Help me start.

Foreclosures, Short Sales, Tax Foreclosures
1

Hello everybody,

I’m new to the forum and new in the field. I’m a junior in college and thinking of joining my brother and trying to make some profits with foreclosures. Even though we’re on our way of having great degrees we are more excited about real estate and think it to be more lucrative then our future jobs. We were thinking of creating an LLC and doing real estate that way, at least for now. We have about 200k equity in our homes and are thinking of buying foreclosures in cash doing a HELOC.

I’m interested in your comments and suggestions regarding our endeavor.

Finally, my question is this: Is it possible to keep the profits from flipping a foreclosure? As a student with a tight budget I could enjoy a little more freedom …

Thanks and I admire all the thoughtful posts I read!

:o

2

Firstly I would have a S corp. you can make far more deductions when quick turning.

Secondly why would you want to use your equity to do short sales when you can do it for free ???

TG

3

Hi,

Woa thanks for replying! I’m glad you told me about the S corp I wanted to hear it from someone that really did it …

Just thought logically that at least I have some money to start with … I didn’t really know of other options but now that you say I could do it for free, my question becomes HOW DO I DO THAT?

Can you also direct where I can read about people doing the same as me?

Thanks.

4

Sounds like you are in the exact same boat as me! A few of my friends and I just graduated college and are already bored working full time office jobs and want to turn to real estate.

We’ve only just started researching our options, and I think this forum will help out a ton.

We are now putting most of our research into tax liens (especially after watching that “Home Flipper” show on TLC… seems way out of our league).

Is this a good place to start? With tax liens? Tons of sites explain the ‘pros’ to buying these (bank interest for 3 years), but there has to be some ‘cons’ or risk factor to this, right?

Extreme n00b here, any help / advice / thread links would be much appreciated.

Thanks