Investing in foreclosures can lead to big gains. Ilyce Glink talks about real estate investing and foreclosure in today’s Real Estate Minute.
There are two key factors that will predict your success as a real estate investor: How savvy you are about what you buy, and how patient you can be.
Typically, single-family homes appreciate faster than condos or co-ops, especially if they’re located in great school districts and have at least three bedrooms – Or what’s known as a family home.
The second factor is how much of a fixer-upper you can buy. If you’re thinking of rehabbing a foreclosure, you could see gains of 25 percent or more in a short period of time if you buy the right property, at the right price, in the right location.
It’s seductive to think about buying a home and making a fortune, but until THAT happens, you have to be comfortable living there, day in and day out.
Let’s work on rebuilding America, one house at a time.
Just to be clear, if I buy a house at a foreclosure sale in there is also a mortgage lien or any other lien, I’m I responsible for that, or it’s getting wiped out??