DFW Real Estate Investment for Starters

DFW Real Estate

One of the most common types of investments is through real estate. A properly planned investment in this category can multiply your earnings to millions, making your investment a success, but sometimes getting caught up in the hype of investing could lead to misfortune if no proper research is done. Real estate can be good for starters in the investment world, and here you can find some of the few important things people need to know before buying a property investment will be discussed.

Some of the Common Types of DFW real estate Investment

Before going further with a real estate investment, you must first understand that there are different types of property, and the ways you can earn profits vary from each other.

One of the most common types of investments in the DFW Metroplex is in Dallas foreclosures. These can commonly be acquired from realtors or from a by my house company. Properties in this category can be Houses, Apartments, Condominiums, and Townhouses. Profits from this type of investment can come from rentals from a person or group of people that pays you to earn the right to stay in your property.

Most businesses or shops are paying for their rent of space in a building. This building is considered commercial property, where the investment makes you earn money in the form of lease. A commercial property can usually be found near residential areas where high demand of goods and services is present.

Retail real estate Investment, are retail store fronts that can also include shopping malls and store strips. Mostly are shops that sell goods, whether food or clothing or any other type of service. In some cases, the property owner also receives commissions from tenant store sales to keep the building in top condition.

Why Choose Investing in Real Estate?

Real estate investing offers multiple ways of earning profits. The most common is to earn from rentals and leases from people or business. Your property also has an annual increase in value which you can benefit from; even owners of houses can enjoy the annual appraisal in their properties.

Real estate investment can also be a tax shelter for most investors. Properly structuring your businesses and properties, could mean you could carry on with a lesser tax rate even with a huge amount of investments that earn you money. When a property appreciates its value, it would still be sheltered from tax until you sell it.

Leverage is the greatest advantage in this type of investment. Leverage simply means using borrowed money to acquire an asset or to enhance the earning potential of the acquired property. This allows profit gains by borrowing a fixed amount of money while the value of your asset continues to appreciate.

Investing in real estate definitely has its advantages, but this type of investments also has risks, that’s why, one must be very careful when deciding to this type of investment. Make sure to conduct a research on the property you’re trying to buy, and know the basics in property investment, remember that a successful acquisition of the asset should earn you a good amount of money if not millions.

Simple Guidelines for Acquiring Your Dream House

DFW Real Estate

Owning a house can seem to be difficult; other than saving up, there can be sets of rules or things you need to know before you decide on the right one. Good news is, yes, there are rules, but those are not too many, and also those are not difficult ones. Following these simple guidelines will lead you to owning your most desired dream house with ease.

Think of your reasons for Buying a House

Making the biggest purchase of your life for the first time should come with a good reason. After all, you did not save your money and just spend it impulsively on a property because all you feel that you want it. Making the wrong purchase can lead to future problems and might not satisfy you if it doesn’t meet its purpose.

Take Time to Learn

When you buy a house, there are few important things you need to know, like mortgage fees, property taxes, loans, and mark-up prices. There are organizations, a Buy my house company as an example, which conduct seminars for first time home buyers that will surely help you decide in acquiring a new property. These seminars are structured in such a way that participants don’t get overwhelmed with information, but instead gain more know-how when buying a new house. There are even seminars about buying Dallas foreclosures.

Stick to the Budget

You may decide to go all out when buying DFW real estate, which is perfectly fine as long as you stick to your budget plan. Communicate with your real-estate agent, and he will surely help you acquire the perfect dream house that stays within your budget. If you’re using your salary to pay for monthly mortgage, remember that there are other expenses that your salary has to cover, like basic necessities or debts.

Make an offer

When all conditions are met, and you are ready to make a purchase, then make an offer. Try to base your offer on the current condition of the house, its location, or even its age. A good offer is always one that makes all the conditions easy for you, but is acceptable to the real-estate company. In this matter, well conducted research before choosing the right house can help you make a good offer that the seller will approve.

Discovering problems after the purchase of a newly bought house can be really frustrating. That’s why before deciding to buy a house, hiring a home inspector can be a good strategy. It can take a while, but hiring an inspector ensures you that the house you are buying is under good shape, and you get your money’s worth. It may not be the seller’s responsibility to fix damaged parts, but not getting locked-up with a bad purchase is surely priceless.

Investing for Your Future – DFW Real Estate

Over the past few decades, investing in DFW real estate and Dallas foreclosures has gained popularity and became a common investment vehicle for most people. Although the market has lots of opportunities to generate huge gains, acquiring and purchasing real estate is more complicated compared to investing in the stock market. Investing in real estate involves ownership, management, rental, or sale of property to gain profit.

When making your investment decision, you should take into consideration these characteristics:

 

• Transaction cost – this is significant in real estate market compared to other investments. Realtors would agree that it is ideal to buy larger assets because you can divide the transaction costs to a larger base. It is costly to operate DFW real estate because it requires regular maintenance.
• Weather you buy property through the MLS or a We Buy Houses company, most real estate requires ongoing management. You should acquire someone who will be responsible in dealing with the day-to-day operation. You may also need a strategic management that will focus on your property’s long term market position. Management services are also costly and require resources and time.
• Investing in rental houses property demands amount of time and work so you could maintain this investment. It comes along with many responsibilities you have as the landlord of the house.

Like any other investment, may it be real estate like homes, there is so much potential an individual can see. However, this doesn’t mean you will have a sure gain, so it’s better to make intelligent choices and weigh the pros and cons before actually having your first investment. If you are searching for a property, you will need the help of a professional DFW real estate agent to browse listings on the neighborhood. They may also have information not included in the listings that will benefit you.

 

Why Invest in DFW Real Estate

 

This kind of investment can overwhelm most people. There are various areas to consider as well; finding a good property and acquiring trustworthy renters seem challenging. However, one’s small efforts can gain big rewards as there are countless benefits of having an investment property.

 

1. You can fully decide whether to have commercial or residential, offices, or small establishments to invest with. There are many options possible for you. It is better to decide on the property you are familiar with.
2. The value of your property grows together with the increasing community. Prices of real estate are steadily increasing over the years.
3. Real estate is a good option for long term investments. Most of us like the idea of acquiring an investment that will fund us in our retirement. Thus, this kind if investment increases in value compared to savings in banks.
4. This investment also offers positive monthly cash flow. It will increase in time and will give you source of secure retirement income.
5. Deductions can be claimed upon filing your tax return. This may include loan interests, maintenance and repair costs, agent’s fees, insurance, and building depreciation. This will help a person save more money.

There are plenty of benefits a person can have upon investing in real estate. You might be hesitant to invest at first but with proper knowledge and research, you may want to pull the trigger and start investing.

Are We Living in a Renters Nation?

In a recent survey reveals optimism about homeownership rebounding as the housing market recovers. This includes young adults who were often pegged as home renters during the great recession. In the meantime, rising prices may encourage some homeowners to sell in 2013. The survey shows that today's consumers are more optimistic about the housing market and more ready to buy a home. The housing bubble burst has shaped the near term expectations about the market in general. Also, nearly all young renters want to buy a home in the long run. These consumers expect inventory to grow, and it looks like it may happen starting this year as long as prices stay on the rise. As price gains begin pushing more homeowners into a positive equity position, more will be ready to sell.

As 2012 came to a close, the DFW real estate market was looking up on all fronts. It was the very first year since 2006 in which home prices have increased. Both new construction and sales were both up significantly from their lowest point during the housing crisis. Vacancies, delinquencies, and foreclosures have come down. Job growth has strengthened, and unemployment has fallen. These trends give home buyers more buying power and confidence in the economy as a whole. At the same time both DFW short sales and Dallas foreclosures have declined.

 

Consumers are becoming increasingly bullish on buying homes. More than 27% of them are more positive about homeownership than they were six months ago. This translates into more renters being eager and willing to buy a home within the next two years:

The housing crisis looms especially for younger adults who are between the ages of 18 & 34 who have only been thinking seriously about home ownership in the recent years of boom and bust. They have no memory of the decades when home prices rose modestly but steadily, or when mortgage rates were 7%. These younger adults had a challenging time in the great recession. Their unemployment rate was very high and many of them put off their decision to buy or rent their own home. Instead doubled up with roommates or lived with parents.

 

Consumers, regardless of age, expect that both rents and housing prices will rise in 2013; they also expect more home inventory, both homes for rent and for sale along with higher mortgage rates. Younger adults have a harder time imagining price increases and higher mortgage rates than older adults who have lived through more years of rising prices and high rates. Many have higher hopes than older adults that homeownership will remain relatively affordable. Today's young renters may be overestimating what they'll be able to afford to buy when their time comes.

 

Rising Home Prices Will Encourage Sales in 2013. Nearly one third of renters want to buy in the next two years but will they find many homes for sale? The survey shows that rising prices in 2013 could trigger more sales-and therefore bring more inventory onto the market. Among current homeowners, 22% said they are somewhat likely, fairly likely, or extremely likely to sell their home in the next year. Who's going to sell in 2013? Based on the survey and local market conditions, the homeowners more likely to sell next year are those who:

• Can sell at a profit. Based on when respondents told us they bought their current home, and the sales-price trend in their metro area (according to FHFA), we estimated whether each respondent's home is worth more or less today than when they bought it. Among those whose homes are worth more today than at purchase, 28% say they're at least somewhat likely to sell in the next year, compared with 21% of those whose homes are worth less today than at purchase (among those who bought a home in the last ten years). The chance to make a profit will encourage some homeowners to sell.

• Expect prices to rise. Among people who expect home prices to rise in the next year. Homeowners who expect prices to rise are more likely to take advantage of those gains by selling.

• Bought very recently. People who bought a home in 2010, 2011, or 2012 are the most likely to sell next year. Therefore, 2013 might see a lot of new homeowners flipping their recent purchases.

If prices rise as expected in 2013, more home owners will be willing to sell. But prices and market trends aren't the only factors that determine who will sell. Many times personal reasons go into the decision whether to stay or move. Family is the top reason why homeowners might sell next year. But economics will still matter. A stronger economy could give more people reason to sell since they might find a new job worth moving for. During the recession, Americans became less mobile than in past times, but as the economy recovers, more might move for job opportunities.

 

Many consumers are more optimistic about the housing market going forward. More renters plan to buy, and more homeowners will sell. The housing crisis still hangs over the market in many regions of the country where consumers are more doubtful than others that home prices or mortgage rates will rise. But if consumers actually do what they say they will do in the next year, 2013 will be another year of housing market recovery.

Your Real Estate Business – Set Your Own Hours

Summary: This is your business. You set your own hours. Always answer your phone when possible.

Dallas Real Estate is a 24/7 job, however you don't need to run yourself ragged. This is your business! You define what hours you are going to work and set your schedule accordingly. Also, who are you targeting as your client base? Are you going to target Dallas foreclosures or high end DFW real estate, for instance? If you like working non-traditional hours then target those professions where clients will have odd hours like the food & beverage industry, airline industry, casino workers, hospital workers, firefighters, police officers, military, etc. If you like working a traditional schedule, then determine that and perhaps make alternate accommodations for clients that fall out of those traditional hours. Just because you can market to all, does not mean you should. The old saying is true, "If you aim for everyone then usually you will hit no one". If your target market is Collin County homes will you try to work a lead in Fort Worth?

 

 

The biggest complaints from clients are, "my real estate agent never answers my phone calls". Is your voicemail greeting set? Some agents update their greeting daily to reflect their schedule. Example, "Thanks for calling, it's Jan 1^st and I am out of the office today, however your call is important to me and I will return all calls tomorrow, Jan 2^nd at 10am". Don't be a secret agent, tell people you sell real estate and tell them your hours of operation.

 

 

Do your clients know that you can receive text and emails on your phone? Are you setting their expectations? Not all clients will email and text. There are still handfuls of clients that want an actual phone call. When you first meet with a client, the number one question should be is how they want to be contacted and how often.

 

 

If you always answer your phone when possible and make appointments for the times you want to work, you can actually appear to work 24 hours a day and 7 days a week when in reality you don't.

~ Jennifer Clark VIP Realty Platinum~

Dallas Real Estate and Title Insurance Policies

What is Title Insurance and why do I need it when buying Dallas real estate? To understand title insurance, let's look at what is known as "chain of title" and how title companies search public records. Title searches begin with when the US government claimed the land using a U. S. patent and moving forward from that point. Because people are involved in recording deed transfers and plotting land parcels, a lot of mistakes can happen. You want title insurance because it will protect you against these defects and "people errors".

Public Records and Property Searches

• County records are often maintained at local courthouses or the Clerk of Registrars.
• Property transfers were first recorded alphabetically in separate Grantee and Grantor books.
• Today, most records are stored in computer files.
• Dallas foreclosures will also be shown in the public records.

Land Division

• Early deeds involved large chunks of land known as Townships.
• Townships contain 36 sections and are six miles by six miles.
• Sections measure one mile by one mile and contain 640 acres.
• Half of a section is 320 acres.
• 1/4 of a section is 160 acres.
• 1/4 section of 1/4 section is 40 acres.
• An acre is 43,560 square feet

Basic Title Search

• Title searches start with the most recent deed, searching the grantee's name backwards in time, until the deed when the grantee acquired the property is located.
• That grantor's name is then searched backwards in time in the grantee's book to find when the grantor acquired title as a grantee.
• This process continues and the property description involves larger and larger parcels of land.
• Eventually, the searcher gets to the U. S. Patent.
• You can learn more about Title Searches by visiting popular Dallas real estate blogs.

Factors That Affect Title

As we discussed deeds establish a chain of title, but sometimes these chains get broken. Title searchers also look for reconveyances, easements, rights-of-way and other elements affecting title to the property. Here are more records that are searched to piece title together:

• Tax sales
• Death certificates
• Marriage records

Title Insurance Coverage

Depending on the title company, consumers can choose among a variety of options, but the top three choices are Owners, Lender's and Extended Coverage.

• Lender's Title Policy Coverage:

1. Unrecorded easements and access rights
2. Mechanic's liens and unrecorded liens
3. Defects and other unrecorded documents

• Owner's Title Policy Coverage:

1. Defective recordation
2. Clear title to the property
3. Incorrect signatures on documents
4. Forgery, fraud
5. Restrictive covenants
6. Encumbrances or judgments

• Owner's Coverage - Extended

1. Structure damage from mineral extractions
2. Building permit violations from previous owners
3. Subdivision maps
4. Covenant violations from previous owners
5. Variety of encroachments and forgeries after title insurance is issued

Who Pays For the Title Policy Insurance Policy?

• This can differ from county to county, but it is negotiable in the offer to purchase.
• Sellers and buyers split the fee for the owner's policy.
• Generally, the buyer pays for the lender's coverage.

How Long Are Title Insurance Policies Good For?

The simple answer is, forever. If you are planning to resell the property within a few years, ask your title company about what is known as "binder" coverage. Most title companies will sell you a binder policy for an additional 10% premium. Binder coverage is good for two years, often can be extended beyond that time, and the fee charged for the new buyer's policy will be the difference between what you bought the property for and the price at which it sold. You will get a credit for the amount of coverage you purchased under your own Owner's Title policy.

 

How Often Are Title Policy Insurance Premiums Paid?

This is a onetime premium due when you buy. You will never have to pay an additional premium on this policy. Title policy insurance is the best insurance policy a Dallas real estate owner can ever buy.

Agency and the Realtor

Choosing the right Realtor to sell your home requires a completely different approach than the approach you used to find a Realtor to help you buy your home.  It would be ideal if the same Realtor can help you with both transactions, because developing a relationship with an professional Realtor can be a great benefit to you in many ways.  Your listing agent should be a full time Realtor. If buyers and other Realtors have questions about your property, they want an answers now, not when the listing agent can manage to get time away from his job. Successful listing agents are not in the business part time.

Most Agents who sell Plano homes or any DFW homes don't want you to know they work part time because they know it will reflect negatively on them. Ask the agent how many hours a week they spend working real estate and if they have another job.  Does the agent have a professional appearance? The agent you choose will be a reflection of your property. An unprofessional appearance or attitude will turn off potential buyers. How long has the agent been involved in real estate sales? It's an important question, but don't get hung up on the answer to much.  Hard working new agents can be just as effective as a well established agent.

Does the agent belong to all of the areas multiple listing services? The more places your listing shows up, the better exposure it will get. Your agent's first choice will be to sell the property herself, but promoting it to every available agent within the area is a must from the very beginning.  A single agent might be working with ten qualified buyers at any given time, but your property won't be suitable to all potential buyers.  Listing the property in the MLS brings in every licensed agent, drastically increasing your buyer pool.  Does the agent specialize in Dallas foreclosures?  If so, you probably don’t want them as the selling representative for your house.

There are many other questions you should ask the agent during your interview.  Here are some good examples:

·         What types of marketing will you do for the property?

·         How many of your recent listings have sold during their initial listing period? How many listings expired without a sale?

·         Do you have special training that goes above and beyond what's required to be licensed?

·         Will you hold an open houses?

·         Will you provide marketing materials to leave in the house for agents and buyers?

·         Will you send flyers or postcards to local agents?

·         How often will you call me with showing reports and feedback?

Ask as many questions as possible that cannot be answered with a simple yes or no response. An open ended question forces the agent to talk about her ideas for your property, and many of the responses will trigger more questions from you. Always ask an agent for referrals from satisfied seller clients. If the agent cannot provide them, something may be wrong and you should probably move on.

A Marketing Plan

The agent must be able to demonstrate to you an aggressive marketing plan. Does the agent or firm have a good internet presence? Will the agent do a virtual tour of your property? How does the firm stack up against other firms that are marketing on a local level? You should have a good feel for the answers to all of those questions based on the agent search you did when you bought the property. After you decide on an agent monitor them to make sure that the promises your agent made turn into actions. If the marketing plan isn't implemented, ask the agent to make the necessary corrections. If they make no corrections ask them to release you from the listing contract. Remember that the firm’s broker in charge is your agent and she should be notified if your listing agent does not follow through their promises.

Open Houses?

Most open houses held for buyers do not actually sell the house being held open. A better type of open house is one held for other real estate agents because these are the people who are in control of showing your property to buyers. At the very least, your agent should have a showing for all other agents within his office, but holding a second open house for all agents within the MLS is also highly recommended. They won't all attend, but everyone who does will tend to remember your property when a suitable buyer comes around.

Ask as many questions as you need to determine which agent is best fit for your needs.  Keep in mind that your final agent selection will require some gut feeling on your part. Personalities always come into play, so you should choose an agent based in part on the knowledge that you can get along with that agent during the listing period. There are plenty of good agents out there available to you. Don't choose someone who you cannot stand dealing with, because there's surely someone who can offer good services and a good working relationship. 

DFW Real Estate Showing Tips

When showing your DFW home for sale, you want to do your best to engage the buyer emotionally because their decision to buy is based more on emotions, and less on logic. Give the buyer the emotions to say yes by staging and accentuating your home's positive attributes, and minimizing attention to the negative attributes. This is paramount to selling any DFW real estate and Plano real estate successfully.

Gracious Welcome

Although buyers are guests in your home, you want them to imagine themselves owning and living in the home. You don't want to make the buyer feel like an outsider.

· Don't pressure or hurry the buyer. Tell them to take all the time they want.

· Don't expect the buyers to remove their shoes, unless you are selling to a buyer for whom religious or cultural reasons dictate it.

· It is best to leave the house. The buyer won't feel comfortable about talking about the house in front of you.

· Leave a bowl of mints or other treats near the front door with a small note thanking the buyer for coming to see your home.

Check the Temperature

· Now is not the time to worry about your utility bill. If it's cold enough to wear a sweater turn on the heat.

· If it's hot outside, turn on the AC. It's better to heat or cool the house a degree or two warmer or colder than usual and then set the temperature at normal. This prevents the heat or A/C from coming on when the buyer is present, because some HVAC systems are loud.

· You want the temperature inside to be comfortable and to give the buyer more of a reason to stay longer, especially on hot or cold days!

· This may not be possible with Dallas foreclosures because many times the utilities are not on at the property.

Create a Mood

· Light a fire in the fireplace even if it is summer time.

· Romanticize it by placing two champagne glasses on a nearby table.

· Turn on soft music like jazz or classical.

· If you have water fountains, turn them on.

· Turn on all lighting and ceiling fans.

Play Up the Visual

· If you have seasonal photographs showcasing flower gardens, leaves bursting in color or a snow-covered lawn twinkling from street lights, then display them.

· Take down all the photos of your family. If your family members are pasted all over the walls it’s hard for them to imagine it being their own home.

· Open all the window coverings to let in light.

· Keep blinds partially closed that otherwise show undesirable outdoor scenery such as a dilapidated fence or a nearby structure that obstructs views.

Play Down the Scent

· Many people are allergic to certain scents and deodorizers, so don't spray the air or plug-in air fresheners.

· Don't burn candles or spray perfume in the bedroom for the same reason.

· If you're going to bake cookies or brownies or simmer spices such as cinnamon in water on the stove, put out munchies so buyers aren't disappointed. More than one buyer has said, "Oh, shucks, I thought there were cookies here".

Brighten up the House

· Turn on every light in the house, including appliance lights and closet lights.

· Brighten dark rooms with few windows by placing spot lights on the floor behind furniture.

· Turn on all ceiling fans and even the fireplace.

Provide Thoughtful Notes

Attach printed notes to items and in rooms that provide further information the buyer might miss or might not know. This will go a long way with the buyers.

· If you have an expensive chandelier in your dining room, put a card on it that discloses its age and other important details.

· If you have removed the washer and dryer from the laundry room, attach a card to the wall describing the room.

· If a room is empty place a note giving the buyers an idea what this area can be used for.

Top It Off With Food

The best way to entice buyers to linger in your home and notice more details about your home is to offer them food and drink. You don't need to cater a lunch, but finger sandwiches, cookies, soft drinks, water, coffee, and desserts are all a good idea.

Encourage Buyer Feedback

· Near the food and drinks, leave pens and a stack of questionnaire cards for the buyers.

· Buyers will feel obligated to respond to your request after being given food and drink.

· The showing feedback you receive will be invaluable to your selling goals.

· Allow buyer anonymity by not requesting their name or contact information.

The Drawbacks to Buying Dallas Foreclosures

Dallas Real Estate buyers who are value conscious are lured in by the low listing prices advertised for Dallas foreclosures. They hope to show up at the foreclosure auction and win the lowest bid. Its’ possible, however consider this; many of these houses are not open for inspection prior to purchase. It generally isn’t smart to buy a house that you cannot inspect the interior of. What if there is no interior of the house? If the accepted bid price was low enough to compensate you for the amount of work that might be required to bring the condition of the house back to market standards. Before you rush to buy a Dallas foreclosure, stop to think about the drawbacks and risk if you can't get in the house to inspect it.


Is Someone Still Living at the Property?


If the house is occupied, the successful bidder will typically be responsible for getting the occupants out, who may or may not be the previous owners. They could be relatives or friends of the owners, renters or squatters. You may have to go to court to have them evicted. It may be wise to contact on or the many professional DFW Realtors that have experience in foreclosed properties.

• If you are unfamiliar with eviction processes, you should hire a knowledgeable lawyer to handle it for you.
• Be aware that tenants or previous owners who are sued for eviction sometimes retaliate and damage the property.
• A better solution might be to give the occupants some money to help them relocate and get out of your house.


Non-Owner Occupied Homes

Example: A seller, unaware that his deed of trust contained an "assignment of rents" clause, meaning, the lender has the right to collect the rents if the owner does not make his mortgage payments, stopped paying on his mortgage and didn't care who he rented the property to as long as the tenants paid him. The seller, fully intending to keep the rent money and forget about his mortgage, the seller listed the rental property for sale. His agent made an attempt to gain access to the property. The tenant looked through the door and then slammed it in the agent's face. Just as soon as the for sale sign was installed in the yard, the tenants stopped paying rent. Neither the lender nor the seller could collect any rent money from the tenants. The agent could not show the property. This was a very nasty situation. This does not only happen with Dallas foreclosures it can happen with any tenant occupied DFW real estate.


Condition of Foreclosed Properties

Because these foreclosed properties are purchased "as is" from the lender there is no guarantee or expectation of the properties condition. Sometimes it is possible to inspect these properties prior to making an offer but many times, as in the above example, access is not granted and not possible. When sellers realize they are about to lose their homes through foreclosure, it's not uncommon for them to stop caring about the home and burying their heads in the sand.

• If they are angry or desperate enough, it's possible they might destroy the house or take everything they can take out, out like doors, hot water heaters and bath tubs. An effective way for them to damage the property is to flood it by turning on all the water faucets, plug the drains and leave. Others will smash in walls, and then pull out the copper pipes and wiring to sell as scrap metal.
• Owners will also sell the appliances and kitchen cabinets and anything else that they can.
• Some of these people actually leave their animals behind, locked inside without food or water. These people are the worst of them all.

Buying Dallas foreclosures is not for the faint of heart. It's best handled by the pros and is not recommended for first-time home buyers. But if you are determined to get a good value on one of these foreclosure home do your due diligence and talk to everybody you can to lean the ins and outs of buying foreclosed properties.