Successful Real Estate Investor explains how to find and purchase Preforeclosure & Foreclosure homes

Описание: Lucelia Chou of Novarise, shares her keys to investing in real estate, including researching online, taking virtual tours on Google Maps, and using Foreclosure.com to compare properties.

Investors in real estate should assess the availability of employment opportunities in areas of interest to mitigate risks and maximize returns in the absence of job prospects, which can negatively impact the value of investments. A diverse range of employment opportunities in nearby towns strengthens investor confidence.

Foreclosure.com is a comprehensive directory of available homes in pre-foreclosure, auction, or foreclosure, offering a range of features that provide valuable insights for investors. These features include access to contact information for the realtor and owner, detailed information on comparable homes, and a range of tools to help evaluate investment opportunities.

Foreclosure homes:
Las Vegas, NV https://www.foreclosure.com/listings/...
Miami, FL https://www.foreclosure.com/listings/...
Atlanta, GA https://www.foreclosure.com/listings/...
Chicago, IL https://www.foreclosure.com/listings/...
Houston, TX https://www.foreclosure.com/listings/...

Lucelia Chou with Novarise https://www.novariseinvest.com/forecl...

0:24 - LChou - Well, I basically start my search through Google, and I do a little bit of research on Zillow just to kind of get an idea what areas sparked my interest. And I like to first look at the type of houses that are available in the market, and then I tend to leverage Google Maps to do a little bit of like a digital tour, so to speak. So that way I can actually travel on to the area without necessarily having to leave my home. If I see something that interests me, then that's when I start diving deeper, and I leverage other tools, including foreclosure.com, to get a better grasp as to what's happening in the area.
1:07 - Essential factors to consider when thinking about risk?
1:15 - LChou - For me personally, the major risk factor that I look into is job availability because you can have the best homes available. The newest constructions, but if there aren't people with jobs that can bring in salary and afford to live there, then whatever you invest in becomes a ghost city or a ghost town because there's no income coming in and therefore no one is either gonna buy your properties or to even rent that out. So you're kind of stuck with inventory that it's impossible to move. So jobs are the biggest major. That's the number one priority for me, like I check into that first. When I check into jobs, I don't search just in the specific area that I am planning to invest in, but I also search about what other jobs are available within the vicinity. So, like, if, for whatever reason, the local economy doesn't do so good where the houses are in. Can they drive a half hour out or like 45 minutes or even an hour outside of the town on to the next town. And if the nearby towns do have job diversity job availability, then it makes the case stronger for you to feel confident that, hey, we're onto the right path here.
2:39 - TJones - No, that, that makes sense. Ok. So, how do you utilize foreclosure.com to get more visibility into the market you want to invest in?
2:48 - LChou - So I first go into the page, and I pick areas that I'm interested in, and then as soon as I go into that specific area, let's say, I don't know, I'm just going to throw a name out there like Galveston, Texas, right? I want to see what's making up Galveston. Like the number of pre-foreclosures available, the number of houses and auctions, and how many of those are in foreclosure available. So I tend to want to compare the numbers because depending on what's happening, that will basically tell me a certain story that I want to know. Like, why are these numbers of pre-foreclosure a lot higher than the number of foreclosures? Is it because the underwriting was not done properly, or is it because the, I don't know, a big factory just left town, and a lot of people are actually falling behind on their mortgages and stuff like that. So, each state tells you a different story. Usually, in my experience, on the pre-foreclosure side, people still have that opportunity to pick the payments back up if they manage to replace their lost income, whether it's through a loss of job or a divorce...

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