Foreclosure Rise Brings Business To Investor

March 14, 2007 at 6:14 pm Leave a comment

Mr. Barnes works the rock bottom of the housing market, what his lawyer calls the “sub-subprime market.” He and his partners buy foreclosed homes by the dozens, sight unseen, often for just a few thousand dollars apiece. They resell them to low-income buyers who would have trouble qualifying for bank mortgages, providing many buyers with seller financing.

Mr. Barnes farms out most of the deals to a group of about 40 investors around the country, collecting $1,000 for each deal he passes on to them. Last year, he says, he and the investors bought more than 1,400 foreclosed homes. Mr. Barnes, who never attended college, says his real-estate investment income topped $1 million last year.

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Entry filed under: Internet Startup.

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About Biz News

My Name is Bisi and this is my blog This blog features stories that I have read that I think are interesting . I usually bookmark the stories that I find interesting but they are getting too many . I have decided to catalog and share them on this site . I am not really promoting the site so you might have accidentally stumbled on it . Thanks for visiting .
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