Foreclosure Kit
Are these just scams?
I see a lot of books, ebooks, etc on buying pre-forclosure properties or “kits”, has anyone out there actually purchased one? If so, was it any good? There is “foreclosure town” and others that say they will provide EVERYTHING you need to buy a foreclosure, but this is the clincher… WITHOUT your own money?? plus you see the real estate investors making a forturne? and they had to start somewhere, with something? Anyway, if anyone has any info on this, I’d apreciate the response…thanks
They are a rip off, and I wouldn’t recomend getting them. That said, it is possible to purchase property with other’s money. I own 3 apartment buildings that way. You have to find people willing to offer you financing. I havn’t done it with forclosures, I imagine it would be hard to get a bank to do it… But they might if desperate to get rid of it. There are many no-money down mortgages you can get also.
Example: You are buying a house worth 90k for 70k. A bank will finance you 80% of a house’s value no problems. So the bank gives you 72k… 2k for closing costs. So then you take out a home equity line of credit for say 15k… Do the nessesary repairs to make the home worth 110k or more, and sell. Pie.
Enjoy and good luck!
Foreclosure Relief Kit
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