Upcoming Foreclosures

i am about to begin a career in realestate investing,ie.,foreclosures, section 8 housing,hud,etc, any advice??

Public Comments

1. don't do it, the housing bubble is about to pop, the amount of people who can't afford their house payment is getting too high for this to continue
2. pay cash for everything interest rates are about to go up again... when dealing with section 8 remember to inspect the rentals for everything! if you fail an inspection that could lead to your insurance rates being hiked big time
3. HUD~ This is great for the first time buyer who doesn't have much money. Often HUD will provide ammenties such as new carpet, wall paint, et. al for the new homewners. Section 8 can be a bear. While money is guaranteed tot he owner, renters taking care of of the home is NOT. Some do but then some just take advantage because they don't have to make that investment. Foreclosures? Be there first to snap it up before any one gets to it.
4. I have been investing in real estate all my life. I never did stocks. I just bought on the north shore of Lake Superior in Canada where the pulp mill has closed down . I thought the warming temperatures and the extremely low prices were hot. Well it is warming there now and the house is nice but the taxes are high. I will know more at the end of summer after I spend some time there. I just don't like the fires in the south right now. As for foreclosures... well the cost to repair is high and you have to do it yourself. When you go to a relative and say you have no money down for real estate and you want to make a deal for him he is not going to be too impressed. Trust me.
5. I would look into the different regulations for each program. Although very similar each has it's own set of rules. Section 8 for example does not have the same rules as Low Income Housing Tax Credit properties. You also have to make sure you are complying with the regulations of each particular state.
6. Contact and partner with a real esate agent in your area that specializes in foreclosures and bank owned properties. Let them know your situation and that you're prepared to buy. This way it's in the agent's best interest to contact you as soon as they get new listings. Where are you located?
7. Make sure that you incorporate. You'll want to make sure that your personal liability is minimal. Find a good real estate lawyer, accountant, Realtor, loan officer, general contractor, and insurance company. Make sure you have a lot of working capital for unexpected repairs. You never know what may come up. Always prepare for the worst. Do background checks on all prospective renters. Always collect a security deposit. I could go on and on...........
8. Interview with Keller Williams Realty The only real estate company that offers profit sharing GREAT company to work for, GREAT training on how to market yourself. If you would like more info on a career with Keller Williams Realty, go to my web page http://www.pauld-kw.com and on the top you will see "Sell a Property" Click on that, then click on "A career with Keller Williams" I think you will be very impressed. You can also e-mail or call me and I will be more then happy to talk to you about Keller Williams or send you some more information. pauld-kw@hotmail.com BEST of luck with your new career!