Profile picture for Cesar333

New buyer. Looking for investment opportunity.

Hello. First time on zillow. Im a married 32yr old living in NYC. Not ready to buy a home to call my own yet but im interested in buying an investment property. Something along the lines of a multi-family. Possibly a  foreclosure? Anyone have advice on where i can get foreclosure listing?   
  • February 22 2011 - New Hyde Park
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Answers (16)

Does anybody read the prior answers before posting a new one? Let's give it up for Realtors ... they do a great job! But who else has provided direct alternative resources that don't require a Realtor?
  • February 23 2011
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Profile picture for the_country_hick
Deb, the real best place is to get all listings from www.realtor.com. That shows all properties for sale and unlike an agent will not leave any properties out on purpose.
  • February 23 2011
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Profile picture for sunnyview
"The best place to get new foreclosure listings is for free from an agent who is local in the area where you want to buy. Agents can automatically send you new listings as they come up for sale and their information is the most current." Sunnyview 3 hours ago

"The best place to get new foreclosure listings is for free from an agent who is local in the area where you want to buy. Agents can automatically send you new listings as they come up for sale and their information is the most current." Deb Forte 1 hour ago


Gosh I knew that the last answer sounded familiar. No fair with the cut and paste Miss Deb unless you're willing to help me type the original answer and correct my typos too.
  • February 23 2011
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The best place to get new foreclosure listings is for free from an agent who is local in the area where you want to buy. Agents can automatically send you new listings as they come up for sale and their information is the most current.

Good Luck   
  • February 23 2011
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Just ask one of your friendly local agents they will be able to give a list of any type of forclosures also if let the agent know that you are very interested in a certain type of home, price, ect. they will keep an eye out for you or might know of something that is not actually listed on the market, but a seller who would sell for the right price.
  • February 23 2011
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Start with these:

1.) Here is the link to HUD homes for sale:

http://hudhomestore.com/HudHome/Index.aspx

2.) To register to receive emails on homes available as published in the Multi-family Homes Disposition List, go to the following link:
 
http://www.hud.gov/subscribe/signup.cfm?listname=Multifamily%20Property%20Disposition&list=mfpd-l

3.) HUD homes for $1 (yes ... one dollar):

(HUD properties that have been offered for sale for one-hundred-and-eighty (180) days and that are not under a sales contract will be offered for purchase to local government agencies for a sales price of $1, along with applicable closing costs.)

5.) Contact mortgage loan servicers (banks, credit unions, lenders, etc.), as they will have their own lists as well.

6.) Have Realtors who have contacts with wholesalers (buying bulk properties) to send you information as soon as they are purchased; as most wholesalers just want to flip them quick for small gains on a volume basis without doing any improvements. Realtors can also create a "gateway" for you to email information on properties which meet your criteria as soon as they are listed.

That should keep you busy for a while!
  • February 23 2011
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Profile picture for sunnyview
The best place to get new foreclosure listings is for free from an agent who is local in the area where you want to buy. Agents can automatically send you new listings as they come up for sale and their information is the most current.

If you are inexperienced in investment property, you really need to be careful and select an agent that is very proficient in figuring ROI and good at analyzing income property. Income property is different than buying a primary residence so it is worth seeking out a specialist.
  • February 23 2011
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Profile picture for Dunes....
NARs Sales Data for the Year LOL...

February 23, 2011 - 9:53 AM

"The National Association of Realtors (NAR) said Wednesday that existing home sales nationwide rose 2.7 percent during January, but prices fell to their lowest level in almost nine years. A similar situation happened in the Twin Cities metro area during January, according to data I reported two weeks ago, which showed an increase in pending sales, but a steep decline in sale prices driven by an increase in foreclosure sales."

"At the same time a Wall Street Journal report yesterday said that NAR might have over-reported the number of home sales in recent years, a revelation that suggests that the housing downturn has been worse than previously thought. The group is looking into the possiblity that consolidations among the Realtor groups that report the data might have contributed to inaccuracies in its sales numbers going back to 2007. CoreLogic, which also tracks national sales figures, but uses data from local courthouses, says that the numbers could be inflated by as much as 20 percent"....Home sales rise, prices fall and data might be in doubt

"NAR's figures -- based on data collected from multiple listing services and large brokerages -- show sales of existing homes fell 5 percent in 2010, to 4.9 million. But CoreLogic, which collects public sales records from county recorders and courts, estimates that home sales actually fell 12 percent, to 3.6 million."...CoreLogic: NAR methodology appears to inflate home sales by 15-20%

Wall Street Journal...Home Sales Data Doubted 

Inflated the Years Sales by over 1,000,000 sales...

Monthly sales are calculated by data used from 160 SELECTED MLSs out of the 700 existing MLSs nationwide...In other words a Guesstimate

"The methodology in calculating existing-home sales statistics is really quite simple. The monthly EHS economic indicator is based on a representative sample of 160 Boards/MLSs."
From the NAR website..Existing-Home Sales Methodology

The response from the NAR....

"NAR Research has issued the following Q&A in response to some claims about the computation of NAR's existing-home sales data"

Issued Feb 16, 2011..From Realtor Magazine...Link






  • February 23 2011
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  • February 23 2011
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public records
  • February 23 2011
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Profile picture for Dunes....
I'm assuming most people know they can contact a RE Agent but some still may wonder if there is a way to Browse Foreclosure listings, acquire information about the Buying Process, who has the property listed ect. for FREE and without having to contact an Agent until informed enough to choose one wisely...

Those people may be interested to know the Government and the Banks have created websites for the public to use for FREE and to have current updated information about the Properties/Foreclosures/REO's available and information about the Process they use, available programs ect..

For the Government a person can use the Site they provide which provides links to all the Sites they have.... Homes for Sale
Sites like...Hud...Fannie Mae ect....

The Banks have also created sites like...Bank of America...Wells Fargo

Here are links to a few sites that provide the links to the Bank Sites
Link...Link...Link

I would also suggest checking out this site for finding Tax Sales, public Records....Free Public Records Directory

  • February 23 2011
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Investment rental properties in my area receive multiple offers on nice homes in nice neighborhoods ready for move in...we are #1 in foreclosures for the 5th straight year! Folks need a place to live.  Home prices are at record lows not seen in over a decade, rates are low...need I say more?

Seller Solutions = Buyer Opportunities
  • February 23 2011
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Ask several Realtors to create a "gateway" for you. They can program the listing service to locate properties which match your criterea. As soon as a property is listed, you will receive an email of the listing to review.

Let the Realtors earn an opportunity to help you and they will be compensated by the seller and you will save time. In addition, some Realtors have contacts to inside tracks to wholesale properties which they can refer to you prior to them being listed; so you can get first bid.

You can also go on the HUD website to see foreclosures listed there. Call mortgage lenders and banks who service loans, as sometimes they will provide lists of their foreclosures. I hope this helps.
  • February 23 2011
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If you are trying to buy a foreclosure in order to rehabilitate (rahab) it for sale or lease, then you can search Google for one of the many foreclosure listing websites out there.

However, you may want to consider looking at "turnkey" investment properties (what we specialize in), especially if you plan to purchase out of your local market area.  Turnkey properties reduce your risk and exposure, and allow you to walk into immediate cash-flow with little physical effort.

You can find fully rehabbed investment property between $50,000 to $100,000 in many good markets around the U.S.

Continued success,

Marco Santarelli
Norada Real Estate Investments
  • February 23 2011
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Buying a multi-unit investment property with no investment property experience; very few lenders will touch it.
  • February 22 2011
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Foreclosure.com may be a good place to start. Buy a book or two about investing on commercial properties (or search the WEB). Dealing with tenants, building maintenance and rates of return always takes some juggling. It is very easy to pick the wrong property and not all foreclosures are good investments. A running property that provides provable income is a better bet.

Look at many properties and ask the agents lots of questions about the building finances and history. This is a good way to learn about the investment properties. Try to get something that is very likely to provide you with positive cash flow.
  • February 22 2011
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