1. The Banks and Gov.maintan databases of their properties for sale. Many Banks and the Gov. make these databases available to the public, it's Free. This site will provide you links to those sites and more......
Like these Bank & Gov sites.............http://www.countrywide.com/purchase/f_reo.asp
2. Many buyers? Might want to consider these....http://www.fhfa.gov/webfiles/1280/4q08hpi.pdf
3. These sites should help you find rent trends and rent comparables.....http://www.zilpy.com/
This site may help you with 2 and 3........http://www.bhgrealestate.com/Views/Look/Default.aspx
You will find housing trends ect., crime, schools, community, info all from county public records.
Cities, neighborhoods and zip codes
Hope this helps a bit, Dunes
1. Yes there is a list of bank owned properties that we can access as public.
2. No there are not a lot of people over bidding on REO's. It does happen on those rare opportunities.
The over bid price is usually not a really dramatic increase. Usually a bid at the sellers/banks approved price is enough to purchase the property.
3. Yes the place you mentions above to find out what rents are going for is a good place to find out.
I am a foreclosure consultant. I help people get out of foreclosure and I help people buy foreclosures. I belong to a website with all the listing which shows me exactly which stage of foreclosure they are in. There are ways to make money in all three stages. If you have any questions about certain area's you can call me or email me with those questions.
Sounds like a Boulder Creek name! You are asking some great questions and answering some at the same time. I would like to suggest that you pick up a book called "The Millionaire Real Estate Investor" by Gary Keller. If you would like to contact me and drop by our office I would be glad to give you one.
I wish you all the best in your real estate investing future!
Well this is a subject one write a whole book on. I'm sure if I write quick answers to your questions it'll only provoke other questions. Having said that, I'd like to say before you start looking at properties, REOs or others you'd want to get the financing part of the equation nailed down. Questions like how much of investment you'll be starting with? Can/will you consider having negative income? or you'd want to have positive cash flow? What are your current tax shelters, or how much will you benefit from owning a "business"? Once you have some ball park ideas then you will be able to determine the class of properties you'll be interested in. Then you can look at the costs and rental income.
Hope this helps you get started. I'd be happy to sit with you and go over the different scenarios and possibilities.
1) How much are you investing (down payment)?
2) How much would your expenses be (PITI plus out of pocket costs)?
3) How much can you rent the property for?
4) Do you need it to be break even, or do you want to have a negative to give you tax benefits?
I have put together spreadsheets for clients, evaluating cashflow for various properties. It just depends on what your goals are. Craigslist is a great place to get an idea how much rent you could generate from the property. If you are looking at multi-residential, the seller will provide you their financial information on the property.
Management companies are great - I can refer you to several. Again, it depends on your overall situation, and what makes sense.
I know this is vague, but your questions are best answered in a one-on-one forum.
Feel free to ping me if you need any more information, or referrals.