No, not the first picture...the 2nd picture
One of the key tools any contrarian investor, especially one buying real estate, must know is the ins and outs of short sales. Without further adieu, our first in a series of education related posts designed to help bring out the inner contrarian in you:
1) Insider's Guide to short sales
2) 10 FAQ's about Short Sales
3) Short sale secrets
4) Questions to ask about a short sale
5) Short sales- the definitive article
6) Downside of Short Sales
Discuss your experience with short sales in the comments below
Question: If YOU now had all the money you needed and wanted to buy Short Sales, what areas of the country would you concentrate on?
ReplyDeleteLet me tell you why I ask. I'm wanting to purchase several Short Sales per month over the next two years or so. I prefer to purchase in major metropolitan areas but would like your input as to which ones would be best.
I am not looking for partners but I'm not opposed to paying a good bird dog fee. I prefer working with a local Realtor in each area who will bring me good properties to make offers on.
I will do all the work, including all negotiations and dealings with the bank. You or the Realtor won't have to do much, if anything. Once I make an offer I will provide certified proof of funds and will not back out.
Like I said, I'd like to stay in medium to major metro areas and nothing less than approximately $150,000 in value. I don't want rehabs or fixer-uppers except for minor cosmetic stuff.
So again, if you were me right now and had all the money you needed to buy Short Sales, where would you buy them and why?
I would buy in areas that are growing, particularly in the SW part of the United States. Watch demographic data on where the jobs are going and where the people are moving into. I would avoid old rust belt cities like Detroit and Cleveland that are shrinking cities. The only reason to buy a short sale is to make money, and the easiest way to do so would be to buy in an area where a resale is easy to do.
ReplyDelete