You may have noticed that all of these foreclosures and REO properties are not staying on the market very long. So I began to wonder, just who is buying all of these budget priced properties.
What didn't surprise me is that many of these properties are being gobbled up by investors seeking to enhance their rental property portfolios. And why not? At these prices, combined with favorable interest rates and increased demand for rental property, it's easy to achieve a positive cash flow on many of these bargains.
What does surprise me, is the number of these properties being purchased by individuals and families as their personal residences. Undaunted by lack of disclosures or warranties of any kind, and ready to roll up their sleeves and get to work on these fixxer-uppers with an eye towards lowering their cost of living expenses and at the same time discounting an investment vehicle for their future.
And what about the flippers? Well, in our market at least, short term flipping has become a risky venture. With so many properties on the market, folks are less likely to pay top dollar for cosmetic improvements. Better to buy and hold anyway, as the capital gains tax favors holding the property for at least a year!
So what's the bottom line? Call your real estate agent and buy, buy, buy! You'll be kicking yourself in five years if you miss this glorious opportunity to increase your net worth and provide for the future. Shop smart, stay informed, and have a great time scoping out the deals!
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Hi Richard,
Good question. So far my REO sales have been for first-time home buyers, which is great! I also expect to have a few investor sales included a couple for myself this year. As for flipping, not here, not now.