Posted by anna on August 25, 2003 at 11:58:10:
Are you willing to travel there on a regular basis and put in the time and make the connections? Then yes.
If not, stick to your area and do fc there or find a different way to invest.
out of state Foreclosures - Posted by Sub
Posted by Sub on August 25, 2003 at 11:45:41:
I’m wondering how difficult it is to deal with foreclosures/preforeclosures out of your area. I’m looking to get into this market but there are very few in my area. I’m heading to the court house later this week to get a full list, but there are only 60,000 people in my county. Is out of the state a possibility? If property needs rehab, is that something you would touch out of state? Thanks for your help.
Re: out of state Foreclosures - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on August 25, 2003 at 21:22:48:
Sub---------------
I do not recommend foreclosure investing for beginners and lay out my thinking in the article “Is foreclosure investing for you?” in the money-ideas forum of this CREONLINE.COM website.
I would especially recommend that you do not do foreclosures at a distance. I think it would create many more difficulties. If you want to invest in forclosures in some other market, move there, I suggest. Some markets are better for foreclosures than others. You could try following the foreclosures in a set of different markets to try to get some idea of the potential, then move the one that seems best to you. Otherwise, I’d suggest you foreget the idea.
There are many different ways to make bargain buys. When you work a bargain buying system, it may require a rather large area to be successful, as there are few bargain deals in most parts of the country. I suspect that you could make enough in your home county. If not, I’d recomment spreading out into one, two, or three other counties. This could apply to foreclosures.
There is no requirement that you restrict yourself to just one approach to buying bargains. Although, being focused is better than being scattered. Still, if you focus on one defined geographical area, you could work maybe three or four or a few more ways to find great deals. John T. Reed has the best book on buying bargain properties: “How to buy Real Estate for at Least 20% Below Market Value,” available at his www.johntreed.com website. It is a survey book, describing something like three dozen different approaches, with some theoretical discussion of how bargain buying works.
When you start, you could try a few different approaches and see how they work for you. Eliminate the bad ones, try a few new ones. Settle on systems that you like and that work where you invest. Have you read my advice for beginners yet? It is found by putting “beginners success” into the search function of this main board of this CREONLINE.COM website.
Good InvestingRon Starr
Re: out of state Foreclosures - Posted by IB (NJ)
Posted by IB (NJ) on August 25, 2003 at 12:47:58:
Just came back from FL after looking at some pre-foreclosure opportunities.
Personally, I would start by doing contract assignments and double closings until you get to understand the market in the new state a little better. I would also hire an attorney licensed to do business in the new state. Even if it’s not customary to use one (it isn’t in FL), I would still hire one as foreclosure and RE laws vary from state to state. Another thing you may want to do is join the local REIA club.