baked macrumors G5

    Sun Baked

    Joined:
    May 19, 2002
    #18
    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.
     
  19. SilentGreg macrumors member

    Joined:
    Jul 22, 2008
    Location:
    University City, Philadelphia, PA
    #19
    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.
     

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