Are Foreclosures a place to get good deals? Can you really buy a home for Pennies on the Dollar? How do I find these properties and what should you do to get the best deal.

Whenever someone starts looking into investing they come to me and tell me they want to look at foreclosures. When I ask them if they would rather get a a really good deal on a home they looked puzzle and disappointed.

So I thought that I should set the story straight to many as people as I can. Here is the Deal. Foreclosure is a process to evict a homeowner from the house when he has not paid his mortgage. It does not mean that the house is a good deal. In fact these days it probably isn’t a good deal. When I tell people that, they always ask me then how do you get a good deal ? Well at least the smart ones do. They others go look for an agent that will show them foreclosures.

The answer is … You find a motivated seller. How do you find motivated sellers? There are several ways:

1) You advertise on Radio or TV – This is expensive and usually not for the beginner investor

2) You advertise with Bandit Signs – You know the signs you see on the street corners – “we buy homes”

3) You go to the court house and get listings of th Evictions, Divorces, and Probate Files. You send them letters letting them know you will Buy their home quick, in less then 30 days.

That is where you find huge deals as an investor. Once you find the deal, there are several ways to handle it.

1) Flip it
2) Lease Option it
3) Fix it up and sell it
4) Fix it up and live in it.
5) Rent it

There are probably a couple other things you could do with the home but those are the main things. We also look at other opportunities like notes, Apartments, College Housing, Go Zone Investments.