A lot of people hear all of the successes happening from purchasing and re-selling a foreclosed property. There are a lot of TV shows, ie Flip That House, etc, that show people doing this. All of that is true!
However, don’t think you can just jump into buying foreclosed properties and make a ton of cash! It takes a lot of a lot: time, knowledge, savvy, financing and the ability to deal with stress–to name a few. You can make a mint or lose your shirt if you’re not careful!
I’m not saying that only a few can do it. But, you need to understand the way to work it if you want to succeed. Start with this is a business transaction and there should be NO emotional attachment to what you are buying. Also, start with knowing how you’re going to get the property: foreclosure auction or short sale.
part 1 to be continued
