Foreclosure Opportunities in Minneapolis

Real Estate Sales Representative with Coldwell Banker Burnet

They are all over the place and banks are dealing. For investors with cash or the ability to get conventional or hard money loans, some serious opportunities exist.

Here is one example of a fantastic opportunity for an investor.

Three condominiums in a converted five-plex are available. Currently priced in the $35,000 - $55,000 range....but they aren't moving. Because of lack of revenue from association dues, the association is dysfunctional too! Banks are paying every month to maintain these properties, not to mention lost interest and use of what capital remains.

But, if an investor came in and the banks allowed them to purchase the condo's for $25,000 each, the investor could then turn around and get the condo association in line, do Contracts for Deed (average rent in this area for a similar apartment is $850 so there would be some takers on an attractive CD) for $75,000 each with five year balloons.

In the end, they see all of their money back in the monthly payments charged over 3-4 years, and the real payoff is when the Contract matures in five years and the Owner of the condo refinances and buys out the balloon.

Or, if you want something could buy them and rent them out and hold them forever.

If you are an investor looking to pick up on some great foreclosure deals, contact me today as I actively work with banks and asset managers on REO properties in the Twin Cities area.

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