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.