Best States/Cities For Foreclosure Investing?

Comments(13)

• 
  edmeyer28th July, 2005

  I am not sure if this is still so, but Indiana had the highest foreclosure rate in the country. I picked up an REO duplex that was way below market and provides good cash flow.

• 
  Stav318is28th July, 2005

  Ohio, Texas, Florida, California, and Indiana I believe are the states with the highest foreclosure rate.
  
  These are the states in which the foreclosure rates jumped big in June

• 
  theadams527th July, 2005

  about the title search? do you get a title co. to do that and if so what is cost?
  
  L Adams

• 
  avenue_investments27th July, 2005

  I do the same thing....I have 5 zip codes I look for and I only send postcards to homeowners in these areas.
  
  The county I live in has some great areas but the county website is not user-friendly at all. To view 1st notices of foreclosure you have to go to the court house and I have no extra time for that.
  
  I am going back to my old college this Sunday to look at homes for sale near the campus. This area of Ohio has homes for sale in the $50K-$90K and they are nice. I need to do major research on renting to college kids.

• 
  InActive_Account27th July, 2005

  I do my own title searches at the county recorders offfice. Most can be done on the computer (back to 1992) while others require going to the microfiche which takes longer.
  
  I learned it from Ward Hanigan in San Diego. He has a great method for determining how far back to go (hint: It has nothing to do with #/years back like many believe).

• 
  Stav318is28th July, 2005

  avenue_investments
  
  I am right next door to you, in Strongsville. How long have you been investing? Do you stick mainly to Brunswick/Medina?
  
  Where do you look for homes in Brunswick? I only deal with Cuyahoga County so far, and their website is very user-friendly.
  
  Gusty

• 
  ZinOrganization18th July, 2005

  i know what thread your talking about and i dont believe anyone said "you cant do an inspection" the truth is that you have a right to inspect the property and the time frame for that is usually one-two hours before the auction. unless you go to the house before the auction and snoop around then the hour before the auction is the only time you can inspect it.
  
  so it wasnt a question of foreclosures being risky because your "not allowed" to inspect them, but rather weather a person is qualified or not to inspect them and know what is necessary to fix them, before jumping in head first.
  
  nothing wrong with taking risks just make sure you take educated risks and if not then you better be able to deal with the consequences.
  
  good luck.

• 
  mikebuyshouses23rd July, 2005

  All businesses assume risk. Smart business people minimize that risk as much as possible to make smart decisions which can still backfire. This is true in all decisions you make and you just have to get used to this fact.

• 
  alexcurtis24th July, 2005

  I am curiuos are there foreclosure investors from Nashville TN that now the specific laws for Tennessee. I am considering several propertis that are up for auction in a few weeks. Can I inspect them legally?

• 
  ZinOrganization24th July, 2005

  do a google search for a local investment club in your area. i suggest finding it and joining it. you can get the best advice from people who are already doing it in your area. usually good attornies attend the meetings as well. those are the people you need to ask about legalities. in my experience these attornies are more then happy to answer any questions because they want to get new clients. talk to people and find out what the best way is to invest in your market. i have never bought a property at auction because its such a hot market in my area that they go for near full price. people are willing to buy them at a discount of only about 10k these are people that are going to live in them and usually not investors. check it out. good luck.

• 
  d_random29th July, 2005

  There was a article just posted on this site about the risks:
  
  http://www.thecreativeinvestor.com/residential/Article986-Foreclosure_Risk_Factors.html

• 
  JohnLocke29th July, 2005

  Donna,
  
  Glad to meet you.
  
  http://www.foreclosurelaw.org/Florida_Foreclosure_Law.htm
  
  This shows the basics but it close to the time period.
  
  John $Cash$ Locke
  [addsig]

• 
  donnastevens29th July, 2005

  John,
  Thank you so much! I will review the website you provided. Donna