Could you guys make a video on what first steps or tips for rookies/first timers. Like literally for someone who has no experience and wants to go out today and do this.
Thanks a lot Brandon for keeping it real and being very informative and not holding back. I’ve found out in the past couple of years on the Internet in the real estate world there’s a lot of fluff out there. Bigger Pockets is the real deal and will go down in history. Again , thanks and may God truly Bless you and your family for all you’re doing especially for us newbies!!!!
Hi Brandon. Another good informational video. I love your videos on RE. Looking forward to repatriating back stateside in August and starting my RE Investing biz using your BRRRR strategy.
There seems to always be a lot of foreclosures. They are motivated sellers, for sure. I prefer to deal with the owners, as I think we can help them more.
Is their a way to wholesale bank owned property? My thought is, the bank looses money every day it sits empty. So by letting a wholesaler put it under contract and get it off, its straight profit for them. Or is it more complex than that?
Hello Brandon. From what I understood here, buying foreclosure properties from their owners is, in essence, the holy grail of investing as your example cites a property worth a $100k, the current owners still owe $50k and if you either pay off their mortgage or even take it over, you're acquiring the rights/title to that property. You then flog it on the market and make $50k profit, or slightly less, or you fix it up and flip it making even more profit. A lien on the property for renovations is not that big a risk. Let's say the owner owes the builders $7k and they agree to sell to hand over the title deeds to you if you pay them $7k extra on top of what they owe on the mortgage bringing your total expenses for acquisition to 7+7+50= $64k. I know the example is simplistic but the essential logic is there. I still don't get why you say that it IS NOT the holy grail of investing. What are the issues?
hi Brandon i'm evelyn my question to you is 1 CAN YOU GET FINANCING IF YOU BUYING A FORECLOSURE HOME IF YOU DECIDE TO BY A HOME? second i have a tour house that i'm renting to a section 8 tenant for 23 hundred a month my cost every month on this property $1600 a month. i'm renting a house for $2400 hundred a month. my job income is $42000 plus $12000 plus income on my rental $800 equal to $9600 how much house do i qualifies to buy with no car payment ? thank you
In your example of purchasing the 100k property with 50k mortgage balance for 57k (with possible fees), what stops the person being forclosed on from simply selling the property at market value, and not handing you the free equity? What is in it for the seller..? Are you implying there is some restriction on foreclosure properties preventing them from selling it on open market?
James well if they are being that way walk away and find someone who is really trying to get rid of their house for a fair price. You have to have the right knowledge so you don’t end up getting screwed. Wish you best of luck 👍🏾
Most of the time, it's time, but it can also be due to a lack of funds. If the house is in bad shape, it might be hard to list the home, find a qualified buyer (who is walking into a home that he knows needs repairs so that means he has to buy the home as-is, which will likely limit the amount of banks that would finance that home, etc.), all before the bank forecloses on the home. Keep in mind that a foreclosure notice goes out after someone is 120 days past due so the bank is usually done negotiating with you on the possibility of doing a short sale. Also, if you're the home owner, having a foreclosure or short sale on your credit is going to do some major damage to your credit, which will affect the interest rate you get on all credit purchases until you can repair your credit. Even under the most generous government sponsored loan, you won't be able to buy a home until 3 years have passed. I made a video on stopping foreclosure in Sacramento, which is where I'm from. take a look here: czcams.com/video/Vz2p5ROha4M/video.html
Can I finance foreclosed home reo directly without taking a loan like seller financing with there same rate ?? Like the bank is a seller and I am a buyer so I can give them down payment and we discuss for mortgage without a loan , I hope to answer me because I asked many realtor but no convenient answering
Gina no you do not need to get a title search prior to placing a bid. Just make sure that you use a contract with title verbiage allowing for title review and have the deal contingent upon seller being able to give you a clean title or that your title insurance company will insure property after closing. Have your attorney review title. But, do not look at title prior to making offer. - I’m 30 years in biz and have bought dozens of foreclosure. Good luck.
Just made an offer (at the lawyers office) and found out the house had lots of lean on it (70% more than it is worth) but found out LUCKILY that in my country the lean wont follow me if i happen to win it, holy shit i almost made myself a looser there... bullet avoided
This was great, thanks, been searching for "banked owned" for a while now, and I think this has helped. Have you heard people talk about - Qenten Forecloseify Discovery - (should be on google have a look ) ? Ive heard some decent things about it and my mate got excellent results with it.
My suggestion is not to buy a pre foreclosure because the pre foreclosed owner still has rights after a foreclosure therefore holding up the investors investment
Thank you Brandon i'm actually looking to buy my first rental property thanks to you and Josh and bigger pocket community
I love how clear and fast you are.
i jus just love your podcast you are such a wonderful motivator for me. The information you give is soooo helpful.
just bought your book "the book on rental property investing". love it. thanks for all the shared knowledge bro. your the man.
Imma have to read it
Content starts at 5:50
Could you guys make a video on what first steps or tips for rookies/first timers. Like literally for someone who has no experience and wants to go out today and do this.
Bump
Bump
☆
Same
Get your credit right and spend less than you make. Save your money. Your welcome for those first two steps bud. Good luck
Thank you for all this info!
My very best wishes to you!
Thanks a lot Brandon for keeping it real and being very informative and not holding back. I’ve found out in the past couple of years on the Internet in the real estate world there’s a lot of fluff out there. Bigger Pockets is the real deal and will go down in history. Again , thanks and may God truly Bless you and your family for all you’re doing especially for us newbies!!!!
I agree. He is the real deal and his information is on point. I am sure it is helping so many people.
Thank you Josh and Brandon for everything!
Hi Brandon. Another good informational video. I love your videos on RE. Looking forward to repatriating back stateside in August and starting my RE Investing biz using your BRRRR strategy.
There seems to always be a lot of foreclosures. They are motivated sellers, for sure. I prefer to deal with the owners, as I think we can help them more.
Do you work with motivated sellers in the Los Angeles county area?
@@CharlieFerguson I am ALWAYS looking for real estate in Lancaster and Palmdale area of Los Angeles county.
Will banks finance 80% of a foreclosed property? Or, do you have to pay cash or use private money?
Ding Dion hard money lenders will go up to 90 percent loan to value
How do you find foreclosed properties don't pay your mortgage
Is their a way to wholesale bank owned property? My thought is, the bank looses money every day it sits empty. So by letting a wholesaler put it under contract and get it off, its straight profit for them. Or is it more complex than that?
Hello Brandon. From what I understood here, buying foreclosure properties from their owners is, in essence, the holy grail of investing as your example cites a property worth a $100k, the current owners still owe $50k and if you either pay off their mortgage or even take it over, you're acquiring the rights/title to that property. You then flog it on the market and make $50k profit, or slightly less, or you fix it up and flip it making even more profit. A lien on the property for renovations is not that big a risk. Let's say the owner owes the builders $7k and they agree to sell to hand over the title deeds to you if you pay them $7k extra on top of what they owe on the mortgage bringing your total expenses for acquisition to 7+7+50= $64k.
I know the example is simplistic but the essential logic is there. I still don't get why you say that it IS NOT the holy grail of investing. What are the issues?
Great video sir! :-) Its great to finally watch a professional.
Yes it is!
very good explanation Brandon !!!! , you omit to explain how to buy foreclosures from auction , in which video can watch this????
hi Brandon i'm evelyn my question to you is 1 CAN YOU GET FINANCING IF YOU BUYING A FORECLOSURE HOME IF YOU DECIDE TO BY A HOME? second i have a tour house that i'm renting to a section 8 tenant for 23 hundred a month my cost every month on this property $1600 a month. i'm renting a house for $2400 hundred a month. my job income is $42000 plus $12000 plus income on my rental $800 equal to $9600 how much house do i qualifies to buy with no car payment ? thank you
Great video! thanks for sharing your knowlege.
do u need to to pay cash for auctions/REO properties?
Great Video
In your example of purchasing the 100k property with 50k mortgage balance for 57k (with possible fees), what stops the person being forclosed on from simply selling the property at market value, and not handing you the free equity? What is in it for the seller..? Are you implying there is some restriction on foreclosure properties preventing them from selling it on open market?
James well if they are being that way walk away and find someone who is really trying to get rid of their house for a fair price. You have to have the right knowledge so you don’t end up getting screwed. Wish you best of luck 👍🏾
Most of the time, it's time, but it can also be due to a lack of funds. If the house is in bad shape, it might be hard to list the home, find a qualified buyer (who is walking into a home that he knows needs repairs so that means he has to buy the home as-is, which will likely limit the amount of banks that would finance that home, etc.), all before the bank forecloses on the home. Keep in mind that a foreclosure notice goes out after someone is 120 days past due so the bank is usually done negotiating with you on the possibility of doing a short sale. Also, if you're the home owner, having a foreclosure or short sale on your credit is going to do some major damage to your credit, which will affect the interest rate you get on all credit purchases until you can repair your credit. Even under the most generous government sponsored loan, you won't be able to buy a home until 3 years have passed. I made a video on stopping foreclosure in Sacramento, which is where I'm from. take a look here: czcams.com/video/Vz2p5ROha4M/video.html
Can I finance foreclosed home reo directly without taking a loan like seller financing with there same rate ?? Like the bank is a seller and I am a buyer so I can give them down payment and we discuss for mortgage without a loan , I hope to answer me because I asked many realtor but no convenient answering
lis pendious or notice of defult in the county recorders office however if your trying to find these records online it will be a challenge
Thank you!
What Federal Program name when a spouse dies and the mortgage is insured: the death is paid off from the spouse's death??
Great info Brandon
Great info.
Thank you
Im 25yrs old and have 15k-20k to invest in my first property, can you give me any tips on the best way to find the cheapest way to get one
Im literally the same age and have the same amount and want to know the same damn thing lol
@@ryankawash2847 guys do u know any website for auction homes
Hi i was looking at a home in auction the starting bid is 87k the reseve is 127k what does that mean
DO YOU PARTNER WITH ANYONE WHO DOES OVERAGES?
PLEASE E NEED MORE ON HOUSE HACKING VA LOANS
Can u make a 2021 video plz. Or the rules still the same?
Great thks always. My mission to buy and hold
should I get a preliminary title search prior to placing a bid, so i can review title, to see if it's even worth placing a bib?
Gina no you do not need to get a title search prior to placing a bid. Just make sure that you use a contract with title verbiage allowing for title review and have the deal contingent upon seller being able to give you a clean title or that your title insurance company will insure property after closing. Have your attorney review title. But, do not look at title prior to making offer. - I’m 30 years in biz and have bought dozens of foreclosure. Good luck.
Any list provider can provide the list.
What if there out of the house already
Does this work for Hawaii too???
What about squirter rights on Forclose
How to find divorces list?
How's it going? I was curious about if you have your real estate license.
+Steven Blancher Brandon does not.
To be an investor, you don't need a license. You only need one to buy & sell on behalf of someone else or an agency.
is he a Broker?
WHY it is called foreclosure?
Awesome
Just made an offer (at the lawyers office) and found out the house had lots of lean on it (70% more than it is worth) but found out LUCKILY that in my country the lean wont follow me if i happen to win it, holy shit i almost made myself a looser there... bullet avoided
The information in this video is not correct. You can do a TON of things with properties that are over leveraged,
Do the banks care wouldn't it cost them money to get you out
I agree you have to take action. The question is, do you know enough to play monopoly with 50K? 100K? 200K?
This was great, thanks, been searching for "banked owned" for a while now, and I think this has helped. Have you heard people talk about - Qenten Forecloseify Discovery - (should be on google have a look ) ? Ive heard some decent things about it and my mate got excellent results with it.
great video! Can someone please help me find a seller off market (not on m.l.s.) in my area please. I'll pay a finders fee. (I dont need a realtor).
Bro, why don't you get your real estate license?
My suggestion is not to buy a pre foreclosure because the pre foreclosed owner still has rights after a foreclosure therefore holding up the investors investment
REO........ lien paid already
This is pretty much what wholesaling is isn’t it.
No. Completely different.