You may be wondering “If it is so easy to fix the flaw and sell the home for a profit, then why doesn’t the person who owns the home do it themselves, instead of selling it to real estate investors for a lower price?” The answer is simple: The ‘people’ who own these properties are often banks. Banks don’t want to deal with fixing a small flaw just to resell the property for a small profit. They want to write it off, cut their losses, and wash their hands of it. Basically, they want to get what they can from it and not have to deal with it any longer. This means easy profits for those who have the time and means to fix up and sell the property. A $10,000 profit for a month’s worth of work is exciting for the Regular Joe, but for the bank … not so much.
There are three main property types that real estate investors look for:
1. Properties that need to be fixed up – In other words, they have cosmetic flaws that can be fixed with nails, a hammer, and some paint.
2. Properties that have a non-cosmetic flaw – A good example of this is a property that is in an undesirable location, such as situated in between two business establishments or near train tracks.
3. Properties that are located in slow-moving markets – Although they may not be slow-moving forever, banks aren’t going to want to wait for the market to improve; they just want to get rid of these properties now.
Remember, finding the right property is key when it comes to making an easy profit. The more time you invest into finding your ‘diamond in the rough’, the more money you can make from your effort.
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Tags: finding foreclosures, foreclosure education, foreclosure investing, real estate investing, stop foreclosure
