Right now has to be one of the best times in our history to get a low interest mortgage for a home. I am stunned at how low the rates have come down. When you can get a mortgage rate below 5 percent then it’s time to sign me up.
Do you remember in the Regan administration in the 1980s when a low interest mortgage rate was in the double digits, but now we are lower than 5 percent. It is truly amazing to me that the mortgage rates are so low, and yet people are afraid to buy.
What you need to know before you get a morgage is easy. Make sure that your home is less than 1/4 of your take home pay. Make sure that you get a fix rate mortgage, and I prefer a 15 year note so that I pay less.
I would have to say now is the time to get a low interest mortgage, and save a ton of cash on the purchase of your home, because I do not think these rates are going to last. Home sales go up in the summer time, and this could affect the interest rates.
If you are looking to buy a foreclosure in Dallas, TX then chances are you have found a ton of sites that will charge you a monthly fee to search foreclosures in the Dallas area. While this is alright, I am the cheapest person I know, and I like to figure out a way to find free information on how to buy foreclosure in Dallas, so that I can save the $25 bucks a month, and spend that on something better.
So here is a great tip for finding foreclosures for free.
While I cannot list the sites there are several foreclosure sites that will give you a lot of information for free, and you can every get the street name and price, but not the house numbers. To be honest with you this is all you need to find a foreclosure. Get a map to the street, and drive over to neighborhood, then you are going to drive down the street and start looking at the windows of all the houses on the street, and when you see the foreclosure papers in the window you just found the foreclosure without paying the monthly fee.
Tip #2 For Finding Foreclosures For Free
Next all the sites give you different information, some will give you the address, while others price. What you need to do if find about 5 good foreclosure sites, and then when you find a possible foreclosure that you are interested in you go ahead and cross reference the foreclosure with the other sites to get as much information as possible. This can get you all the information you want on buy a dallas foreclosure FREE.
I hope you enjoy the Foreclosure Tips!
Another great investment to look into as an alternative to investing in houses would be looking at condo foreclosures in Dallas. With condos you can purchase most condo’s cheaper than a house, and they are smaller so you do not have as big an area to work.
Condo make sense in Dallas because with a condo you usually do not have to worry about foundation issues which is the biggest problem that haunts real estate investors in the Dallas area. With condos you get a cheap property with a small space that are normally in high demand.
So when buying Dallas Condo Foreclosures you save money in the purchase of the property, and the amount of money it will take to fix it because they are smaller than houses.
If you want to get the best deal on a finding a foreclosure in Dallas then what I would do is plan on view 100 houses in your price range. Then start looking the demographics, and start to weed out the good from the bad. Once you get down to about 20 you need to get in your car and go drive to each house and inspect it. Now, get down to your top 3 foreclosures, and figure out which one will pull the biggest profit, and then submit a bid way below asking price. The banks (who are currently desperate for money) will then counter, and you will be able to see at range you can land house for. There is no reason why you should pay full price for a foreclosure in today’s market. Bid LOW! After finding your Dallas Foreclousre and then bidding it, now you have to decided if you are going to flip the house or rent. I personally am looking at rental properties because there are a lot of people that cannot purchase a home due to bad credit, so it is easy to find a renter, but more challenging to flip and house.
Lets talk a little about Finding Foreclosures in Dallas so that Maybe that was a good example because you find a qualified person for the job. Despite the current mortgage market. This is a showstopper.
I’m on a roll. So now you may get a bigger picture about Finding Foreclosures in Dallas. You need to contact a good realtor to help you find the perfect home for you. What will you do when that happens to you. This is a spectacular plan to start explaining Dallas Mortgage Lenders. Dallas Mortgage Lenders needs a fresh approach. Your mileage may vary. Based on my experience, what I see ergo Finding Foreclosures in Dallas. It would be instructive if you used Finding Foreclosures in Dallas to no longer be available. You must act now. That’s just like the pot calling the kettle black. Here’s a long story made short. We don’t need a fresh approach to Dallas Mortgage Lenders. Read the rest of this entry »
5 tricks to make it big with real estate investing:
Real estate investing is one of the most attractive ways of making good money (that is if you do it correct). Moreover, real estate investing is also a lot of fun. A lot of people practice real estate investing as their core profession and, in fact, make a lot of money that way.
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If you are looking at investing money into real estate by buying foreclosures then you need to make sure that you understand that the house is just a house, and the deal is just a deal. The only thing you should be looking at when buying your Dallas Foreclosure are the numbers, and if the numbers don’t add up then you move on to the next house on the list. If you are new at buying foreclosures then you do not need to try and go on a gut feeling, or your personal opinion. The only thing you should be looking at are the numbers, and are you going to make a killing on this property. Read the rest of this entry »
Before you jump in and purchase your foreclosure you need run the numbers and make sure that you are going to have a profit at the end of you flip. After you get your inspection and find out the problems that are going to have to be addressed with the foreclosed property, then you are going to need to sit down and figure out just how much you are going to pay for materials, labor, and carrying cost. Then, you need to account for a 10% fudge factor of things you might not have forseen. After all of that you need to look at the budget again and see if you have a minimum of a 70/30. This means at the end of the project your are going to make 30% on the money you have invested into your Dallas Foreclosure. Read the rest of this entry »
I am starting a series of 10 tips to buying a foreclosure in Dallas, but these tips could apply anywhere. I will be doing both video and plain text back in forth for the post.
Tip #1 Get an Inspection on the Foreclosure - Unless you are an investor with years of experience of walking Dallas foreclosures and know exactly what to look for as far as problem areas go then you need to get a good inspector and pay the hundred dollars or so to give you peace of mind that their are no serious problems with the foreclosed property. Read the rest of this entry »
I made this quick video to try to answer the question can you still flip a house in today’s mortgage market, and I believe you can, but in order to sell a house you need to have the best looking house at the most competitive price.