Detroit Foreclosure Investors » homes

Just because it’s foreclosed, doesn’t mean it’s unoccupied.

Anne — Mon, 19 Oct 2009 13:20:48 +0000

Freep has an interesting story about how one can still be in their home even when it’s being foreclosed.

For starters, you don’t have to move right away. And if you work out a payment arrangement with your lender, there’s still a chance you can stay in your home.

Helpful information for those in trouble. Good information for the real estate investor. Know the process and what you’re getting into. In general, in the Detroit area,

the owner can miss up to 3 mortgage payments before action is taken
there is still time to redeem the house up to the sheriff’s sale
even after the sheriff’s sale, the 6 month redemption period allows one to buy back their home

Read more in the article “Foreclosure doesn’t automatically mean eviction“.

Your Foreclosure Real Estate Investment Team

Anne — Sat, 03 Oct 2009 05:26:41 +0000

A solid foreclosure investment team consisting of the following members:

Real estate agent
Real estate attorney
Mortgage broker
Accountant
Title company
Home inspector
Contractor

Now, with a solid team in place, you take on the role of manager and major decision maker and can create an efficient system that minimizes risk while maximizing profit.

Why You Need a Team for your Real Estate Business

Anne — Fri, 02 Oct 2009 01:12:00 +0000

I love reading things by wealth-builder Robert Kiyosaki. And one of the things he is ALWAYS advocating is building a team. Don’t try to do everything yourself. You can’t possibly be expert at everything. You can be knowledgeable – a preferred – then you hire someone who is expert to do the things they are good at. This is true for anything, and definatly if you are in the business of buying property, doubly so if you are in the business of buying foreclosed property.

Assembling a Team of Experts and Advisors
You may like doing things yourself. You get them done, you get them done right. And, when buying property, others you get involved may become rivals and pick up on your hard-earned secrets and tips.

However, going it alone in this business is a good way to go broke soon, or at least limit your potential profit. I always look to cultivate relationships with specialists knowledgeable in various areas.

This works well for me for a couple of reasons.

First, they provide expert guidance whether I am negotiating over consessions, looking for a property manager, acquiring particular financing, or even researching a particular community.

Secondly, they help me avoiding common pitfalls. Why should I reinvent the wheel? Trust others who have gone before me.

Third, I get SO much more done when the workload is shared. If I have delegated jobs to others–other who are better equipped to handle it–I have just freed up my time for finding the most profitable opportunities.

Get people in on your act. Investing in foreclosures is a specialty, full of nuances that don’t exist in other real estate markets. Collect your team of specialists to help you build your business.

Finding Million Dollar Foreclosures

Anne — Tue, 15 Sep 2009 00:53:13 +0000

In Detroit and Southern California, foreclosure opportunists are going after cheap homes in downtrodden neighborhoods, which are selling in the five-figure range.

But there are plenty of million dollar-plus homes out there, in good neighborhoods, which have fallen into foreclosure as the result of shoddy lending practices, speculative buyers and homeowners walking away from a negative equity situation.

Interesting article. I like the general theme about the opportunities. I can’t say I agree with some of the opinions like the motivation of banks and of agents. What do you think?