Let me start by saying that I’m a newbie so try not to laugh. I have questionable credit and I’m short on funds. I am interested in pre-foreclosure investing. Would it make sense to get a hard money loan to pay off the defaulted loan in order to gain control of the property, then sell? Is there another method that I should consider? I would appreciate all input.
Thanks in advance,
Well all that depends on your financial situation. How much money do you have to put down for your first foreclosure bid. Are you financially stable? meaning that could you get by without work for 2 to 5 weeks then if apparently that is the situation then my suggestion is that you should get acquainted with a REI. Try to start this investing field as a bird dog. It might be quite a learning experience for you. Take your time and be patient until you are financially stable and could venture out on your own. There are a lot of things that you learn as an investor. That’s how I started. I had been in the rehabbing business for a couple of years with its up and downs, then I became really interested about doing some RE investing, I met the right connections and I have been learning ever since.
I hope this helps, good luck.
Hard Money is the most expensive way to go.
But you got to do what you got to do.
Talk to a hard money lender and find out what the rules are.
You will need to find a deal were the numbers work.
The first thing I would say to do is read read read. If you have a local club, Join
You might to start by Bird Dogging and WholeSaling.
Just a few thoughts