According to the the National Association of Realtors®, “distressed homes” represented nearly 2 of every fifth home sold in January 2010.
Real estate investors around the country are taking advantage of good deals on inexpensive property. But there are risks involved. Today is a great time to buy a bank-owned home — just do your research first.
Tips when buying a bank owned home:
Buy in your neighboring area, a familiar place
Start slow and small, then increase to a bigger portfolio
Watch income — rent rolls doesn’t matter if tenants are not paying rent
Check out prospective tenant’s credit and legal history
Foreclosures may represent a significant number of 2010’s total Los Angeles County home sales and will offer interesting opportunities to first time home buyers and real estate investors.
For more info on buying a bank owned home, call (661) 726-0696 or email here.
