I have never lost money on my foreclosure purchases.

On most of my purchases I have netted at lease $100,000 even on very inexpensive purchases.

The key was always to buy properties everyone had avoided.

I bought 2 properties that had been vacant for more than 10 years.

I knew there would problems with the financing, so I offered very low prices and was prepared to pay cash and buy without inspections, basically "as is".

This approach involves knowing how much renovations cost then adding 30% to that amount for the things you do not expect.

All of my properties had working electricity, but A/C and heating systems as well as hot water heaters, I assumed would need replacing.

Ceilings were missing, bathrooms ruined and kitchens missing cabinets and appliances.

I found sources for used appliances and cabinets to stay within my budget.

If you enjoy the challenge, flipping foreclosures can be interesting and rewarding.

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