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Scott Petersen

Invest in Foreclosures

It is hard to miss plethora of foreclosures in Michigan and beyond. Banks are becoming increasingly willing to sell these properties cheaply to get the non-performing mortgages off  their books. Here are a few tips that I have personally learned in investing in "REO" bank foreclosures.

(1) The asking price is just the asking price. Don't be afraid to offer much less.

(2) Don't underestimate your costs in owning the property. Objectively estimate repairs, fees, holding costs (taxes, insurance, utilities). Bring in contractors early to help with this process.

(3) Know what your "After Repair property Value" will be.

(4) Have mutilple "EXIT" strategies. Be open to selling, renting, selling on land contract.... the more options you have, the better off you will be.

If you have any questions regarding starting to invest in real estate don't hesitate to call or e-mail me.
Published Saturday, August 11, 2007 10:55 AM by Scott Petersen
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