Hey guys. I’m 25 with perfect credit but cash poor. ($5,000USD in savings max)
My friend has cash but no credit.
We’ve worked together for years and have been best friends since 4th grade.
Us combined have close to 20 years construction experience at this point.
I was wondering if there was any way for us to get into a foreclosure? Like taking over the loan?
If anyone could grant advice or something, it’d be greatly appreciated. Thank you. This is my first post on IQfy
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Banks don't sell foreclosures to normal people anymore. They keep them or sell them off to one of their real estate holding companies.
I see, so can I contact one of these real estate companies or do they charge real house prices because they already have guys like me to fix them up? Thank you for reply regardless.
This. And be prepared to get fricked over even more than regular sales. Foreclosures are still doing "best and highest by today" kinda shit and they will be absolutely unwavering on conditions because they don't need the money.
Crazy to think just 5 years ago foreclosures were practically given away.
Okay, thank you. Wish I would have been born a bit earlier I suppose. Thank you for expanding upon the subject.
All good homie, I'm a 30 something year old millennial who wishes he could go ack in time and buy every foreclosure 10 years ago. Banks literally couldn't get rid of them. just be glad you're not born 10 years later where you unironically will own nothing and be happy. You're probably the last generation to get in.
That ship has long sailed anon
Okay, thank you for your input regardless.
>We’ve worked together for years
>I'm cash poor
If you've been working for years but only have $5000 it's a sign of moronation somewhere here
I’m totally open to constructive advice.
How much did y’all have at 26 as thats what age I’m about to be
I'm 27 and I have $100k between investments and cash. I remember when I first looked at homes I considered foreclosures but that was when the market for them was heating up and I realized early on I would get priced out quickly.
I had 2.5+ btc. I'm 27 and I'm still holding.
Holy crap, how are people under 30 and worth that much? That’s nuts good on you man. I always avoided actual stocks because it seems like a club that obviously billionaires will lock you out of if you get a shot. (Think Gamestop situation.) but if what you’re saying is true then it must work.
Stocks are more durable than what this board likes to preach. You can't go wrong with blue chip stocks or even an ETF of most industries. Keep in mind this place is full of the youngest millennials and zoomers so there is a bias against stocks and in favor of crypto.
Statistics right now is that 78% of Americans lives pay cheque to pay cheque. So if you do have money congratulation for being not part of the majority of the shithole 3rd world country known as the United States.
Yeah I’m now able to save $1,000 a month and thought the flipping houses was a good route for me.
one route that you could look at, though you will need a lot of learning, advice, etc and can make a big expensive mistake if you don't do your research, is buying non-performing mortgage notes (i.e. on paperstac) and foreclose yourself. typically the note owner is selling for whatever $ they have in it, and it's often much less than the property is worth. if one of you is financially sophisticated and you can spend time on research (law, zoning, inspection, contractors, what's wrong with it that the owner can't sell, etc) in the area you want to target, might be worth a thought. this is a much bigger topic requiring many more skills than buying a foreclosure to flip, but if you want to build a scalable professional RE investing business, flipping foreclosures is a rough and very stressful way to go about it and you have to ask what your competitive advantage would be vs the 100s of other guys in your local area who are/want to do the same.
Thank you so fricking much man. This answer was exactly the type of thing I needed.
I live in super rural Georgia. There’s 10’s of other guys doing it and I have worked with them. They suck and their crew is more like a rehab center. They themselves are aging out too, I hear them complain about it daily.
You're unlikely to be able to get a loan for a for a foreclosure. Also, there are very few foreclosures in this tight market. Banks have first dibs on all foreclosures and in this market they almost always buy the foreclosure. Even during 2008, most foreclosures were bought by banks. I know because I was looking at buying one.
However, you can just perform a regular purchase of a home that needs fixing up. I recommend that.
Thank y’all so much for the good and positive advice. I will.
Unironically learn to code I have more money and I'm pretty much a neet I'm 23.
You're way below the mean at this rate you're ngmi.
And all you do to support yourself is code? Good advice. Thank you.
I'd caution you on it. Coding as a career has been spread like a meme for over a decade and the market is saturated with guys who fell for coding camps because they thought installing software for their grandparents meant they were hot shit. It's not impossible but it's certainly soul sucking for most people and no guarantee of a decent payout.
Same exact thing I heard about the trades.
I don’t have stocks myself but I have a 401K if that counts as part of my worth.
Its a solid career with strong growth, sure you might not be a top 1% at 25 learning to code but you can make some side hustle. If not coding at least pickup a trade like plumbing electrician or smth basically get some skill you can earn money with but is more flexible with hours and doesn't require college. Beggers can't be choosers and I'd say 25-26 is young enough to make a major change but any later and it will just get harder to do.
what year is this from?
It was on a post of a blog last updated in August 2021.
interesting, as an scandi im easy top 95%, but im 28 and most of my net worth is pre-inheritance
Good on you dude, keep it up.
Seriously considered buying BTC in high school but the Mt Gox implosion scared me away until around 2017 when the dust had settled on crypto. In retrospect you'd had to have been dumb, ballsy or a combination of both to put some serious money into crypto. Then again that's what it takes to make it.
Kill obama and rob his wife
in all seriousness you're a bit fricked
First of all get a job
get a fricking job
then take care of the other shit
look for stocks or crypto, anything really, make trades with dextools if you're looking for decentralized coins for quick earnings
you'll manage
eventually
maybe?