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Great question. I would love to get into the real estate market myself as a landlord or flipping houses. I see lots of foreclosures all around me and would love to pounce on an opportunity, just not sure how to get into the business.
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Speak with a good real estate agent. When you are getting started that would be the smartest thing to do. They will give you access to a number of different resources and be able to help you if you are buying a foreclosed property as there can be a number of complexities that can arise from that type of purchase. Also, MAKE SURE YOU DO YOUR DUE DILIGENCE!! Don't buy a house that is "under market" and plan to sell close to "market price." There is probably a reason it is selling for so cheap. If you plan to rent it out, there are many different goals you can have (Tax benefits, looking for appreciation) but the main goal is cash flow. if rents will not cover Principal, Interest, Taxes and Escrows, Association Fees etc... you really need to know you can come up with the deficiency and that the house will appreciate.