Developing foreclosure investing skills does not really need to allocate thousands of dollars on real estate seminars to become knowledgeable in the foreclosure investing business. Many who have achieved serious amount of money in this line of business are just self taught. So, you can actually do the same. You do not need expensive tools, technology, computer programs, etc.etc. What you need to get started is a pen, a pad with paper, a map of local neighborhoods, enthusiasm, and broad mind—possess good qualities that real estate, short sale investor should have.
So how do you start it?
You should start by roaming around at neighborhoods in streets close to you. A good proximity is your commute to and from work. Perhaps leave early one day and allocate 30 minutes looking at one specific street—there might be a number of homeowners whose properties are subject to foreclosure. Those homeowners who are struggling and finding ways to stop foreclosure in their property.
When you roam around, you need to take note of the kinds of things that you see. Is there la lot of renting? What kind of conditions are the properties in? Do individuals park their cars on the road? Etc. Remember to practice finding the home that does not quite fit. There may be a home that is un kept, or abandoned. There may be a property that just looks more run down than the others. Keep doing this on other streets in other neighborhoods for later this can help you in your venture.
As you look at other neighborhoods, try to get a feel for how each property is managed. You will find that there may be a good deal of variance even between neighborhoods that are close together. As you do this with several neighborhoods, you will begin to develop skills substantial for foreclosure investing. Investors must know how neighborhoods compare with each other. By driving into a new neighborhood and being able to observe how the house quality compares with those of nearby neighborhoods is something that competitive foreclosure investors can do with 100 percent accuracy.
Another thing that you should understand it, homes or properties get more expensive if they are close to good amenities. Properties that are near by the schools, parks, shopping and leisure facilities will likely be managed and sell for higher amount. Properties begin to depreciate in value when they get closer to highways and far from commercial areas. Try to locate a number of these areas on your neighborhood map, then drive through slowly and examine if the theory holds true. In some cases, the homes are only slightly less managed but this can mean a price difference of thousands.
It needs very little money to train yourself in foreclosure investing. By simply getting a map and scouting out local neighborhoods, you can improve a number of the essential skills required for good foreclosure investment.--Roy Van
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