Why would you want to buy a foreclosed home as your primary residence? I mean, these homes are typically dirty junkers that need a lot of work... right?
Wrong!
Some of these homes certainly are junkers and don't deserve a minute of your time but there are a big handfull of homes that are pristine and ready for you to move in. There was a time when many of the homes that were being foreclosed on were total pieces of garbage. I remember seeing homes where it was obvoius the owner didn't care about it... and it wasn't just because they were about to lose it. Carpet and walls had years of abuse. The exterior was never personalized or even maintaned. The odor inside was... well... I don't want to lose my stomach talking about it. But I have seen a big change lately. It seems as though most of these people have been flushed out of the real estate market, or at least as owners. (sorry investors who are renting to 'these people')
So... back to the question... would you want one of these homes as your primary residence?
I have seen some fantastic homes hit the market recently. Homes that were million dollar homes, just a couple years ago can be purchased at 50% off (or more if done right). If you are in the $500,000 home price range (in my market), then the chances of you getting a move in ready home with little to no abuse, is really high! In fact, if you're in the $250,000 price range, these were $500,000 homes before and are, mostly, ready for you to move in too.
So... the answer is YES!
This is the time to get a home at a great deal and one you'd be proud to have as your own!
So how do you find a really well priced home? There are a couple ways to ensure you get a good deal. BUT You Have To Promise Me One Thing... DON'T FALL IN LOVE WITH ANY HOUSES! This is just as much a business decision as it is an emotional one.
When searching for a foreclosure home you'll want to get very familiar with the pricing for the area's you're interested in. When you see a deal you can jump on it. You should also do your best to know floorplans so when you see a square footage, you know which model it is and you can reduce your previewing time... in fact, if you know its the model you want, you'll be able to make an offer, sight unseen and undercut much of the other buyers out there. Remember, in most "traditional" real estate transaction you'll have some time to "back out" if you need to.
Another thing I'd recommend to get a FANTASTIC deal, is to go to the courthouse steps to buy your home. This is really only an option for States who foreclose using a trustee, and this would be a trustee sale at the courthouse steps. You usually need cash (read my post on how to buy foreclosures and make a profit for some insight into this process). There are some challenges with this and you need to watch for them so they don't become pitfalls. (again, refer to this post) Most of the buyers at trustee sales are investors. These guys/gals have a cut-off that's wayyyy below the market value on these homes, which will allow you to get a screaming deal. If there are no more people trying to buy that particular home as a primary residence, you'll have virtually NO COMPETITION.
This is a really tough market, even for buying foreclosed homes at the courthouse steps. You may want to have a "couple irons in the fire" to maximize your results. This blog doesn't typically address shortsales but in this strategy they may be a vital link to you finding the home you want. Since you've done your homework and know which models you are interested in, based on the square footage of the home... you can be the first to shoot out an offer to any and all of those shortsales that hit the market. With enough of these offers out (and no emotion... remember... this is a business decision) then you're bound to get a great house at a great deal... exactly what and where you want it.
If you're considering buying a home in the Riverside or are looking for houses for sale in Corona, CA then get over to my site and sign up as a vip buyer. I guarantee all my VIP Buyers will be in escrow on a home they want, within 45 days or I'll pay their mortgage (or rent) until they are in escrow! Go there today at http://buyer-guarantee.makecoronahome.com/
I wish you the best!!
She BANKED $2.4 Million In Just 14 Months
Investing outside of California and investing in real estate from your own home is way outside my knowlege base... but not Charrissa Cawley's. Click here for an Immediate digital download of Charrissa's ground-breaking training. You'll be directed to a page to fill in your info and request the training. In the training you'll learn what to do to become a Real Estate Power Investor! "Are You In or Are You Out?"
That's what Charrissa Cawley would say... In fact she does say it... and Charrissa makes a compelling arguement too. With the recent relaxation of FHA guidelines, in the 90 flip rule, she says there are no more excuses to not invest... Charrissa put it this way... "...those of you who have been waiting for the perfect time to begin investing need to do a gut check and make a real estate investing decision. You’re either going to start investing – or you’re going to kick back and talk about investing until all the best properties are gone and this unprecedented opportunity passes." She's sooooo right!!! I talk to "I shoulda" people all the time. Don't be one of "those guys" It's a waste of life. Either you're going to invest in real estate or you're not. -So you've gotta ask yourself... "Am I in or Am I out??" All my posts are based on investing in real estate in California... most specifically, my local market. That's because that's what I'm familiar with. So if you're investing in homes, whether they be foreclosures, short sales, or some other investment home, in California then you can glean a lot from my posts. If you're in another state... or you want to invest outside of your state, then read this post and learn from the master, Charrissa Cawley. If you don't know who Charrissa Cawley is, then here's a quick bio... Stay at home mom turns Multi-Millionaire, in 14 Months... that's right... she started investing and earned 2.14 Million Dollars in just 14 months. Now she's giving back. She's a seminar speaker and a real estate investment trainer. She's training on real world, current, Real Estate Investing strategies and her students are making a killing too. Charrissa is allowing people to get thousands of dollars worth of material for a low introductory price. Grab your copy now... I hear the price is going way, way up after the launch. -- This Is Cool -- Charrissa is teaching people how to invest from the comforts of your own home... I'm not talking about the training... I'm talking about actually buying the homes - while at your home. You can become a skilled real estate investor without even having to be on location for most of your deals. This is the beauty of remote access and virtual assistants... I'd also like to add that NO MATTER HOW BAD the recession gets, it's times like these that turn our markets upside down which opens up a plethora of opportunities out there for property investors. Basically, right now there is an absolute gold mine out there which I and many others are capitalizing on. In fact we are doing a good thing by keeping the RE economy sector moving forward and stopping a domino effect of further chaos to some degree... So no, there is no need to ask; "Charrissa, is your business suffering right now?". Because the answer is "no, my business is booming during this downturn." Here's a question Charrissa asks: "Are you currently 'happy' with your day to day routine? Would you live your life a little bit differently if you didn't have to worry about having enough 'time' or 'money' to make sure your family and future were secured? If you're like most people, you would do ANYTHING to finally be able to drop that crappy 9-5 'just over broke' job, and generate three times the amount of money you do now, with only 1-2 hours of real work a day working for nobody but yourself. Imagine the freedom, no staff, no office, no boss, and no more 'routine'..." This would mean time with your family, time for vacations (and the money to do it!), all those goals you've set for yourself financially turning into reality, and let's face it - just a much better, less stressful, and more rewarding day to day life! Sound good? Let me tell you it's more than good, it's GREAT! Charrissa has been living this dream for a few years now and watched hundreds of her students grow to be huge power investors under her wing. The best part is, these are NORMAL and EVERY DAY people just like you, they're not Harvard graduates, they are not the 'top of the business class', they simply have a heart, a brain, and a passion to finally take control of their lives. IT DOESN'T MATTER what your experience level or background is with real estate, the information that she has to share with you has the power to dramatically change your life for the better in under 30 days.
You'll learn all you need to know, like "The Four BIGGEST MISTAKES New Investors Make" No Matter What - Don't Let This Happen To you!. Mess these up and you'll NEVER make it in this industry.- The market: Never invest unless there is a STRONG rental market with good potential for long-term positive cash flow/income. Weak markets often predict short term risky returns with little room to maneuver.
- Do NOT overspend on your investment. Meaning that if you can't get it at a great price, DON'T TOUCH IT! No matter how much 'future appreciation' a property might have, this is asking to get burned later!
- STOP CHASING the same dime. Motivated sellers CAN be a little goldmine if you focus on them exclusively, however this is going to eat up your time, and you are going to find yourself in a bad deal sooner than later. I have a turn-key system that goes far beyond the success of quick movers & shakers.
- Too much talking, not enough walking. This was the hardest one for me to get over, stopping my research and simply TAKING ACTION! Too many people talking a big game, and even if they truly know what they are talking about, nothing attracts success more than being a motivated go-getter that doesn't talk too much, but acts fast, swift, and often.
Wednesday, September 1, 2010
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thats a good thing to consider about, there lots of good deals...
ReplyDeleteGreat post! I agree now is a great time to invest... Especially when in some areas you can rent properties for 1% of their value... that's 12% return... Better than any banks!!
ReplyDeleteExcellent Blog! I recognize now is a good a chance to shell out... Especially when in some places you can lease qualities for 1% of their value... Its better than others banks.
ReplyDelete