What do I need to know about investing in “foreclosured real estate”?

mkmdulay: What do I need to know about investing in “foreclosured real estate”?
I am a 21 yr old trying to invest in some real estate where do I start?

Answers and Views:

Answer by tsbr1963
its foreclosed for a reason. are you good at rebuilding walls, foundations, getting rid of termites, etc??? Seriously…a friend of mine does it and it works great…but it is hours and hours and months and months of rehab. I would contact real estate broker and go in that direction.

Answer by jrparler
You begin by understanding the market and the product. Whatever property you identify after foreclosure, you must properly evaluate the area within a 2 mile radius unless it’s a rural property. If you’re attending a bank sale, I suggest you seek to make a contact with the bank reprentative in case you’re outbid. That way, you can call them at another time and inquire about ALL those other properties they have for sale but will never be listed. So in summary, you want to evaluate the market (for value), plan how to market the property once acquired (target marketing) and be prepared to pay for construction if needed. All properties in foreclosure aren’t damaged. Just a few insights for you and good luck!

Answer by realestatemichigan
Don’t do it if you’re asking here. Just kidding! Find a real estate investing association nearby and network with other investors.