Real Estate Owned (REO) is a type of property that is owned by a lender. After a home is foreclosed on by the lender, the house is put up for auction. If the house does not sell at the auction, the lender takes possession of the house and attempts to sell the property as an REO.

The asking price for these properties is based on the outstanding loan amount plus attorneys’ fees and costs, but are generally well below market value. Although the prices may seem good, many REOs are (Read More…)

In many areas of the country, housing prices have been driven down to levels not seen since the early 2000s. This has created many buying opportunities for potential first time homebuyers and investors. Over the past few years, housing prices have risen so high that buying a vacation home or rental property was out of the question for most of us, with rental properties becoming negative cash flow money pits. But in the past two weeks, I’ve been analyzing some deals in my area where I can buy a 3 bed, 2 bath investment house for less than $100 a month. The deals are not very complicated, but require a mindset change and an ability to take a calculated risk in return for a guaranteed reward. (Read More…)

Each year, you are entitled to receive a copy of your credit report from each of the three credit bureaus, for FREE! Your credit score is not included in these free credit reports, but there are other ways (Read More…)

Americans are incessantly barraged with glamorous advertising of luxury and television shows where luxurious lifestyles are the norm. The majority of people simply cannot afford a lifestyle of driving late model luxury cars, constantly purchasing high end merchandise like Louis Vuitton bags and Tiffany Jewelery, and owning the latest in home entertainment equipment. Many Americans try to (Read More…)