Foreclosures reveal real estate profits

Distressed properties ripe for flipping, long-term investment

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Last month I received a phone call from "Michael" in St. Louis. He's a very private real estate investor so I know he wouldn't want me to use his last name. Somehow, about 10 years ago, he appointed me to be his "mentor." I didn't even get to vote! Ever since we met over a beer at the St. Louis Lambert Airport (when TWA was still a great airline there), he's been phoning me almost every month to tell me about his latest fascinating real estate adventures. Michael has accumulated about 20 rental houses, quit a job he hated with his family's business, bought a nice home in St. Louis' best suburb, and is supporting his family with the rentals from his houses. Some of his acquisitions have been mortgage foreclosures. Purchase Bob Bruss reports online. I could hardly believe what an incredible foreclosure bargain Michael purchased last month from a foreclosing bank. This is probably his "best deal" ever. He reports it is a brick, five-room, two-bedroom house in an "up and coming" St. Lo...