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Investing in Foreclosure Properties

A decision to begin investing in foreclosure properties should encourage an examination of all the property in the area. By examining the property for sale in any area, one can then begin to evaluate that property. That does not mean that investing in foreclosure properties demands the use of a professional appraiser.

As long as an investor can get to the neighborhood where he (or she) has heard about a foreclosed property, an investor can analyze the neighborhood in which that property is located. If an investor can not get to that neighborhood, then the investor can save money by looking for a realtor with an MLS computer.

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A realtor needs to invest only a few minutes in something called a "sold search". The results of such a search should reveal the location of foreclosed properties in the area. Once the investor has the information from the realtor in-hand, then the investor can move on to the next stage of investing in foreclosure properties.

After assessing the value of a property, a potential investor needs to consider three other forces, forces that play a role in determining the appeal of any piece of property. Social patterns in an area can raise or lower the appeal of any foreclosed property. Those who are investing in foreclosure properties would generally prefer something in an area of suburban growth, as opposed to something in an area of urban decay

Economic movements in an area can affect the appeal of a foreclosed property. Government influences can also sway the potential buyer of any piece of property. Such influences include fire districts, tax districts and near-by government housing.

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Once the investor has located what seems to be a desirable foreclosed property, then the investor needs to determine the exact market value for that property. After all, someone who is investing in foreclosure properties generally plans to profit from the future sale of any purchased property. The investor must determine the value of the property that he (or she) eventually plans to sell.

The investor should locate as many previous sales as possible, sales that took place in the same neighborhood as the property in which the investor has taken an interest. The investor must look at how each sold property was similar or dissimilar to the property of interest. By comparing that property with the sale price for other neighborhood properties, the investor can determine the market value of the foreclosed property in which he (or she) would like to invest.

At this point the investor is almost ready to approach the owner of the foreclosed property. The investor needs to make one final decision. The investor must decide what price he (or she) is willing to pay the owner of that foreclosed property. Obviously, the owner of a foreclosed property is not in a position to ask for a large amount of money.

The investor should not loose sight of that fact. The investor can generally get a foreclosed property for "next to nothing".

5. Make Money Renovating Homes

Is it really possible to make money renovating homes? The answer is yes, if one has access to a steady stream of information about low cost properties. That was the situation in which one young man and his wife found themselves in during the late 1970s and the early 1980s.

It might be noted here that the young man did not hold a real estate license. He was employed by a branch of the U.S. military. He and his wife lived in the Nation's Capital, and his wife worked for a real estate company.

While news about foreclosures now filters into almost every news report, some home owners have come on hard times in every decade of the past century. Those who were buying and selling real estate developed a keen awareness of the bargain prices at which such hard-pressed owners had to sell their properties. Those same people, those real estate professionals, took steps to purchase those low cost properties.

Real estate professionals have a wider knowledge of the business of home construction. That knowledge then gives real estate professionals a greater appreciation of the ins and outs of home reconstruction projects. Armed with such information, real estate professionals are prepared to launch an attempt to make money renovating homes.

Now a woman working in a real estate office does not make a large salary. In the case on which this article focuses, her husband had a salary that did little more than cover the mortgage on an existing home. The working wife used her salary to cover the expenses. The couple with access to valuable real estate information needed more resources, resources that could be used to make money renovating homes.

Where did they get those resources? They obtained a passive investor, a woman who had money that she planned to invest. She was comfortable investing some of her money in real estate.

The Washington , D.C. couple purchased a number of low cost homes and then paid for repairs to and reconstruction on those homes. Afterwards, the same couple sold the remodeled homes, and they enjoyed a profit from each sale.

In other words, this one couple found a way to make money renovating homes. They were well aware of the need for performance of regular inspections, during the entire renovating process. The couple gladly structured their own schedule to accommodate the schedule of the inspector. In that way, they managed to get government approval on all of their building changes.

The same couple made another wise move. They made sure to use only licensed contractors. In that way they had better control over the quality of work performed by the construction crews.

Years later, after the unfortunate passing of the young military man, the same man's wife drew on her past experiences. She did not make money renovating homes, but she did save money by renovating one particular home. That is the home in which the same woman, the one-time employee of a realtor, now resides.

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