Everyone knows now that the high times that buyers, builders, lenders, realtors, and investors have experienced the past few years is long gone. Now the market is in a downswing and these same people are scrambling to stay afloat. Hopefully you didn't get caught up in the madness and think you were immune to losing money! As an investor / lender I want to take this time to discuss the investing end of things. Not all is bad if you positioned yourself correctly!
By this I mean you stayed safe with your investments and you didn't jump in head first. If you were smart, you are primed to take advantage of the rise in foreclosures. Banks are not in the business of holding on to property. You can take advantage of this. Your options are to negotiate with struggling homeowners (if you can) and try to make it a win-win for both, negotiate with banks, or wait until the home hits the courthouse steps. Either way there are deals to be had. You can do some quick work to the home and flip it or pick up some nice investment homes to rent. Just don't get emotionally attached to a property and pay more than necessary and only spend what is necessary to improve the home. Keep in mind what price ranges are moving in Columbia and stay within these brackets. If you are flipping, why buy a home that you will have to hold on to forever due to the slow market!
Remember you are a smart investor! If you weren't you would not have the liquidity to be able to shop right now! You would be cash strapped like so many others! Just follow a game plan , start small, and be smart and you should be fine.
Please keep in mind that real estate investing and flipping houses is not for everyone. Talk to some people who have done it. Don't just read a "Get Rich Quick" book and think you are an expert! Happy Hunting!
Brought to you by:
Professional Mortgage Group, Inc.
"Your Columbia Missouri Mortgage Broker"