Question Details

Kristi, Home Buyer in Carthage, TX

How do I get started in purchasing and reselling foreclosures?

Asked by Kristi, Carthage, TX Wed Jun 18, 2008

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Fix and flip can be a risky business. Check and see if there is a real estate investors club in your area.... Network with other investors who do this regularly, before you jump in full board. Read books by real estate investors, learn some of the horror stories and be sure you have the stomach for it. Find a bank to work with....very few are willing to work with investors right now unless you have signifcant cash down. Be sure you can handle the house payments if it isnt never know what you can wind up with and how many months your home could sit vacant for a plethora of reasons. Whatever you think it will cost to fix the house, add 20%.... Find a realtor in your area who is familiar with foreclosures, has been in the business for several years and one who owns several investmnet properties themselves.....

Be sure to factor in all costs of the fix and costs, fix up, interest, utilities, taxes, maintenance, HOA fees, capital gains tax, commissions, title and escrow, legal etc etc etc

Those shows on TV never factor in these costs...and it gives a very false impression.

Finally, if you are in one of the Nations sluggish markets, unless you acquire AMAZING DEALS, like 50% of retail, be prepared to be a landlord for awhile!
0 votes Thank Flag Link Wed Jun 18, 2008
Hi, Kristi. If you have the ability to invest now, you are a lucky one! Contact an agent in your area by searching East coast or or These sites have registered agents by zip codes and they will help you find your home. Another good idea is to check websites with REO Bank owned properties and locate a good agent in your area. I dont know about every state, but in Florida the Buyer does NOT pay any fees and has the ability of using Realtor services. Make sure you are prequalified before placing any offers and risking your deposits. Good luck in your search.

Magda Robles
Real Estate Broker
Weston, Florida
0 votes Thank Flag Link Wed Jun 18, 2008
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