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Sunday, 10 January 2010 |
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With Single-family homes and commercial properties down as much 50% from their peacks in some areas, bargain hunters are finding some irresistible deals. A story in The Wall Street Journal told of an investor who bought a custom home in Phoenix at a foreclosure auction for $486,300, about $800,000 less than the mortgage alone. A week later, he agreed to sell the house for $690,000, a cool 42% profit. If you're a hands on type of investor, you should look into the bargains available through foreclosures, repossessions, bankruptcies and IRS seizures. Never done it before? Get some low cost guidance from veteran property investor Jack Reed, author of Distressed Real Estate Times. He has a no nonsense approach. Also, for reference Bob Condon at Foundation Investment Group
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