A friend of mine works for one of those companies that sells expensive training ($5,000 - $15,000 depending on the package) on how to do this type of real estate.
I don't know anything about real estate, so a couple of the "keywords" that he threw around while explaining it to me were "tax liens" and "preforclosure".
As I understand it you search all over the country on the internet for these homes where people couldn't pay the taxes... you make an offer on the home (actually he said it's usually just land) and then if you get it you have to pay the back-taxes.
Supposedly people can on occasion get properties for hundreds of dollars (the exception) and more often in the low 4 digit area.
I don't plan on taking the education, but was really wondering if there is any validity to this. Is is difficult to do? How is the risk compared to other forms of RE investment. If anyone knows what I'm referring to (because I don't think I do) and could fill in the blanks, that would be awesome.
-Nate
P.S. - Where did that thread go about buying on selling mobile homes with promisery notes? That seemed interesting.
I don't know anything about real estate, so a couple of the "keywords" that he threw around while explaining it to me were "tax liens" and "preforclosure".
As I understand it you search all over the country on the internet for these homes where people couldn't pay the taxes... you make an offer on the home (actually he said it's usually just land) and then if you get it you have to pay the back-taxes.
Supposedly people can on occasion get properties for hundreds of dollars (the exception) and more often in the low 4 digit area.
I don't plan on taking the education, but was really wondering if there is any validity to this. Is is difficult to do? How is the risk compared to other forms of RE investment. If anyone knows what I'm referring to (because I don't think I do) and could fill in the blanks, that would be awesome.
-Nate
P.S. - Where did that thread go about buying on selling mobile homes with promisery notes? That seemed interesting.
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