OfflineHi, I am possibly going to settlement soon and have a contract on my house. I will be totally fullfilled to make my profit. I am getting very excited. I want to get into something else while settlement awaits but what should i do. Anyone have any ideas. I am alittle scared to take the plunge because i feel as if i have to have direction.Someone help. I don't know which is better foreclosures or lease purchase. Thanks, cindy.
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cindy REI
Where the market is now, I think foreclosures are the way to go. NODs should be peaking in 2-3 months which means foreclosures should be peaking toward the end of the year.
I am looking to pick up instant equity by making offers around 50% of FMV.
How do you find the foreclosures? What does NOD and FMV stand for?
NOD = Notice of Default. It is a notice from the bank/trustee to the homeowner that they either need to pay or their house will be sold at auction.
FMV = Fair Market Value. What the house is worth today ie I am looking to buy at 50 cents on the dollar.
Cindy,it's really an open field of possibilities, i mean really though,it's all about what your trying to accomplish,if you want to do NO MONEY DOWN and live in a FIXER UPPER,while making rennovations and paying rent w/ rent credit and 2-3 years from now activating your OPTION TO BUY- the property is already FIXED UP and ready to go/ plus the rent you were paying for the last 2-3 years (rent credit)now serves as your MONEY DOWN and remember you also "BOUGHT THE PROPERTY" at this years pricing = $PROFIT$
or you can buy a FORECLOSURE OR PRE-FORECLOSURE at deep discounts,renovate and then RENT,or FLIP for $PROFIT$.YOUR HERO,SULLY.
YOUR HERO, SULLY
Thank you Sully.
cindy REI
What does nods mean? not to be a dummy or anything but i really don't know what that means. Thanks 4 ur help
cindy REI
See above explanation for NOD
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!