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buying foreclosed homes, does that really work?

Buying foreclosed homes, does that really work? You know you’ve seen those infomercials where some greaseball talks about how much they made by buying forclosed homes and then selling them for some crazy cash.

Is that just TV hype or does it really work? If so, how would a computer geek like me get started?

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Answer #1

It does in fact work, however it takes time and money. Real Estate is a huge business pitfall. You have to devote time, energy and money into developing anything you rent or sell, but think of it this way. If you bought 2 acres of peoperty, and spent 400k to build 8 rental houses (we have a company here that bought an acre and built like 10 houses on the property) and rented them all out for 1500 a month then you’d be making 12,000 a month in revenues, and you’d have your money back in under 3 years. However then you also have to provide maint and upkeep on said rental houses which can be a pitfall esp if you have tenants that move in and out every few months and you’re forever repainting, and replacing appliances and carpeting. I know this isn’t eXACTLY what you’re talking about but yes it still makes money.

What happens with most people is they start out, they purchese an older home in need of repairs and do them all themselves, then sell the house at a profit, there fore allowing them to do the same thing over again

Answer #2

If you are new at buying and selling home, your best bet is to go through a real estate agent. They can help you become informed about the area you are in or the area where you want to purchase homes. One place where real estate has proven successful is the Las Vegas area. Investors have been buying like crazy while the prices are so low. There are a lot of renters in the area, especially looking for homes in Summerlin and Henderson. Lebogroup (http://funadvice.com/r/15d29vtntv6) is a real estate agency in the area that specializes in these spots. They can help you figure out how to buy and where.

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