Originally Posted by
PorkChopSandwiches
If you can get a good deal in a decent area it a great way to make money. Dealing with short sales can be time consuming having to go back and forth with the bank, but they typically like to get the properties off their books so they will sell at a loss. Foreclosures on the other hand have to go to auction (at least here in CA) so you will have to compete with other bidders. You need to be patient and know your price point, it easy to get caught up in bidding and overpay. In CA its really tough because we have a lot if idiots with money and a lot of the auction prices are ridiculous for a flip, so you end up having to hold them long term for the equity to grow, and holding anything long term can be risky and expensive.