By
eHow Personal Finance Editor
Difficulty: Moderately challenging
Step1
Visit a loan agent and get prequalified for a loan.
Step2
Find a realtor that specializes in foreclosures. Ask for referrals from friends or family members, or find ads in real estate booklets and newspapers. If you are interested in government properties, make sure the agent is HUD-, FHA-, or VA-certified.
Step3
Tell your agent how much you can spend. (Consider fix-up costs too.) Bring your prequalification letter.
Step4
Ask your agent about real estate auctions, if you can afford to pay in cash.
Step5
Go see what's out there. Ask your agent to help you determine what your up-front costs would be, what your fix-up costs would be and what the resale value would be for each property. Crunch all the numbers to the last detail, even considering resale costs such as advertising and commissions.
Step6
Find out what the property would rent for, if you plan to lease it out.
Step7
Make a bid on the property.
Step8
If you get the bid, have a thorough home inspection and appraisal done.
Step9
Use a reliable title company to check for any liens on the property.
Step10
If the inspections turn out okay, buy your home and enjoy - or fix it up and sell it for profit.
Comments
michiganagent said
on 7/26/2007 If you are looking for an investment property in Michigan give me a call, I can help you find them.