Can You Really Buy Foreclosure Homes for 10 Dollars?

You may have heard that buying foreclosure homes can be very profitable. When you buy foreclosures, you can get them at deep discounts, and then flip them to make an easy profit. Just how much money do you really need to have to buy foreclosures? Is it possible to do with just a few dollars?

The answer is yes. You can buy foreclosure homes with just a ten-dollar contract deposit. You don’t need a bank loan, which means you won’t need to endure a credit check to buy foreclosure homes and profit from them.

How is it possible to purchase foreclosure homes with just 10 dollars and no other cash? You can buy foreclosure homes by flipping the property. You use the 10 dollars to secure the contract.

It’s relatively easy to buy foreclosure homes. When a home is going through the foreclosure process, the seller is usually eager to sell. He is behind in his payments, and is most likely under a great deal of stress.

If you tell the homeowner that you buy foreclosure homes, and that you’d like to buy his, there is a good chance he will let you have it at a discount, just to get out from under it. Most homeowners know they are not in a position to insist on top dollar.

You can buy foreclosure homes at this point – prior to the foreclosure auction – simply by offering the homeowner a contract (and your 10 dollar deposit), giving her the assurance that she’ll be able to move on. (If you wait to buy foreclosure homes at the auction, you’ll need a significant amount of the sale price on hand, and you’ll likely be competing with other bidders.)

With just a 10 dollar contract deposit, you can flip foreclosure homes (you are actually flipping the contract), giving a distressed homeowner peace of mind, and yourself a nice profit.

About Lance

Lance Young's expertise in real estate investing is grounded in more than 19 years of independent real estate deals and mentoring of novice investors. His first success came with buying and selling preforeclosure houses. Later, he made tremendous profits in the probate house market. In 1996, Lance wrote down what he had learned in a one-of-a-kind, step-by-step program for beginners and seasoned investors that shows how to make money buying preforeclosure and probate houses. The programs are updated frequently to fit the changing real estate market. His investing techniques require just a $10 contract deposit and 10 hours a week finding the most profitable opportunities. Testimonials from his students show that with no experience, people have made first-time profits of $11,000, $31,000 and even $80,000 just by following his simple guidelines. Through his web site, PropertyForeclosure.com, Lance Young has shared his simple, yet powerful investing methods with thousands of students while continuing as an active investor himself. His motto is: To teach others to become successful, you must keep your hand in and practice what you preach.
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