Nothing is sweeter than finding the perfect foreclose property in the perfect area at the perfect price. Just one such property can easily earn you a years worth of investment income. Trouble is most foreclosure investors rarely ever find their ‘dream’ foreclosure. In fact, the average foreclosure investor will struggle to find a single, decent foreclosed property. It’s not because there aren’t foreclosed properties to go round, but rather because of the sheer number of people looking to invest in foreclosed properties. To make matters worse, investors have penetrated every phase of the foreclosure process.
This means that many savvy investors try to get a steal on a house before the house is made available to the general public. Foreclosed homes are available in almost all areas of the country but investors have a tendency to only look for properties within their general area. Some foreclosure investors have simply forgotten that a profit made anywhere is still a profit. If you’re having trouble locating the perfect foreclosure, it could be because you simply live in an area that isn’t very well suited to foreclosures.
The first market you should consider outside of your own should be the next closest metropolitan area near your home. I happen to be fortunate and live only an hour away from three major metropolitan areas. Each metropolitan area near me has different demographics and different market trends. Before looking into any other area, you should always be sure to have an exit strategy in mind. When it comes to foreclosed homes, the best exit strategy is renting the property. In order to do this you need to evaluate the rental market of your chosen market.
If you like to travel and see new places, you might consider looking for foreclosed homes in the country’s biggest foreclosure markets. Right now, Atlanta, Houston, and Denver have the hottest foreclosure markets anywhere in the United States. In fact, Atlanta has such a high rate of foreclosures that it is frequently shown on television as an example of the recent foreclosure boom. If you happen to have an internet connection you can easily find foreclosed properties in these areas to invest in.
All of the research you need to do to find a foreclosed home can be done online. You can easily look at county and city records online at no cost. You can also find a realtor to use as a partner by going to realtor.com. To find out detailed information about market trends you can look at the websites of local real estate investors clubs. Every major metropolitan area has an investors club.
By expanding your base of operations beyond your usual boundaries you can dig up all kinds of sweet deals you may not have been able to find otherwise.