regarding forclosed property?

You did not mention where you live, but I assume that it is not Hawaii.

My immediate question to you is why Hawaii since you don't live there? There are some odd values there, but I suppose it is a good investment spot for investors that want to invest there.

I would suggest you purchase foreclosed or distressed property near where you reside as oppose to hiring a manager to manage a single unit home. You are in a better position to know what is going on in the property, you can screen the tenents, as well as do simple repairs.

Buying foreclosures or any other distress property near your home will give you hands on experience at what a property manager has to go through as well as real estate investors. Buying near your home will also give you insight as to the prices and values in the neighborhood.

I am not oppose to the purchase of buying properties in other areas, but you are inexpedrienced and need to learn the ins and outs of income property first hand. There are several books on being a landlord that you need to find and read.

The only time I really use property managers is when I purchase over 4 units or more. I then have an on site manager to take care of the every day small problems that might arise. The only thing a property manager is going to do once a problem have been discovered is call you for approval. If your investment property was near where you reside you cut out the middle man and really save lots of money, because you might be able to do the repair yourself, thus saving yourself the cost of a repairman which can be very expensive.

Also purchasing property near where you live sort of give you free publicity because the locals will soon learn that you buy distressed property as well as foreclosure thus getting lots of leads on deals that you other wise would miss, by investing out of your neighborhood.

You also get to know other professionals in the real estate field that could help you like title reps, notaries, insurance agents, other that flip properties but have too many, real estate agents that have need of quick buyers. Lawyers that have probate properties that need a quick sale.

I think the up side on investing close to where you live far out weigh investing out of the area.

I hope this has been of some use to you, good luck.

"FIGHT ON"

As far as buying forclosed property, I suggest that you investigate everything.........talk to the people at the courthouse, the bank that holds the deed, the former residents if you can.......make sure that all leins and rights are cleared. Investigate everything!!!!!!!!

As far as being a landlord, I tell people that if you ever have an opportunity to buy rental property, Don't do it!! Some people are great renters, but most are filthy swine. Be prepared to fix, remodel, replace and invest your earnings in the rental.

Property managers are a bad idea. For the most part, they don't take care of any problems that arise and don't inform the property owner of these problems. I know a guy that had a rental catch fire and the P.M. didn't tell him!!! I happened to ask him about the fire four months after it happened and he was shocked by my question. He didn't even know about the fire and it caused problems for him with the insurance co. I don't have a P.M. myself.......I take care of my own properties and it can be quite a hassle at times........but if you like to work, then you're on the right track.

Hawaii has some strange law regarding ownership that you really need to investigate before you tackle this. I understand that you must be native Hawaiian to own real estate there. Not a US mainland transplant but of Hawaiian island decent. You can do a ground lease and build a home but not own the dirt.

That was supposedly a condition of Hawaii becoming a state. This flies in the face of anti-discrimination laws prohibiting against national origin, race etc. discrimination. I think it has also been unsuccessfully challenged in court but not sure.

Beautiful place to visit but too windy for me long term. About 10 days at a time are fine with me.

Sorry, however the 2nd loan isn't wiped out. no longer basically that, yet while the fee of the home is under the quantity owed on the 1st, that still technically, in some states, continues to be a debt.

http://www.nohasslebargains.com/loan/foreclosures_...

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