Foreclosure Investing

Trying to locate foreclosure properties can be like finding the proverbial needle in a haystack. That's not because foreclosures are particularly hard to find, but rather because there are a lot of them, and finding the right one for you can be difficult. It takes determination, tenacity, and the right tools to find a foreclosure property that meets your specific needs.

In Rochester NY, where I live, foreclosure properties are more readily available than ever, and there are all sorts of different types of properties available to foreclosure investors. From one bedroom condos, all the way to multi-unit apartment buildings, just about any type of property you can imagine is available in the foreclosure marketplace. Once you have decided on the type of property, it's time to go hunting.

Of course, it's also important to decide what you want to accomplish with your foreclosure. Are you looking to save a bundle on your dream home, or are you looking for an investment property? If it's investment you are interested in, is cash flow your goal, or long term capital gain? Of course, the two are not mutually exclusive, and you can accomplish both, but normally the more you have of one the less you have of the other.

Once you understand what your goals are, you can start narrowing the field or properties, and the best way to do that is with the right tools. That normally means some type of foreclosure property listing service. You could always find a local realtor who understands foreclosures, but in my experience the fastest way to locate the properties is with an online listing service. They typically have the biggest, most complete lists of properties currently on the market.