Housing Community Development
Is putting a bid in a foreclosed house a good idea?
I really want to get my feet wet in the field of real estate development and community development. I am thinking of bidding on some houses that have been foreclosed on. These bids start around $1,000-$2,000. I am still in college, and I don’t have a good-paying job, but I have saved some money up. Is this a good idea? What else can I do to get in the field of real estate?
Not really, at least not in this point of your life.
Starting bids are meaningless. They quickly rise to close to market value. And the lender will ALWAYS bid the outstanding balance on the loan which is probably more than the property is worth. They have to do that to control their losses.
Next, you must put down 10% in cash or certified funds as soon as the hammer falls. Then you must close very quickly, usually within 10 days. Unless you have a “hard money” lender in the wings there’s no way you’ll get a mortgage loan that quickly.
As a student you don’t have the time to do the refurbishments necessary to “flip” houses and you probably don’t have the time or expertise to play landlord.
If you want to get into real estate, get your license and work at sales or property management for a couple of years to learn the ropes. Then you can decide what areas you want to pursue and will have a good idea of what you are doing and what the pitfalls are. It’s always best to learn from the OTHER GUY’S mistakes!
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