Secrets To Buying A Foreclosure Home
Source: Christine Greene - United States
Hundreds of people in the U.S. are buying foreclosure homes every week. You might have read about them online, in newspapers or magazines. Yes, it's entirely possible to buy foreclosed homes and it's not hard to learn how.
What is a foreclosed property? In simple terms, it's when the owners haven't kept up with their mortgage payments and the bank forecloses on them (takes away their property).
I've often wondered why people get behind in their mortgage payments and risk losing their home but there can be a variety of factors such as medical bills, job loss or out of control credit card spending.
People are interested in buying foreclosure homes because it's a way of making money. You can make thousands or even tens of thousands of dollars from just one foreclosed home. The buyer of a foreclosed home can choose to live in it him/herself and already have thousands of dollars in equity, sell it for a large profit, or rent it out and have the tenant pay the mortgage.
Many people do this as a hobby or part time job as it's easy to fit it around a full time job. You don't need much money to start looking for foreclosed homes either but you do need to know exactly how to find foreclosed properties to save you time. Once you know how to do that, it's simple to have a step by step system so your part time foreclosure business can run automatically.
It's a great way to make some extra money or provide for your retirement. Let's say you have 20 years to go until retirement age and you want to build a nest egg for yourself but still have some fun while you're young enough to enjoy yourself.
Here's an example: on a very part time basis (only a few hours per month), it's perfectly possible to do only one deal a year that would give you a $20,000 profit. If you only do one deal per year, you could keep a house every alternate year and rent it out and have the tenant pay the mortgage, effectively paying it off for you.
The other years, you could sell the property at a $20,000 profit and keep the money for yourself to have fun with, invest, or whatever you want to do with it.
At the end of 20 years you would have ten houses, most of them paid off. Then you can keep renting them out or sell them, but you wouldn't have to worry about struggling financially in retirement.
This is only one example of what you can do when buying foreclosure homes. I'm sure you're already coming up with your own exciting ideas!
About the Author
How To Build Massive Wealth In Real Estate Foreclosures!
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