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REO Property – Wise Investment or Not?

By
Real Estate Agent with Keller Williams Realty

We are In a Buyers Market Folks!

Now is the time to make your move. Real Estate Investing is not for the Squeamish!

It's for those that believe in dreams!

Written by: Rose M. Simms, Senior Consultant - Keller Williams Realty - Novi,  MI

 First, I ask a question, do you know how to determine a location? Do you randomly select a price? Do you consider current, past and future value? Do you believe everything you hear and see on "Info-mercials"? Take guard and be wise my friend and be prepared.

 You'll need to find a good Real Estate Agent that has YOUR best interest in mind. Interview and listen carefully. Ask for facts. Selecting the right agent will turn your investment into the color green; their drive and will to succeed will be so strong that all you need to be concerned about is preparing yourself to win.

 I've had so many investors contact me from all over the country with a desire to pick up property for 500 to $2,500.00 however the homes listed at that price pretty much is located in areas that isn't necessarily the soundest investment. Why? The area can be questionable complete with other problems such as theft, run down  rat infested vacant homes that in most cases will cost so much out of pocket expense due to continuous break ins trying to steal the copper from wiring, taking the furnace opposed to many other factors, the hassle is hardly worth your time.

 In my opinion I would step up to the plate and plan to spend at least $25,000 to $54,000.00. Many times the house is in decent condition with minor out of pocket expense; easier to rent because of it's location. Once you consider the total picture it may be well worth the bottom-line.

 Becoming a real estate magnet is a journey. It takes time and patience and careful planning. However I must add that when in fact a good investment is presented, don't sit back and wait - you're wasting everyone's time because another slick investor will pull the carpet from under you.

 Learning the difference will change the entire way you invest, because how you think matters, in fact, it matters a lot. Building financial wealth is possible through real estate; I can't help but think of the movie "Gone With The Wind". All the devastation, loss of jobs, homes, monetary items, war...(sounds like today, doesn't it?). But what did Scarlet O'Hara do near the end? She sifted the sand through her fingers. It was like gold, because the value is in the land.... all her wealth was returned, how? Because there is power in real estate, there is power in the land; everyone needs a home, everyone will either own or rent. The stock market will slide up and down, but everyone needs a place to rest their head.

 Anyone can do it, but not everyone will. If you are interested in taking advantage of the Michigan marketplace give me a call. I'll either take care of you personally or refer you to another consultant who will have your best interest in mind.

 

Show All Comments Sort:
Kirk Westervelt
Van West Realty - Greenville, SC Realtor -Short Sale Expert! - Greenville, SC
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonvil...

Hello and welcome to Active Rain! I encourage you to learn from others, share your knowledge and experiences with all of us, enjoy yourself, and try to log in and join us in the Active Rain community as frequently as possible. I look forward to your future blogs and comments! Take care, --Kirk.

Sep 27, 2008 05:20 PM
Ron Martin
Keller Williams Realty - Spartanburg, SC
Ron Martin Team

Good morning & welcome to Active Rain, You have joined an excellent site to receive free marketing, absorb more information from others, share ideas.  Be a blogger and have fun. If you have any clients moving to the Greenville, Spartanburg, & Anderson South Carolina area we are your team. We are on all three MLS. Great blog!  Keep it up. Again Welcome!!

Sep 28, 2008 12:30 AM
Yvette Gardner
Keller Williams Realty, Spartanburg, SC - Spartanburg, SC

Welcome to the Active Rain community. You have chosen a great site with tons of information you can learn from.  Have fun with it and hope to see more of your blogs soon!  We have a team of four outstanding full time agents to assist your buyers and sellers in Spartanburg/Greenville, SC.  Again, welcome to AR!!

Sep 28, 2008 02:26 AM
Bill Kennedy
Keller Williams Greenville Upstate - Greenville, SC
Homes For Sale Greenville SC

Welcome to Active Rain! This is a great website for building your business, as well as learning from others.  Pat yourself on the back, because you made a GREAT choice in joining the blogosphere!

Write often, and write whatever comes to mind.  Blogs about personal topics and non-real estate items are often the best.  It helps your readers to bond with you, and ends up bringing you a lot of business!

Good luck with your future blogging.  If you'd like more info on points in Active Rain, I just wrote a blog about it (click here). Feel free to ask me any questions if you need a hand!

Sep 28, 2008 01:55 PM
Ginger Ryals
Prudential C Dan Joyner and Young Realtors - Spartanburg, SC

Welcome to Active Rain!! This is a great site to network and share ideas!! Have fun with it!!

Sep 28, 2008 01:56 PM
Jean Terry
Keller Williams Realty Spartanburg, S.C. - Spartanburg, SC

Hi and welcome to Active Rain, a great site to network, share, learn, and have fun.

Good Luck

Sep 28, 2008 03:20 PM
Nance Burdette
Keller Williams Realty Partners - Spartanburg, SC

Welcome and congrats on signing as a new member of ActiveRain. Being a new member myself and entering into my second month, I truly see the awsome advantage that blogging can be; (and it's fun). Seems to be the beginning of a healthy and wealthy relationship of abundant professionals. Everyone has been so very kind. And so much to read!!! Hope to see your blogs in the future.   Best of Luck,  Nance

Sep 28, 2008 04:05 PM
Marcy Fedalei
Keller Williams Realty - Spartanburg, SC

Welcome to Active Rain and thanks for sharing your ideas.

Sep 29, 2008 12:15 AM
P G
Charlottesville Solutions - Charlottesville, VA

I see that you are new to Active Rain and I just wanted to welcome you. I hope that you enjoy it as much as I do and that you find it a great resource.

Sep 29, 2008 07:41 AM