What are the best methods for finding home foreclosures?

[Germavin]

Hey everyone! I'm new, this is my 1st post and I'm pumped about this forum. My wife and I are beginning the process of looking for a house to buy. I'm trying to find info in regards to finding foreclosed homes. I guess in a nutshell, where do you begin looking? Thanks for any and all help!

Also, this will be our first home so any advice is gladly welcomed!

[kamakiri]

You are joking right?

[Germavin]

nope, not joking

[David_D]

Hi Germavin, I only buy repossed or about to be repossed properties, I use this as my one of my muses, I buy the property using none of my own money, I get a cash back when I buy(tax free) & the rental income is good too. You need to search around online for a forum that specialses in this, I only know ones in UK. Let me know if I can help in any way...

David

[Germavin]

Thanks David! Do you buy from realtors mainly or "for sale by owner"? Do you have a preference or think one is better than the other?

[David_D]

I buy straight from the owner.. I advertise for people who need a quick sale.... offer them free advice on how to avoid repossession, and if they need to sell and the figures stack I buy the property myself, otherwise I sell the lead to other investors. The only main problem I have is its a personal service I provide. If I'm going to buy I need to be there face to face to go through the details with them. which as I'm out of the country currently I have not bought a property since October. The plan is to buy another 5 next year. Once the signature is signed though, that cash backs can be massive (the most recent was 14k GBP) and the rental income can be up to about 300GBP a month in profit. You only need to own 10 of these, which would be an outlay of around 1000GBP per property to buy. hand over to letting agent who takes 10% Muse created - off I go to sit with tigers in Thailand.

For the record, I have not traditionally used estate agents as they don't understand the way I buy properties. But recently I have been trying them as they are all desperate to make a few quid too.
Thanks

[randle]

David_D

FYI- i sent you a PM.