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I am looking for investment (foreclosure) properties to buy. Where should I look?

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October 01 2010 - Plant City
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Best Answer

I agree with Erika. All the foreclosures are listed in MLS and you can specify what type of property you are interested in and the local agents can send you on daily basis updated foreclosure information.
THere is also a website realtytrac.com but I found that many times the information are not updated. The best source of active foreclosure listings are through MLS.
Good luck!

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October 03 2010
Turnkey OR distressed? There is a difference. Regardless, while there are a number of websites you will find I am convinced you will get the most accurate and up-to-speed listings when working with a full time, experienced agent who understands what you want, turnkey, distressed, or whatever.
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October 11 2010
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Go to www.greatdealproperties.com     We will have several more properties in the next few weeks....  they go fast so sign up for alerts
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October 09 2010
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I have 15 years experience in remodel so I'm pretty sure I can estimate the renovation pretty accuratelly.  The exciting this is ... I ENJOY doing that type of work.  So where one person see's a house in distress as overwhelming... I see it as an exciting project.  But yes, your advice to buy turn key, to the majority, is correct.

I have one investor who will be backing this venture and he is a retired realtor/builder.  He has seen what I've done with 3 other properties and is wanting a partnership as he believes I have the ability to make us both money.

Now if I could find the right houses.  I'm giong to get a realtor in the three surrounding counties today.

Thanks for the advice,
shelly
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October 04 2010
Do not buy properties in bad shape. Unless you have significant experience, you will way under  budget the cost and time to get it rental ready. Pay more for a good quality property that does not need a lot of work. Your may think your returns will be lower, but once you max out your credit cards and savings on the rehab, you'll realized you should have just bought something turnkey. Also, try for one with a tenant in it already. You get the security deposit at closing, you don't have to go in and paint, recarpet and fix stuff, and you won't lose any monies due to vacancy. I bought eight properties in the past 15 months and the one's that come with tenants already there are the best!
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October 03 2010
Hi there -
Try the Fannie Mae Homepath site.  (Just google that)  On this site you'll find the house that Fannie Mae has repossessed and they are very investor friendly allowing you to buy as many as 10 (with some restrictions). 
Check the site often as the properties fly off and on ...
Sincerely,
Celia
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October 03 2010
You should always use a local Realtor as a resource. They will have the most up to date info and will be able to access the properties.
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October 03 2010
The Internet on craigslist and also look in your local homes magazines there are alot of ways to find the top REO agent in your area.
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October 03 2010
Correct, I would make a list of Objectives

1 - Positive Cash Flow
2 - Appreciation

then contact REO agents in the areas of Interest and ask some key questions

A - Rentals Amount for a 2 Bedroom , 3 Bedroom etc
B - Cost for these Units

ROI
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October 03 2010
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When you ask the question "where to look", are you asking what geographical region or are you asking for resources that will help you find the properties in your area?

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October 01 2010
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Wow, thank you for all the good advise.  I am not looking for turn key, more distressed.
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October 01 2010
If you are looking for a rental you need to consider areas with good schools as that's usually what renters are looking for. Get yourself a knowledgable agent to guide you.
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October 01 2010
Find a local Buyers Agent to help you.  All foreclosures are listed in MLS.

Erika in Orlando
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October 01 2010
Are you looking for "distressed" properties or "turnkey" properties?
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October 01 2010
 
Related Questions
I am looking for investment (foreclosure) properties to buy. Where should I look?
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Latest answer by John Squier
October 11 2010 | 14 answers
  • Asked by Shelly.Tuff
  • In Investing
  • October 01 2010
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