Foreclosures Investing (Flipping Foreclosures Deals | Including all the Docs)

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I was introduced to hard money lenders and some really decent contractors. And also a list of contractors to avoid like the plague!! Oh…and never buy a house across the street from either a convenient store or a motel!! Very good article and will outline many plans for many individuals. I know this blog post is a couple of years old, but is very valuable. This article really gives a great list type format of what to do and when.

This is a significant help for me. In addition have also purchased the recommended books and are beginning these to build upon my education. The part about being patient also hits home as I feel that all of the analysis that I have been doing with no results to show has gotten me to wonder however this article really emphasizes the need to be patient and wait for the right deal. Not deal is better then a bad deal, So ultimately, Thank you so much Brandon for putting this together.

It was very informative, simple to read and concise. I will definitely, purchase the book by J. I am new to investing and flipping houses is one of the first niches that I plan to get started with. This article has helped to lead me in the right direction.

2.) Educate Yourself on Flipping Houses

Agree with all previous posters: Thank you for an easy to red, generalized breakdown of the flipping process! Gurus and Renatoos must be seething about you giving out information they charge thousands for it. Caveat, this article is for a perfect flip, no way this applies if the flip is not perfect. Is there a perfect flip? It was such a long post, but a great one! Thanks for sharing your know-how…… Found this to be the best article in the whole Google research!

Great article where were you when I started doing this business almost 40 years ago……. Great article very informative! Next step some book reading. Thanks for the insight! Looking forward to learning more before I dive in. Congratulations and Thanks a lot! I wonder for someone new, like me, how complicated this would be as if it were a checklist. Wow, thorough is an understatement. Thanks so much for all of the information! First I want to say I totally love your style, I really enjoy reading your articles, they are very informative, direct to the point and fun at the same time.

How to Buy a Foreclosure : The Comprehensive Guide to Buying a Foreclosed Home

Please, help me clarify this. Hi Brandon love this post and all that comes along with BiggerPockets. However I know what I wanna do and that is becoming a successful real estate investor. I got online and found BiggerPockets after about 3 hours of looking into real estate investments.

Brandon, thank you for this opportunity I have a lot of work to do! Newbie here — reading blogs, guides and listening to pod casts on the way back forth to the W2 and while driving my selected neighborhoods. The info on BP is amazing, its like trying to get a drink from a fire hose, awesome!!! Just put offer 2 in this morning on first potential flip. I guess that just means someone else spent too much money. Brandon thank you, keep on educating. This is an extremely helpful article! I know its definitely an amazing article when I hold my pen and notebook to start taking notes.

We are just starting into investing, educating ourselves and looking forward to writing our first deal. So glad I came across BP and signed Mike up! Hoping to get him to go Pro today. Awesome guide to those who are looking to get started in the flipping business. It takes a lot of work and most of the time the construction will take longer and cost more than you plan but if managed correctly it can be very beneficial.

I am beginning to look into this new occupation very carefully and with A LOT of ambition and motivation. I have family and brothers in the military that are real estate agents, licensed plumbers, electricians, carpenters. It is a very intriguing lifestyle.

I thank you for your response!! Something that easily uploads photos from a job site into a specific cloud folder.

I bought the book which I like too! The really good thing about your lay out walks you through the process step by step and give you practical advice. You can tell it is from someone that has done it before as opposed to being desktop due diligence. Can I have pdf download to this topic. Some times I am busy and would like to read it later when I am off line.

Its very fruitful information. Thank you very much Brandon Turner and biggerpockets. Extremely helpful article looking to do my first flip this year 2nd quarter finally got my ducks in a row. Knowing the local real estate market and finding the right home to flip can take time and require considerable due diligence when done throughly. Thanks for everything you guys are doing! Good evening i recently attended a 3 day seminar on real estate investing and the strategy they suggested we utilize to get started was not wholesaling as i have heard many other times but by Flipping foreclosures, would any of you suggest the same for an individual with little cash reserved?

I listen to past episodes of the BiggerPockets podcast in my car every morning.

In one episode, someone mentioned that to find a good contractor, he goes out to the Home Depot at 6: Responsible contractors are usually buying or picking up materials early in the morning. I used his advice and got a few business cards. I liked two, and decided on the one with the better references. Do you have any advice on buying REOS? I want to take advantage of this opportunity.

I am looking to start a company that buys these properties and fixes them up and rents them out! I have a question. This is our first experience doing this. We are getting a hard money loan and hiring a general contractor. I read in the article about opening a checking account? Do the checks from the mortgage company get made out to us or the general contractor?

How to Get a Property Under Contract

Very informative article or book, depending on how you look at. Thanks for the write up. I found it very helpful even 3 years later. This is my first encounter with BiggerPockets, and I must say I am intrigued. As an experienced real estate agent, and contractor, I can confirm this information helpful, informative and accurate. I am currently educating myself and preparing a traditional business plan for presentation to institutional and private lenders. My goal is to open a development company to include real estate and construction with flipping houses and growing into ground up projects.

Being new to BiggerPockets I loved how you included links to related material. Brandon, you guys always put out such amazing content! Thank you for all the value you provide to the real estate community. Love the blogs as lots of good information from others. Notify me of follow-up comments by email. Notify me of new posts by email. The Ultimate Step by Step Guide. House flipping can be an incredible way to grow wealth fast — but there are dangers. Learn how to flip houses for fun and profit in this exhaustive guide. Free eBook from BiggerPockets!

Click Here to Download the eBook Now! September 16, September 15, August 31, Ben Leybovich on January 7, 5: Brandon Turner on January 7, Haha I do need a vacation!

Sheika Nikole Reid on August 16, 1: EL on January 7, 6: Very detailed guide to flipping houses. THis could be an E-book Brandon. Yeah, I might have to put this over on Kindle! Jason Merchey on January 7, 7: That was a nicely written article! I agree that the Flipping Houses book is a solid read. Thanks for reading Jason! And yep — agreed!

How to Buy a Foreclosure: The Foreclosure Process

Michael Blank on January 7, 7: Likewise on yours today! Brian Gibbons on January 7, Wholesaling is a JOB, takes time, takes capital, takes experience. Brandon, that article is going on my blog! Sharon Vornholt on January 8, Brandon — There are a lot of confused people here on BP. Brandon Turner on January 8, 5: Kay Khan on January 8, Kay Reply Report comment. Martin Cortez on January 8, 3: Tucker on January 15, 9: Seth Williams on January 8, 8: Dude, my index finger is sore from scrolling down so far! Brandon Turner on January 10, 1: Haha yeah it got a little long!

Robert Hernandez on January 9, Thanks for the info. John Geldert on December 7, Thanks in advance, John Reply Report comment. Dev Horn on January 9, Michael Woodward on January 10, 1: Now I know what to get you for Christmas! Brandon Turner on January 10, 2: Ben on January 11, Brandon Turner on January 12, 2: I appreciate the comment!

Carolyn Lorence on January 13, 1: Keep up the good work!! Rodney on January 13, 1: Shannon on January 21, Very well put together and thought out. Have limited work in foreclosures and will definitly use this as a reference post. I know when in Florida for a while the foreclosure rate was crazy high maybe still is and same for some other states like AZ.

But your tips about not letting emotion take over the buying process is great overall advice when buying any property. Appreciate any help understanding this: So I took one example property in my city from auction. Great opportunity to bid on this property before it goes to MLS! What does it mean exactly? So, I put on a bid, then it goes to MLS, then will be other competitive bids, so what is the advantage? Everything I have researched seems to indicate that the liens are cleared at the sheriffs auction.

The exception being overdue taxes. Thanks for the info, you made it easy to understand. This site PDFfiller also has some tutorials on how to fill it out and a few related real estate forms that you might find useful. Thank you for sharing a step by step check list on how to buy foreclosures. I appreciate you sharing additional articles as well. I just met with a real estate agent this week about REOs. This article describes perfectly a great way to invest in real estate.

I am a newbie and have several questions about foreclosure properties. Now, when dealing with foreclosure properties, the keeping asking for proof of funds. Have you ever encountered such, and is there a way to get round this? I mean, you want to get the deal under contract before you can present to a money lender.

What is your advice? The bank wants to get rid of the property, and fast.

Shopping for a Foreclosed Home

If at all possible try to have your financing lined up before you make the offer one reason a lot of people go with a short term hard money loan is that it is often based on YOU, not the property. Hard money to buy, then refinance at a lower rate. Remember, the bank wants to sell this place, not go through endless rounds of haggling and time-wasting.

I think I got a week or 10 days to do the inspection after my offer was accepted. This was in , in a very slow market in a rural area with few prospective buyers and the house had been on the market for about 10 mos, going into fall — all of which were points in my favor. I suspect that in a hot market in an urban area you might not get that long.

How to Get a Property Under Contract in - Connected Investors Blog

Brandon, You are amazing mate. I have listened to your podcasts and read like every article you have on here. I am a beginner investor and your insight has been so helpful in me trying to figure all this out. Thank you for all you do! It is good to be more aware of how to buy a home under foreclosure. It is good to know that one might not be able to see the inside of a house before buying. It would be a good idea to be patient because I have heard that this process can take a while. I really like your tip about hiring an inspector to come and check out the house after you buy it.

My husband and I have been looking at foreclosed homes for a while now. I think that all of this awesome information will really help us to know our way around the process and get the home that we are looking for. MLS property platforms are the most common way of discovering foreclosed properties, true. However, auction sites like AuctionShelter make discovering, buying and selling these types of properties faster and easier.

For this article, we focus on executing the contract. Remember, contracts vary by state but here are some of the primary things you need to address: When purchasing a property through an auction, you have to consider the differences between the auction entities. The purchase process varies — and so do the contractual obligations.

In most areas, the bid constitutes your contract to purchase the property. Forget contingencies, formal inspections and negotiations — there are none. These companies work with lenders to dispose bank owned properties and properties that are in the legal foreclosure sale process. They often facilitate courthouse foreclosure auctions on behalf of lenders through their online portal.

This gives access to buyers who cannot be onsite for the actual bidding. In addition, they auction off properties that are already bank-owned. The company uses very specific contracts and contingencies that are predetermined for the most part. You do not need a real estate agent to bid, though it may be useful to engage the services of an agent to assist with comps and other critical due diligence. Check out the quick video demo. With the exception of some listings on auction sites, most bank-owned properties are listed by agents on the local multiple listing service MLS.

For this article, we will consider a bank-owned property to come from any number of lending sources both private and governmental. But it possible to point out some of the pitfalls when trying to get these types of bank-owned properties under contract. During and after the real estate crash, lenders tightened lending criteria to exclude fixers. Real estate investors suffered the fallout and were shut out as well.

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