Getting the deals from the banks

Their is a little known fact that all bank Repos have to be put up for sale so everyone in the public can have a chance to purchase it. A lot of bad information is floating around in the public investor arena that this guys buddy has a sister that can buy directly from the bank.

Their is nothing further from the truth. If a property is not sold over a certain period of time it goes to auction. If the property is not sold from their it usually lands on the MLS again.

Their are a lot of tapes that have multiple properties you can buy that are very cheap. You usually have to buy all the properties on the tape. Be careful with these type of properties and be sure to check title on them. When you buy these type of foreclosures your on the hook for whatever taxes are owed them. I know of an investor that thought they had got a great deal on a package of homes. She later found out the deal was not all that great she was on the hook for over $1,000,000 in taxes.

Wholesalers are another source of home buying. I usually do not like this path either. Your leaving money on the table. The wholesalers have to make a profit and that's the difference in wholesalers. Some are very reasonable and others are not. I do purchase from time to time from them but never pay full price for them. I always make sure they have the spread I demand.

The best way is to buy the properties when they first hit the market. Granted you will not get them all, but you'll get some very good properties using this method. You do get the best price and a good title. Buying investment properties this way is by far the safest and most profitable.

The last one I want to talk about is short sales. Great way to buy homes if you have patience. You need to deal with someone who has a history of successful closings. You also need to make sure your offer is accepted by the seller and is in escrow. This means you have first dibs on the property. If you don't have it in escrow then the seller is still excepting offers.

So if you understand all the ways investment property can be bought your chances of success will be almost certain. Brett Young Valley Realty