I recently joined the Boston Real Estate Investors Association and recently attended their last investors meeting in Waltham.
All I can say is "WOW!" All of the negativity about the market just disappeared!
There were over 100 Real Estate Investors, experienced and newbies alike. They were all "pumped"!
They know that this is their market.
If you are an experienced investor or a new investor, this is truly your market. Many bank owned properties can be bought at bargain basement prices.
Historically, Real Estate always increases in value over the long term. However, there are investors buying wholesale, fixing and rehabbing, then re-selling at retail. These investors reap in thousands of dollars.
The entry level education for venturing into rehab properties is minimal, but you do have to be smart about the property, its location, condition, style and the work required.
Examples:
Foreclosed Homes in Taunton start at $68,000. Foreclosed homes in Rehoboth $215,000
Multi-Family Homes in Taunton start at $120,000.
The way to buy bank owned is to hire a buyer agent to help you interpret the upsides and downsides of the particular property you are interested in. Costly mistakes can be made if you don't look before you leap. You must know exactly what each property needs. You should have a Realtor, an attorney, a financial source, a home inspector, and a contractor on your team.
Most of the bank-owned properties require substantial work.
Also Banks like to see cash deals because closing takes less time. You could partner with other investors if you are short on cash.
Investing in Real Estate is not an easy business. Everything worth pursuing in life is hard work. In my opinion, the long term rewards outweight the work.
What an opportunity!
Lori Lincoln helps real estate investors and others with their real estate goals.
Lori is with Keller Williams Realty
For more information call her at 508-878-0917 or email lorilincoln@kw.com
website: LincolnTeamRealEstate.com
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