Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

1. Interest
Interest is often a landlord’s single biggest deductible expense. Common examples of interest that landlords can deduct include mortgage interest payments on loans used to acquire or improve rental property and interest on credit cards for goods or services used in a rental activity.

2. Depreciation

Help,, my real estate agent alerted me to a home that is due to forclose in just a few days. I can't move on the home that quickly, due to lack of funds. I thought I could possibly Bird dog this property to an investor. Does anyone have any quick suggestions on what type of add I could post on Craigslist.com, so I might get a quick response. Please any help I can get is much appriciated.

a little about the property

3 bed
1.5 bath
1200 sq ft
needs carpet and paint but nothing else

Let me first just say hi everyone I'm new here, and I am currently reading dean's "Be A Real Estate Millionaire" book (to get started in the real estate business). And I have a few questions reguarding to what I just read in the book.

Ok here they are:

When you buy a house in Preforeclosure do you own it free and clear like regular foreclosures? or do you have to take over the current mortgage from the previous owner? And how does that whole process work?

And what will be the best strategy to use when buying a property in Preforeclosure?

OK guys, so they have called me a few times and they want me to join the academy. I need advice on this. Should I put up the money and join? I am 18, and I really want to make it. Is there anyone who is in Dean's academy now or that has completed the program? What is it like? How are the coaches? Is it worth it? Also please tell me which price level you chose. Is there anyone who has been in the academy and were not satisfied? Please let me know and tell me the stories. Thanks. Jeremy

Hi all,

I'm new to the program but it looks like a great site with great people here.

I was searching the database in my area, through foreclosurealert and came across this info on a pre-foreclosure. I'm confused to how to read this info. Why is the amount of default only 16.25?

Should I be looking for low or high default amounts- or does it matter?

Thanks for helping
MH

NOTICE OF TRUSTEE'S SALE
Amount Of Default
$172,652.60
Unpaid Balance
$16.25
Original Loan Amount
$162,500.00
Transfer Value
$130,000.00

One of the techniques I have seen work quite well - placing an add "I Buy Houses" in the Rental Section of the paper. The success I have seen is the Home Owners ready to loose their home are looking for a place to live - RENT - seeing the "I Buy Houses". At this point they have nothing else to loose so why not call and see if maybe they could at least get a little moving money.

I would love some advise on the best route for me to take on some brand new homes.They were built in 2007.1400sqft/4bd/2ba.Recently selling for $120,000 and just dropped to $85,000.The payment on the home would be very low and the bank will take zero down and do lease options.I was told that putting some renters in there would be great cash flow.The area is growing and defenitly has potential to keep growing.Lots of passing traffic through the town,because of the 2 city's between it.I'm running some ghost ads to see if I get any renters to bite on it.

What are the resources you guys are using to determine the CMV on a property?

Some of the key words we should look for in the newspapers include the following:

1. Price Reduced
2. Must Sell
3. Desperate
4. Moving
5. Divorce
6. Needs Work
7. Make offer
8. Nothing Down
9. Motivated Seller
10. Will Sacrifice
11. Estate Sale
12. Foreclosure
13. Below Market
14. Repossesion
15. Distressed Property
16. Seller Anxious
17. Handy Man Special
18. For Sale By Owner
19. Fire

Does anyone have any others to share?

When you submit your purchase agreement to either the listing agent or your buyer’s agent, there are a few items you’ll need to make your package complete:

- Purchase agreement, completed and signed
- Earnest money deposit (EMD)
- Proof of funds

Earnest Money Deposit