If you are a land lord and you do this will you have a chance at being be sucsessful? see below for details?

you hire property managers

you have money for the investment

you wait til the price goes up for like 10 years then you sell your house

you buy multiple houses

you screen your tenents and the property managers

you are good with money and numbers

you are motivated

will you have a good chance?

You will be a big success!!

Get on it!

yes, good luck!

I've always been told, give me 10 years and I'll make you look like a real estate genius - well, I've given my property management company 2 and I look like an idiot so far. In all fairness, after the first year - I could have sold quickly and doubled my return - now I would be luck to break even. I guess that is why you need to:

1) Look at this for 10 years
2) Be sure you can weather any near term storms

Good luck...I'm not going to make any guarantees

Joe...

There are several things you need to know when buying foreclosures and flipping properties and investing in real estate properties.

First of all you should go to the nearest book store, purchase several books on buying, fixing and flipping properties. There are several that you might be interested in.

Once, or, while you are doing this you should buy one of the TV guru's distressed property programs. These programs will give you some legal forms you might use when writing an offer to purchase a property. You will also find several scripts to use in taking to your potential clients. The also give you tips and a formula on how to figure if you have a property that you can make money from before buying.

If you are without funds to accomplish this business, you will have to find some investors that will assist you. You will have to make a deal with them about a certain percentage of the profits made from the sale of the property.

Normally this is 50/50 however it could be more or less depending on how your relationship is with the investor.

Now you have to determine how you are gonna market yourself to get.

#1 You can purchase a pre-foreclosure list from a list broker (Join the crowd most do this and mail letters to the person that is in foreclosure)

#2 You can advertise in your local paper that you are in the business of purchasing foreclosures.

#3 You can do a direct mail to people in your city stating that you are now in the foreclosure business.

#4 You can do the research at the county recorders office yourself (time consuming and tedious-but workable. You should get enough leads for a least one days work.)

#5 You can select an area of your city that you want to work and target your that area with your energy. You can walk the area pass out flyers that you are now in the business of buying property distressed, divorced and foreclosures as well as probate property.

Pass out these flyers for at least 2-3 months after which you should go to a newsletter of some sort while still explaining that you purchase properties.

After passing out the flyers for 2-3 months you should follow that up with a newsletter to the same area. Check with the post office and inquire about a bulk mailing stamp. This is a more economical way of mailing business matter.

You will want to form a professional team to assist you in your new career field, which should be composed of but not limited to an attorney, cpa, tax preparer, notary public, title rep, real estate agent and others that you feel will make you successful.

They should pass out your business card to their clients that need your services and you should pass out their cards to your clients that need their services

I hope this has been of some use to you, good luck

"FIGHT ON"