#2601, "RE: Get rich quick scheme: Buying and reselling foreclosed houses" In response to In response to 0
There are people that do this. the trick is finding out about the houses. Most banks dont advertise them and its a closed bid ect. Sometimes, There are a lot of different hoops you must jump through. Liscences fees ect. It can be done just do your homework and you have to be good at home repair and know how to pick the right house. if you pick a house with structural damage you are screwwed. In the bank forclosure they are not obligated to tell you of any known damage because they claim they dont know it, they just want the money owed ect. When you sell it you must legally disclose that type of info. In IL you must anyway.
Most important you need to be fiscally smart, most repairs cost 20k and up. These are not houses needing paint.
