Ok, sorry about the lack of alliteration but I ran out of ideas.
What I didn't run out of is some good advice when buying REO's (real estate owned properties) from banks and really any real estate investment.
I recently answered a Forum question here:
http://www.creonline.com/wwwboard/messages/89614.html
Remember, that banks that own these properties more than likely will not own them out right. You're going to need to do your due diligence.
One good thing to do is to be familiar with your county recorders office, where you can do your own quick title search to give you an idea of what you're facing.
Secondly, when you start dealing with a particular title company and keep sending them business- whether that's your own deals or you refer other investors to them, they can usually cut you a great deal on title searches or you can simply request what's called a "Nothing further certificate" to see what's attached to the property.
You're going to want to bid low on these properties as , but for a reason. You'll want to know what your expenses will be for clearing up liens, repairs, holding costs, etc.
Cost of investment is a biggie because many investors don't factor that into the equation until the realize they're upside down on the deal. Much of this COI is in the holding costs, closing costs, points etc.
In my professional opinion, it's much easier working with home owners on a pre foreclosure/ short sale type situation. Your up front expenses (earnest money etc) can be substantially lower, you have more room for negotiation, and much less competition- sometimes none.
Don't forget, you can get my FREE Software that will help you analyze potential deals so you know if you've got a gem or a dud on your hands. Free for the asking (
All the best!
Dennis
What I didn't run out of is some good advice when buying REO's (real estate owned properties) from banks and really any real estate investment.
I recently answered a Forum question here:
http://www.creonline.com/wwwboard/messages/89614.html
Remember, that banks that own these properties more than likely will not own them out right. You're going to need to do your due diligence.
One good thing to do is to be familiar with your county recorders office, where you can do your own quick title search to give you an idea of what you're facing.
Secondly, when you start dealing with a particular title company and keep sending them business- whether that's your own deals or you refer other investors to them, they can usually cut you a great deal on title searches or you can simply request what's called a "Nothing further certificate" to see what's attached to the property.
You're going to want to bid low on these properties as , but for a reason. You'll want to know what your expenses will be for clearing up liens, repairs, holding costs, etc.
Cost of investment is a biggie because many investors don't factor that into the equation until the realize they're upside down on the deal. Much of this COI is in the holding costs, closing costs, points etc.
In my professional opinion, it's much easier working with home owners on a pre foreclosure/ short sale type situation. Your up front expenses (earnest money etc) can be substantially lower, you have more room for negotiation, and much less competition- sometimes none.
Don't forget, you can get my FREE Software that will help you analyze potential deals so you know if you've got a gem or a dud on your hands. Free for the asking (
All the best!
Dennis
RSS Feed
