You've heard that foreclosure deals are profitable. It sounds like something that you could do, right? But where do you start?

Foreclosure investing is not as simple as buying a house, fixing it up, marketing it and selling it to a new family. But, then, foreclosures's where the big buck are ? in deals that others can't orchestrate.

When you hear about foreclosure deals, they could be any one of three types.

1. Foreclosure Auctions ? These happen at the county courthouse and require cash payment. Because you are dealing with the county selling the property, not the homeowner, some think these are easiest. Other than the cash needed, also be careful of other liens that will survive the foreclosure.

2. REO Sales ? These deals are plentiful now that foreclosure rates are at all time highs in some areas. An REO is Real Estate Owned by the lender or bank. Since the bank is in the money business, not the property business, they often sell their REOs below market value. You can find these deals on your local multiple listing service.

3. Pre-Foreclosure Properties ? Pre-foreclosure sales are a purchase of the property before the county foreclosure auction. Because of that, timing is critical. The basic steps are to find the property, locate the owners, negotiate with the owners and maybe their lenders, and close the deal before the sale date. These are the most difficult to put together, but the most profitable.

OK, so all that's good information, but where do you start? Start with some basic education. Foreclosure investing is a lot like a jigsaw puzzle ? lots of pieces that you need to put in the right place. But that is not hard when you know what you are doing. In fact, it's challenging and rewarding. Don't be in a fog. Know what you are doing or foreclosure investing can cost you dearly.

Getting trained will require some investment of time on your part. Search the web. You can find everything from simple ebooks (often with money back guaranties) to multi-day live trainings ? with price tags from $20 to $4000. Whether you are brand new to real estate investing or just new to foreclosures, start with a couple ebooks. Go through them a few times to really get everything. Learn the terms, get comfortable with the concepts, understand the process. Join a foreclosure investing forum.

The you are ready to do your research, find the property and evaluate them. Try to help the sellers, but never promise. You just never know, foreclosure deals can go south for the weirdest reasons. Be honest and persistent. Don't be afraid to walk away if things don't look right to you. There's no shortage of foreclosures. When one falls apart, move to the next one.

Avoid the beginner's pitfall of thinking you don't know enough to do a deal. If you stop now, it's like training for a marathon, being there on race day, but never leaving the starting line. Get started! Find a deal and use your education. Knowledge is power! Will you know everything? No. But in foreclosure investing, no one knows it all!

More info on your stop foreclosure information search:

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