The first rule of buying distressed real estate at foreclosure is do your homework! Check your emotions at the door. First set your goals, are you in it for cash flow or are you looking to flip the property for a large gain? As our research has proven, buyers at a foreclosure auction seldom ever lose money. However, then it becomes a question of how much money you're going to make and here it all comes down to your plan. If you're looking to do exactly what Mike does, you buy the property as cheap as you can and then you sell it to a worldwide audience for the best possible price. Always make sure that you check the back taxes and other possible judgments and liens. Mike shows you how to evaluate a property in 5 minutes. Then it all comes down to your goals and aspirations.
