How to Make Money with Foreclosures

How would you like to buy a house for pennies on the dollar? Imagine if you can buy a home for 50% it's market value. Investing in foreclosure properties is a great way to make substantial money in a fast period of time. Foreclosure is the legal process that happens when a home owner defaults on a mortgage. The home is then returned to the mortgage lender or then sold at a public foreclosure auction. Many banks today have these foreclosures currently on there books, and are looking to unload these assets to buyers like you.

Before you buy any foreclosure you will want to do your due diligence on the property first. Figure out how much it's going to cost you to fix the property up. That's the idea when buying foreclosures you want to buy low then sell high so you will need to do some repairs on the property if needed. Let's say you buy a foreclosure home for $5,000. Which is average in some states like Ohio, and the Midwest. The roof has minor damage, and the kitchen needs to be repainted fore example. It cost you roughly $2,000 to fix the roof and get the kitchen painted. In total you put $7,000 into the home, and then relist the property for $15,000. That's a $6,000 profit. Not bad for just one foreclosure property. Not to mention the residual money you can make from renting the home.

There are many places online where you can buy foreclosures online I recommend checking out www.Realtytrac.com. Start making money with forecloses today!.