Found foreclosure, now what?

And if it is really banked owned then it should be empty so if someone is in it you REALLY need to check with the bank, do not approach the tenants. Better yet, locate a good real estate agent and let them do it for you.

Advice Sought - While out driving last week I saw a sign on the side of the road which advertised a house for sale but that it needed to be moved. It had just went through an estate sale so I stopped and spoke to the mover and he told me he had bought the house and would sell it for $65,000, including moving costs. The 2118 sq. ft. house is brick, built in 1961, 3 bed/2-bath, with a 690 sq. ft. attached 2-car garage. I did a quick inspection of the house and found it to be dated on the inside but solid. No termites, no rodents. I checked the courthouse records and found that the house itself was appraised in 2003 for $93,099.00. There are many lots around this area ranging from $5000 to $40,000 and I have identified several that this house would fit on. I understand it may take another $30,000 to set it up again but most of the neighborhoods here would either double or triple the appraisal value of the house once it is set up on the chosen lot and upgrades were made. I have never flipped a house before and have no money to finance a deal like this. Any suggestions?

Find a lender such as hard money or private money that will do a short term loan for purchase and rehab. Usually they will give 65% of ARV (After rehab value). So if you paid 65,000 for house including moving, 10K for lot, 30,000.00 for set up and another 30,000.00 for rehab = 125K and you could get loan for 81,250.00. Which would pay for home and moving, lot and part of set-up on new lot. That would leave you 37,250.00 that you would need so approach a second lender for that amount or 40K to make it even. Do repairs and flip house asap and if home values are as you say, then you should be able to make a tidy profit on it. Home should then be valued anywhere from 180K - 300K approx.

Hope that helps, also look in forums under finance and Credit and find list of hard money lenders and Private lenders. Contact as many as you want until someone tells you Yes!

Good luck