For those of you that invest in preforeclosure homes, what are the steps you take in the traction. Also, any books that you would recommend on the topic?
Before you go decide and purchase a pre-foreclosed property, it is always recommended to take time to research and investigate and look for the best pre-foreclosure listings in ads, local newspapers, and websites. Also, you can find pre-foreclosure leads through real estate agents.
Always think a thousand time. Make sure that you will buy that house in reduced price.
Some advice I’ve been given from a friend of mine who’s invested in pre-foreclosures (disclaimer: personally I have never had) - concentrate on a single area/neighborhood and learn everything you can about its housing market. Track closed sales and foreclosures and try to assess individually every transaction that has taken place in the past couple of months. By doing so, you’ll pretty much know when presented with an opportunity if it’s worth the money or not
Also a book about financial freedom is a great guideline.