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09-02-2007, 02:06 AM
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IF im going to flip a house should i buy...
...one that is in foreclosure that way i can get it really cheap? i was looking at a forclosure house online i saw one that was priced at 90,000 and it said the regular price range for that house would be 320,000 so if its in really bad condition and i invest 100,000 to the house then sell it for 320,000 i would make a profit of 130,000
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09-02-2007, 03:07 AM
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At a foreclosure sale you will be bidding against several others with the same idea, including banks and professionals, and will have to pay with a cashier's check within about 24 hours of the auction. You are better off trying to find someone who is desparate but has not yet gone in to foreclosure.
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09-02-2007, 03:31 AM
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I know this idea sounds good because i do mortgages. However, I would advise you to google John Reed and read his blogs on the idea of flipping. You will be thanking me years from now.
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