Real Estate Investing

     The real estate market has always been the cornerstone of our economy.  As expected, once the housing bubble burst, all kinds of problems from unemployment to inflation seem to be growing at an alarming rate.  Despite the downward spiral of our economy, real estate continues to be one of our safer investments.  The timing is great during these times for purchasing properties.  It is a time to find an ideal home either for your own homestead, or to buy an investment property for future profit. 

  No matter where you are located, the glut of available properties is overwhelming.  There are foreclosures and preforeclosures on nearly every block, and in every neighborhood.  Many of these properties have been abandoned by the owner and the banks need to unload these properties before they lose any more money.  It’s a buyer’s market.  Buyer’s can pick and choose, make lower offers or try to get concessions as in having the bank pay a portion of their closing fees.  If you are going to buy foreclosures, you will need patience.  Many offers need to be approved by the bank’s officers and it can take several days just to get a reply from them. 

 If you don’t have that kind of patience, you can always check out your local courthouse.  Many auctions are held on the courthouse steps on certain days of the month.  You can check public records and find out which properties will be auctioned off on what date.  If you are going to attempt this, I suggest you attend a couple of auctions first, just to see what goes on and to find out exactly what are the requirements for bidding.  If you the winning bidder, you need to give a down payment at that time and you have a certain time frame to complete the purchase.  Many seasoned investors do their homework before bidding on a property.  Properties are sold in “as-is” condition, and can come with a whole new set of problems.  Taxes and city liens are assumed and will have to be paid by the new owner. 

     Real estate investing isn’t for everyone.  It can be very fulfilling to purchase property, however, it’s best to start slowing and take precautions to get the best deal for you.  Good Luck!