Iam new to the game and have not yet begun to buy foreclosers because I dont feel confident with what I know YET. I would like any point in that right direction as far as the best book I can get on the ins ands outs of buying foreclosures and If theres is any website with information on buying specifically in FL. Thanks ahead for the information, I plan on being a regular here and hope to contribute anything I can, This is by far the most informative forum I have ever been too.
Best way to start is find a good agent, ask to see some foreclosed properties in the area you are interested in. Also find a good contractor that will give you an estimate of the cost to improve or repair the property. Have the agent do a market research for you to find out what’s been selling in the area and what is being offered for sale. Calculate how long it will take to put the property back on the market if that’s what you want to do. If you’re purchasing to rent it out start marketing as soon as you close on the property so that way you’ll have renters lined up. If you’re planning to re-sell calculate ahead the costs involved with the realestate company, closing costs to help a potential buyer and your profit. Depending on demand and location, be prepared to cover the mortgage payments for a few months until the property sells. Good luck to you.
Thank you for the info, Iam 20 years old and starting with limited funds. I figure that if I start early I’ll get the hang it quick. How can I find an agent that only works with forclosures in my area? I searched and all I got was junk ??? Sorry to ask so many questions but the interent is the source Iam useing to learn. BTW I just finished my FL real estate course and Iam going for the state exam soon, I fure that should help.-Gabriel
Do a search for the National REO Brokers Association(the NRBA), or try REOnetwork, or REOtrans. Most of the experienced REO agents can be found on these sites. Do be careful with reonetwork and reotrans, any moron agent can sign up, doesn’t necessarliy mean they are REO “experienced”.