Hi!
Don’t purchase on court house steps. I will caveat this and say UNLESS you can clearly see inside every window, in every room, and you have a LOT of experience in real estate investing, or you have a home inspector with you.
If you are new to real estate investing, the amount of time, effort, and cash on hand you need is not worth it go acquire a property for 40-60k, when you can find them on the MLS with some smart search criteria. This is your money, and you can mitigate about 90% of the risk in real estate investing by getting a home inspection, leveraging credit and mortgage loans, and having a clean title (meaning, no lien holders) by purchasing a Real Estate Owned (This is how we refer to homes that have already gone through the foreclosure proceedings and is now owned by the bank who had the original mortgage). When you are doing courthouse auctions, YOU have to do your own title search (and lets hope you don’t miss a lien that’s official but wasn’t recorded yet, with no title insurance), and repairs you couldn’t see from looking through a window, and having to pay cash…I mean…Why put your money at risk and go through that amount effort when there are SO MANY REOs and HUD foreclosures to shop around in under the 30k price range???
So, this CAN work, but as a beginner, it really doesn’t make as much sense since you expose yourself to so much more liability you really can’t mitigate.
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Enjoy! Lisa Phillips
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