8kGoodENuff

I was wondering if anyone out there is interested and makes a hobby out of buying and selling real estate for some extra dough because I wanted to know how or if you guys look for foreclosers on houses?!?!?!? And if you do, how do you find them? Newspaper? Internet?

I want to start making this a hobby of mine and I figured an easy way to start would be to buy out a forecloser and sell it for market price... easy $$$$ or so it seems.

Andre

Scot

real estate is for sucka's........ blue tooth futures' is where it's at......yo

8kGoodENuff

I don't know... I was just reading about it and it seems pretty good but it's been this "Maybe, Maybe not" since 2001... it's now 2006 and nothing is really going on. Real Estate on the other hand is always going to the best to deal with... no matter what. It's not as fast as investing in stocks, but it's pretty much a sure profit and a low risk of losing your investment.

Andre

Scot

I was just joking.... check out this thread and others in the "finance" section of honda-tech.

http://www.honda-tech.com/zerothread/1787218

NFRs2000NYC

There is still some money in NJ to be made, but you need to know what you are doing. If it was really that easy, any retard would be doing it.

The only way you can make money is buy speck houses, fix them, then flip them. Better yet, contract flipping.

However, most of the time, a regular joe wont get anywhere, because the veterans have already hit the house you want. If you do start, you wont see a dime for AT LEAST 4 years.

(My friend and I do it/did it in NY)

2002S2K

In today's market, the flippers have gone into temporary hiding. They will be back in the near future as prices begin to dip, but buying and flipping a house is very risky. You should always have a long term backup plan even if you intend to just flip.

I can tell you its not easy, its very time consuming, and it'll cost more than you thought. That being said it can be very lucrative if done right. I agree with NFR, if you plan to buy now and flip, you will probably have to wait a few years, the age of super appreciation is currently on leave.

problem_child

in california, you can find forcloser houses through title companies
not sure about other states

jonathanschley

well that doesn't really matter since in california, foreclosures tend to sell at market or 1-3% above market....

8kGoodENuff

What do you guys mean by flipping or contract flipping?

Does that mean when you buy a beat to sh*t house, fix it up and then sell it for a higher price and make some $$ off of it?

Andre

Scot

In June 2006, I bought a 4 bedroom house for $175k that needed almost everything updated. I had visions of BIG $$$$. The market pretty much came to a HALT in my area and the # of houses for sale went up dramatically.

it was built in 1980 but the owners just didn't take care of the house. I didn't really overpay at the time, but with the market slowing so much.....

I am just happy to finally have it under contract even though I will be lucky to make $8500. Definately not worth all the hassle.

I have had much better luck buying a repo for $30-$45k, completely rehabbing and selling for $75k and making $15-$20k......