Hey,
Just started looking at a nearby community that I may move to and was starting to do research into a plan to buy houses. I’m thinking that there are going to be more and more foreclosures coming on line in the near future and I was thinking that I would like to pick up houses. I have a large cash reserve that I would use to buy houses at a discount for cash. I intend to use the no hassles cash buyer approach to position myself on the positive side of the REO departments. I would then rehab the houses up to speed and then sell some for profit , and rent and finance the others to pull my money back out.
Questions:
How much advantage does going in with cash give?
How do you tell if the market is big enough to get all the business you need? This town is the largest in the area and is about 140,000.
Where do you go (websites would work best for me) to research records for the area to see if there are trends developing, how many houses are on the market and how many are foreclosures, etc.?
My assumption is that some of these banks that have been going out and giving way too much 106%, interest only, and 40 year am loans are going to start seeing a lot of real estate on their books and need someone to help them out with their problem.
Thanks,
DB