Regardless of whether you plan to flip property or keep it for ongoing cash flow, the key to making good real estate investments will typically involve buying property that is listed below its market value, making some minor renovations, and then putting it back on the market for sale or for lease. One of the fastest – and most lucrative – ways of doing so includes buying foreclosures. But not just any foreclosed property will generate the income that you need. Knowing what to look for, though, can help you to narrow down the best prospects.
While the real estate market in Florida has been making its way back from the 2008 recession – so it is less likely that you will see mile after mile of “foreclosure” for sale signs – there are some good foreclosure deals still available.
One of the best ways to find these properties can be to use a foreclosure listing service. These services, which you can access online, can provide you with the information that you need such as who the trustees are on the property, what the foreclosure timeline is – including the date, time, and location of the auction – and how you can make payment for a property if you are the winning bidder. Foreclosure listing services can be helpful if you are seeking property in your immediate vicinity, or in other areas of the country.
Another option that can also be used is working with a real estate agent who specializes in foreclosed property. There are real estate professionals who may focus on working with banks and other lenders in selling the properties that these institutions want off their books. In some cases, an agent may even have a specialty designation such as Real Estate Owned Asset Manager.
Once you have purchased a property and you’re ready to rent it out, working with a property manager can be a great way to put a tenant in place, and collect the monthly rent, without having to spend a great deal of time doing the maintenance or the tenant management yourself. For more details on how to choose the best property manager for your specific needs, Contact Us.