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03-07-2004, 02:30 PM
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#1 |
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Confirmed User
Join Date: Nov 2002
Location: Texas
Posts: 740
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How do you make money off of foreclosed property
How do you make money off of foreclosed property. Also is there a list of the homes in my area and where do I get it?
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03-07-2004, 02:34 PM
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#2 |
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Confirmed User
Join Date: Nov 2002
Location: Texas
Posts: 740
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bump
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03-07-2004, 03:26 PM
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#3 |
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Confirmed User
Join Date: Jan 2002
Location: Chicago, IL, USA
Posts: 423
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my old upstairs neighbor used to read the papers for notices of properties that were going into forclosure, contact the owner who was about to default, purchase the deed at a rock bottom price (the owners are usually desperate for cash at that point), and then flip the property for a huge profit. i'm sure there is a lot more to know then that - that is a summary.
also, you can go to the bank's auction of the foreclosed property (you'll be bidding against other investors). i know that it's a really lucrative business, but requires a lot of time and legwork.
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03-07-2004, 03:39 PM
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#4 |
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Confirmed User
Join Date: Feb 2001
Location: USA
Posts: 6,894
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buy it cheap and flip it
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03-07-2004, 03:47 PM
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#5 |
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Programming King Pin
Industry Role:
Join Date: Oct 2003
Location: Montreal
Posts: 27,360
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WTF are you talking about ?
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03-07-2004, 04:04 PM
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#6 |
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Confirmed User
Industry Role:
Join Date: Jul 2002
Location: Ottawa, Canada
Posts: 1,447
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Foreclosed properties are listed at the tax office I believe. All properties subject to be foreclosed on are listed prior to doing so and are listed when closed upon.
Another good way is to get in with a real estate agent that deals with banks selling foreclosures. Many times banks just sell a property for $189K cause there is only $160K owed on it even though it should be selling for $229K. If you know a real estate agent, he/she will let you know about these and you buy them before too many know. Resell and make $20-30K or more in some cases.
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