Hello everyone,,
I'm new here to this online community and to the real estate investment in general,,your advice would be greatly appreciated!!
I live in Michigan and wayne county has one of the highest foreclosure records accross the country,,,so there is some potential, just needs some hard work to find them...

peace..
T

Make sure you know what your doing before you jump into the foreclosure market. I think the best way to go is the pre-forclosure market. It may be a litle hareder to fin the properties but payoff is there and much less competition. In my area the forclosures are gone within hours.

The best way to go is find a realtor or another friendly investor that has "ins". You want connects at the bank or possibly a HUD person who can tip you off before they are on the market so you can preview them before others.

Remember if your area has a large number of Foreclosures, that is a very bad sign for property values and appreciaiton. What is the reason, is the economy in the tubes or what. Not discouraging you, but just make sure you take this into consideration. Good luck.

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Paul Boynton
RE/MAX Atlantic
Jacksonville, FL
pauljboynton@hotmail.com

Hi "T",

You actually have an incredible opportunity right now, right where you are.

The best time to buy an investment is when "blood is running in the streets". Buy when everyone else is selling. This is contrarian investing, and it has worked for me twice in real estate.

Real estate markets cycle up and down in activity. Sometimes real estate in some areas (for whatever reason) take a real beating. The average homeowner wants to sell badly and can't. They will walk away from the home if they have to.

When I lived in Denver I bought a 1 bed/ 1 bath condo for a personal residence about 1994. Denvers economy had taken a huge hit due to an oil crisis. The real estate market was in the toilet. It seemed like every other home was for sale.

In fact when I bought a HUD owned condo, about half the condos in the subdivision were for sale or foreclosures. My agent/uncle told me I was crazy to buy the place. I paid $18,000 for it. 5 years later the market had turned around and I sold it for $37,000. Now, 10 years after making my "crazy purchase" this listing is similar to my old condo: http://www.realtor.com/Prop/1041175192

I could tell you similar stories about where I live now in St. George, UT. but I think you understand what I am saying.

I suggest going out and trying to figure out how to buy as many properties as you safely can, right now.

Don Glasgow
Real Estate Investing Done Right

One of real estate investing resources I used that I found very useful is the ebook by Steve Maletos' http://www.buying-a-home-foreclosures.com/fastcashinforeclosures.
It guides you from start to finish. Lots of good stuff with it.

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Buying a Home Foreclosures