338: Rookie Reply: How to Find RARE Rentals by Buying Properties in Preforeclosure

Finding an investment property in preforeclosure can feel like uncovering a diamond in the rough, as the seller may be more motivated to get a deal done faster and for less. However, there’s one crucial thing you should be aware of BEFORE you take action on your end. Hint: you could pay a few extra costs to score a RARE deal!
Welcome back to another Rookie Reply! In this episode, Ashley and Tony talk about buying properties in preforeclosure—including when it makes sense to buy a property “subject to.” They also go over the most important data points to analyze when choosing your market, as well as how to avoid jumping the gun when listing a new property for rent. Finally, home renovation projects can be tricky when you’re an out-of-state investor. Our hosts share how they purchase materials, as well as their go-to investing hack that will save you a fortune!
If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover:
What you MUST know before buying a property in preforeclosure
When it makes sense to buy a property subject to (and pay the extra costs!)
Critical data points you MUST include in your market analysis
How to buy materials for home renovation projects when investing out-of-state
How to list your investment property for rent (and pitfalls to avoid!)
The investing hack that will save you a TON of money on materials
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Ask Us Your Investing Question
Apply to Be a Guest on the “Real Estate Rookie” Podcast
18 Deals in 2 Years AND a Full Time Job with Kevin Christianson
How to Buy a Foreclosed Home: Guide for Finding Deals
BEFORE You Buy: How to Know Your Market (and Property) Will Make It in 2023
Check Property Liens with PropStream
BrightInvestor
NeighborhoodScout

Check the full show notes here: https://www.biggerpockets.com/blog/rookie-338
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