Posted by Doug Brecto on February 22, 2002 at 11:36:59:
So what’s the best way to get up to speed on the foreclosure arena?
foreclosures - Posted by Doug Brecto
Posted by Doug Brecto on February 21, 2002 at 11:08:36:
Just discovered this site this week! Wow! I want to get started in real estate investing. I’m in the process of selling my home and want to start with buying a foreclosure to live in while I look and see how to get started in this avenue. My first step as I see it is to learn the steps in locating foreclosures without buying a dump. How do I educate myself here. My wife and I want to pay cash for a home so as not to incur debt. Is this smart? We would probably net $130,000 to $150,000. Any help you can give will be greatly appreciated.
Re: foreclosures - Posted by Utah Investor
Posted by Utah Investor on February 21, 2002 at 22:41:49:
May I ask?
Why put all that money into any 1 deal? Why not do many deals with the same money, multiply it, and do many more deals with those profits?
“No debt” means a very slow road to wealth. Now I didn’t say risky, just slow.
If you went out and found many foreclosures at big discounts to buy and flip, how much more money would you have in 6 months?
Just some thoughts.
Best Regards,
Utah Investor
Re: foreclosures - Posted by Lucky
Posted by Lucky on February 21, 2002 at 15:34:49:
Doug Brecto
Why not buy yourself a VA. repo,they have very low downpayment and low interest rate for owner/ occupant and you don’t have to be a vet. to buy one.
Just My thoughts
LUCKY IN KY.
Re: foreclosures - Posted by Joel Silberstein
Posted by Joel Silberstein on February 21, 2002 at 14:51:20:
HI there, the question you asked is a very good one, but the ansewer is,no. its far better to have cash in hand, in case you come across a property that you need some cash for it. or maybe to buy another property for all cash and get a discount (becuase it is a all cash deal)you may need the money for fixing up the property you are about to take from foreclosure, what ever the case is, cash is allways better to keep,
good luck to you
Joel