RipoffReport.com, Houses for $300? , top 200 spammers??? etc..

[italiandragon]

I`m lost. I need advice from americans who had experience with foreclosures, seriously.

It all starts from this site:

Ripoff Report:

then I had a look at that John Beck AD.....then Wiki:

Ripoff Report - Wikipedia, the free encyclopedia

which describes that site as genuine but full of juicy stuff such companies hiring a top spammer to fight back the site...:o ( i did not even think there could a chart about top spammers!! )

Then eventually i founf this:

Federal Trade Commission v. John Beck Amazing Profits, LLC, a California limited liability company, et al


So at the end I wonder: who do you trust? here in Australia is quite easy to spot the liar but when it comes to the USA it`s complicated because there is just too much stuff.

How do you find genuine bargains among foreclosures?

Thanks anyone.

 

[dgridley]

I don't know anything really about the field but Google is always a good place to start:

investing in foreclosures - Google Search

 

[GF]

Investing in foreclosures is reserved to groups of investors who have all cash.

The "average" person can't really be effective in investing in foreclosures because most people don't have $100,000+ in cash to plunk down on a single property, let alone multiple properties.

"True" foreclosure investing requires research at county clerk offices, then being at the front steps of the courthouse to bid on each property. You've generally got to pay in cash with a cashier's check on the spot.

There's no such thing as "foreclosure investing" that uses financing, since foreclosures are not sold on the market like traditional property listings.

You can purchase REO's which are "real estate owned" AKA properties that have been foreclosed on by banks, and you can buy these at a discount, but you'll be competing with groups of investors for those as well.

It's fairly complex which is why "gurus" make a lot of money selling these ready-made systems for $199, or $97 ebooks to make it simpler.

 

[mhdoc]

The really good deals are taken locally.

I do a website for a couple of guys who have been doing this for years. They buy foreclosed mobile homes on land. Last year they physically inspected over 1,000 homes, wrote offers on 300 and bought 20. They know how to fix up fast and cheap. They have good contacts with lenders and know exactly how to take advantage of programs like the first time buyers credit. They are buying with their own money

 

[italiandragon]

Investing in foreclosures is reserved to groups of investors who have all cash.

The "average" person can't really be effective in investing in foreclosures because most people don't have $100,000+ in cash to plunk down on a single property, let alone multiple properties.

"True" foreclosure investing requires research at county clerk offices, then being at the front steps of the courthouse to bid on each property. You've generally got to pay in cash with a cashier's check on the spot.

There's no such thing as "foreclosure investing" that uses financing, since foreclosures are not sold on the market like traditional property listings.

You can purchase REO's which are "real estate owned" AKA properties that have been foreclosed on by banks, and you can buy these at a discount, but you'll be competing with groups of investors for those as well.

It's fairly complex which is why "gurus" make a lot of money selling these ready-made systems for $199, or $97 ebooks to make it simpler.

but I have read true stories of people buying $100 homes (surely with lots of things to fix but without taxes of any sort!) and that is alone a gain since land is more expensive.

Thanks

 

[GF]

but I have read true stories of people buying $100 homes (surely with lots of things to fix but without taxes of any sort!) and that is alone a gain since land is more expensive.

Thanks

It IS possible to purchase a house that cheap. It's done by investing in tax lien certificates, not foreclosures.

 

[italiandragon]

It IS possible to purchase a house that cheap. It's done by investing in tax lien certificates, not foreclosures.

and if you were to explain what they (in plain English) what would you say?


Thanks

 

[mhdoc]

Check out AZtaxliens.com and
AzLandCo.com to answer your question about what they are.

Florida also has tax liens with a favorable interest rate. Florida used to pay 18% but that may have changed; I haven't checked in years.

 

[italiandragon]

Check out AZtaxliens.com and
AzLandCo.com to answer your question about what they are.

Florida also has tax liens with a favorable interest rate. Florida used to pay 18% but that may have changed; I haven't checked in years.

Thanks...

anyway this one of the site that started to make me think...but maybe it`s just BS?

The Cheapest Real Estate in the World | Jutia Group

What do you think?

Thanks

 

[maxeaus]

Dragon, i have a rental property three suburbs away from where i live, and it is a constant nightmare of bums not paying rent, things needing replacing, real estate agents ringing up, etc etc, to think you could manage a property, or multiple properties that need work done (which they would at these prices) from overseas is not something i would recommend.

 

[italiandragon]

Dragon, i have a rental property three suburbs away from where i live, and it is a constant nightmare of bums not paying rent, things needing replacing, real estate agents ringing up, etc etc, to think you could manage a property, or multiple properties that need work done (which they would at these prices) from overseas is not something i would recommend.

Hi, change agents then, here the law works great, how can they get away with non paying rent?

---------- Post added at 04:02 AM ---------- Previous post was at 02:54 AM ----------

this is another interesting page:

Radical cheap: $1,000 homes - Jan. 8, 2009