Real estate foreclosure investing can be one of the quickest ways to make money in real estate.
Today’s savvy investors are still able to find good foreclosure sales happening in virtually every real estate market in the U.S., though residential and commercial foreclosures aren’t as prevalent as they were five-ten years ago.
Foreclosures occur when a homeowner (or even an investor) is no longer able to make their mortgage payments for an extended period of time. The bank or lender will typically foreclose on and take over the property, due to money owed.
Consider these points when deciding whether real estate foreclosure investing is the best REI strategy for you:
• what is the condition of the foreclosure property
• how much work (repair or rehab) needs to be done to make the property livable
• how does the foreclosure price of the property compare to other comparable properties around it
• is the property vacant or occupied
• how long will it take to get possession of the foreclosure property
• can you find your own financing for the property
• do you intend to fix and flip the foreclosure property, or buy and hold it
You can have instant equity with a foreclosure property, whether it’s a house, condo, or commercial building, if you choose the property wisely. For example, if you bought a foreclosed house in good condition for $100,000, when other comparable properties in the immediate area are appraising for $120,000, you’ll have $20,000 equity the day of closing.
Would you like to expand your knowledge about real estate foreclosure investing, through a series of online classes and courses on this and other real estate investing strategies? Then click here to attend a free real estate investing webinar.
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