How much money do I need to get started? In the foreclosure business, CASH is King! $50,000-$100,000 in the city; up to $300,000 in the suburbs. If this is a problem, think about finding a partner. Use equity lines, business lines, IRA's, Private Money, Owner Financing, etc. to make the deals. What should I buy? The type of property you buy is totally up to you. What works for me, may never work for you. That doesn't make it right, it just makes it right for me.

Where should I buy?
Location is another individual choice. Staying close to home as much as possible is helpful in many ways. However, if the "Great Deal" is not close, make sure you add back travel, local help, etc.

Should I open a Corporation?
We suggest you have a "S" Corp, LLC or LLP to add a level of personal protection and possible tax advantages. Always consult with legal counsel to meet your individual goals.

What about a partner?
This can be good and this can be bad. Choose wisely and consider all the avenues needed to meet each others strengths and weaknesses. Any partnership should have a legal document in place to assure that both parties needs and objectives are met it either the deal goes well or the deal goes South.

Can I buy with "No Money Down"?
Absolutely!!! Does that make this formula the best way to buy? Not always. The more cash you have to work with, the more negotiating strength the Investor has in regards to price, closing date, etc. CASH IS KING!

How long is the eviction process?
In general, the process takes from 6 to 12 weeks. There are alot of variables. Consult your Attorney and have it done right the first time. Also, use an Attorney who knows the eviction process inside and out.

Should I use a Realtor?
In the beginning, when building your team, we would suggest that you use a Realtor. Once you get experience and understand the different facets of a deal, then you can decide for yourself.

Where do I find a bargain?
Bargains are everywhere. This question needs a lot of thought and time spent on analyzing all the different ways to find or create one. However, one way is to go to the courthouse and look up the list of properties that are to be sold at the next Sheriff's Sale. In DuPage County, the list is at the Jail, down the west hallway at the end. (Enter, then go left).

What type of return should I expect?
Each individual investor has different criteria for what a good investment is. Remember that any investment should be weighed against its risks: financial, market, economy, interest rates, availability to capital, etc.

Where can I get help?
Call us!!! We are always happy to talk Creative Real Estate.