Buying a Foreclosure Property... It's so easy

Buying a Foreclosure Property... It's so easy

Just received an email from a company that you might think is a competitor of PropertyRadar. They don't compete with us. They are in the consumer media business, where the game is to suck people in and resell them like a lead in every way imaginable. We are here to deliver real tools, and great quality data, to professionals... but you know that already. Here is the headline of the email I received:

"You couldn't ask for a greater thrill than buying a foreclosure property at a huge discount, saving tens of thousands of dollars on every purchase.They all want to know how to do it, where to begin.And man, it's so easy."

Listen, I've bought more than 150 foreclosures at great discounts. It can be a thrill, but more in the "oh shit, why did everyone else stop bidding, did I just screw up" sort of way. The reality is that there IS good money to be made buying foreclosures, that you CAN get a great discount, but NOT that it is "so easy". Nothing comes free. You get a discount buying a foreclosure by investing time, and by taking risks. It really is that simple. The trustee sale auctions on the courthouse steps offer some of the biggest discounts because they require the greatest risks. Great preforeclosures discounts take a lot of time and work to find. Bank-owned properties that are listed on the MLS or offered by one of these big auction houses have less risk, and are easier to find, but offer smaller discounts.

The truth is that I've done well buying foreclosures because I have an incredible work ethic - likely because my parents drilled home that you get out what you put in. So if you are thinking about investing in foreclosures, don't get sucked in by claims that it is "so easy". Despite the hype, foreclosures are NOT a get-rich-quick scheme. Know that it takes an investment of time, know that it requires taking some risks, and know that it is a great, profitable, and even rewarding business for those professionals that roll up their sleeves and really work it.

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