Getting rich quick from from buying and selling foreclosures is a myth.
Yes, you can get rich, but only in the same way you can get rich in any other business you start. You have to work smart, work hard, and work long. Invest in your business, keep at it consistently, and you will build true wealth over the years.
Do not waste your time looking for the $1 million property you can buy for $100,000 and flip in three months. It will not happen. No homeowner is going to let that much equity go up in smoke.
So-called hard money lenders will get there before you. They loan money at very high interest rates and for short terms to property owners with cash flow problems but substantial equity in their real estate. The homeowners either pull out of their tailspin, or the hard money lender takes the property, usually in some sort of a private foreclosure.
I suggest you create a business plan for yourself. It will provide a road map for your foreclosure investing and lead to true wealth over time. There is a business plan example in Appendix A.
Over the course of fifteen years and one foreclosure per year, modest flips with $25,000 profits can build a nest egg of $375,000.
Armed with this introductory knowledge, and keeping in mind your own goals, get started with foreclosure investing.