Quick Wealth Network

How hard is it to build wealth by buying and selling foreclosed homes?

Public Comments

1. Very hard if you don't know what you're doing. You can get burned very badly.
2. Not hard at all. The only thing you need is time and money. You need time because you need this market to recoup before you dare try to make a profit and you need money because you need to buy the properties themselves. If you can handle both of those things you can build wealth no problem. Real estate is the best way to build wealth and it's actually where almost everyone makes their wealth.
3. Very hard to do. It's a professionals game. Be careful starting out as you will make mistakes. Make sure you can afford the payments off of what you are currently making in case you can't rent/sell the house quickly.
4. Easy way to have a million bucks in the foreclosuer market is to start with Two million.. It is a tough field, and will take a while. The pros are already snapping up the good buys, I did years ago and made out like a bandit. But it is hard work, and you must be able to pay the price, and much of the repairs. Good luck
5. Buying foreclosed homes isn't the bargain trove the media makes it out to be. Many foreclosed homes have been trashed by the previous owners, the decent ones are commanding close to real market value. Flipping is flipping whether it's foreclosures or other properties for sale. With all the interest driven by the TV shows, it is bringing up the cost of prospective properties. It is a soft market, so prices are down, days on market are up. Buyers are asking for concessions from sellers. All these factors cut into your bottom line. If you are well-versed in construction and can do much of the work yourself, try one and see how it goes.