OfflineHello folks,
I searched though the forums but couldn't find specific answers to my thoughts/questions.
Ok, say you find a foreclosure. Lets say u get it for a good deal... Now you own this property. How do you make money on it in a market like this??
Basically, I heard Dean on TV the other night talking about how this market we are in is unprecedented and there is this small amount of time to take advantage of the real estate situation. I understand that as an investor this is a good time to scoop up property for cheap. I also understand that one can buy and then rent out. However, I am referring to actually making money off of the foreclosures now/regularly.
I can acquire foreclosures. Deans foreclosure alert site is awesome and there are TONS in my area. But how do I generate income off foreclosures (or even real estate in general) during a market when no-one is buying??
I apologize if there is already a topic on this... but I am super motivated and am willing to put in some real work, but how is income generated during this market??
Any help and/or guidance would be greatly appreciated.
Thanks!!
-Dan
Hey Dan,
There are many ways to generate income from foreclosures. Lots of good strategies are explained right here on this site. Just start reading some of the past posts and you will discover some good insight.
Did you read Deans book? Thats a great way to envision what sort of game plan you might want to focus on.
A strategy for real estate investment can depend on the investors means.
A person with no or little money to invest will have slightly different approach than an investor with money to spend.
For instance, I personally would love to buy foreclosures and rent them out until the market peaks again. But I can't afford the carrying costs if it doesn't rent.
So I have a few other options like:
Making an offer on a foreclosure and passing that offer on to another investor for a fee. Or, barrowing money to fix and flip.
These seem to be the most common of the many strategies that can be implemented.
Bottom line, read Dean's book so you can get a fix on what you want.
Hope this helps,
Zeek
Here are a c few thoughts.
1) Buy VERY low, sell low.
2) Buy low, sell on owner financing.
3) Buy low, sell on LO.
4) Buy low, hold, re-sell in a better market.
Thank you, i appreciate your time and ideas. I will dig into the forums a little deeper to find some of the threads u r referring to. Also, i wanted/planned to buy Deans book but i already have the think a little different package and thought that it would cover everything. However, i am learning that the book has some new, more complete info. That said, i'll pick one up asap. Thanks again
Thank you, i appreciate your time and ideas. I will dig into the forums a little deeper to find some of the threads u r referring to. Also, i wanted/planned to buy Deans book but i already have the think a little different package and thought that it would cover everything. However, i am learning that the book has some new, more complete info. That said, i'll pick one up asap. Thanks again