{"id":164111,"date":"2013-07-21T04:00:13","date_gmt":"2013-07-21T11:00:13","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/?p=164111"},"modified":"2019-07-24T00:36:06","modified_gmt":"2019-07-24T07:36:06","slug":"reader-story-i-bought-foreclosure-on-courthouse-steps","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/reader-story-i-bought-foreclosure-on-courthouse-steps\/","title":{"rendered":"I bought a foreclosure house on the courthouse steps"},"content":{"rendered":"
This article is written by Naomi Mannino<\/strong>. Naomi is a freelance consumer personal finance and health journalist who reports on health, medical and personal finance news and how it will affect your life today. You can follow Naomi on Twitter @naomimannino.<\/em><\/p>\n Some reader stories contain general advice; others are examples of how a GRS reader achieved financial success or failure. These stories feature folks with all levels of financial maturity and income.<\/em><\/p>\n Can you really buy a house at auction on the courthouse steps for $100? Do you have to spend hundreds of thousands of dollars as the house-flipping guys do on TV?<\/p>\n My husband and I have just recently achieved our long-time goal of buying a foreclosed house, turning it into a rental property and creating a steady stream of income from the monthly rent we collect (at 17 percent profit on the initial cash investment every year). It’s neither quick nor easy, but it is a viable investment solution if you meet the five requirements below.<\/p>\n I came into a small inheritance and thought hard about what to do with the money. I don’t know enough about the stock market, so I stayed away from that. Then there’s the low interest yet tried-and-true 5-year CD ladder I opened. But my husband and I have always wanted to buy a foreclosure on the courthouse steps and now we finally had the chance. Every county is a little different, but one thing is a constant in all foreclosure auctions: Cash is king, as certified funds are required usually within 24 hours of winning the bid and making any initial deposits required.<\/p>\n<\/span>1. You Need Cash<\/span><\/h2>\n
<\/span>2. You Need Experience<\/span><\/h2>\n