These days everyone wants to enjoy the savings that "buying right" can bring, especially over the long term.   Today's difficult, yet opportune time can deliver some great buying opportunites in the area of foreclosure properties, bank owned homes, and corporate-owned real estate. 

 

As you search for that real estate gem - sometimes a "diamond in the rough" - remember that your buying position can be greatly enhanced by being pre-qualified by your favorite lender.   If you are a savvy real estate investor ready to invest cash in a tangible piece of house and land, you are in a unique position to act quickly, and you'll be in an attractive buying position from the bank's standpoint.   As with anything, preparation is KEY!

 

Sometimes we see well maintained foreclosure homes, where the owner has lost a job, or had a difficult personal circumstance which has suddenly left them cash-strapped.  Other foreclosured homes are in much need of renovation, as the homeowner has had precious little money to devote to ongoing maintenance, due to longer term issues.  These latter homes are ideal for the hands-on investor who realizes the need for additional cash to bring the home into truly marketable condition - making it attractive for a tenant, or to claim as his/her own personal residence.    

 

If you are looking for a rental investment, buying a newer property, under $200k will make more sense economically.   If you are searching for a home you can buy, renovate and then occupy, you can realize significant gains over the long term, tax free (please consult with your CPA for specifics).