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Step 1
The recession has caused many families to struggle badly lately, and subsequently caused a spike in home foreclosures. Nobody likes to see others struggle, but it means for you some pretty amazing deals along the way.
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Step 2
First, check the local Chamber of Commerce in your town. A lot of times they have foreclosure listings and also auctions every month. You have to do your research because you will be competing with many other investors for the best deals around.
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Step 3
Big Money!Second, its better if you can find one that might be considered a "fixer upper". Many times you can spend very little on things such as new paint and carpet for example, to bring the value way up on the property. Find a local handyman to help with this as its usually not to expensive and can pay dividends when you re-sell.
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Step 4
Lastly, try to be careful as some of these homes are traps. There might be termite damage or any other number of problems. You have to make sure the history of the property is clean. Also, at auctions they a lot of times make you pay cash, so you have to be sure of what your buying. Have fun!
