Hello internet…… today I read an article over here that was giving out a lot of information regarding the status of the real estate market and the amount of foreclosures in the country in the last few months in comparison to last year. As expected before I even read the piece it still does not look good at all although we have apparently seen a slow down in the last few months which is good I suppose but when compared to last years totals we are still in a butt load of trouble.
There really was not much light at the end of the foreclosure tunnel and I agree with the point that the numbers will stay pretty high until the unemployment numbers start to come down. Pretty hard to pay your mortgage when there are no jobs out there for your skill set, no duh really?
Anyway the main purpose of the article was actually putting the spotlight on a rather positive effect that all these foreclosures are having right now. That is the boom that is going on for real estate investors and investment groups that are having a field day with buying properties on the super cheap and flipping them for some serious profit.
The biggest places where this investor bonanza is happening are at the ground zero locations where all these foreclosures are happening. The states of Michigan, California, Florida and Nevada have been leading the country with record foreclosure numbers and as a result investors have turned up in those states in record numbers as well.
What I found amazing was the fact that a good portion of these home flippers are working their deals with cash only! They don’t even have to work deals with banks to front the money and then flip and sell. Wow there must be some amingazing homes on the market for pennies on the dollar for people to be working these deals with their own money. If only I had my own little nest egg to take advantage of what must be a great time to be a home flipper. Anybody out there want to contribute to my flip some homes for money fund?
The Home Flipping Boom
Hello internet…… today I read an article over here
that was giving out a lot of information regarding the status of the real estate market and the amount of foreclosures in the country in the last few months in comparison to last year. As expected before I even read the piece it still does not look good at all although we have apparently seen a slow down in the last few months which is good I suppose but when compared to last years totals we are still in a butt load of trouble.
There really was not much light at the end of the foreclosure tunnel and I agree with the point that the numbers will stay pretty high until the unemployment numbers start to come down. Pretty hard to pay your mortgage when there are no jobs out there for your skill set, no duh really?
Anyway the main purpose of the article was actually putting the spotlight on a rather positive effect that all these foreclosures are having right now. That is the boom that is going on for real estate investors and investment groups that are having a field day with buying properties on the super cheap and flipping them for some serious profit.
The biggest places where this investor bonanza is happening are at the ground zero locations where all these foreclosures are happening. The states of Michigan, California, Florida and Nevada have been leading the country with record foreclosure numbers and as a result investors have turned up in those states in record numbers as well.
What I found amazing was the fact that a good portion of these home flippers are working their deals with cash only! They don’t even have to work deals with banks to front the money and then flip and sell. Wow there must be some amingazing homes on the market for pennies on the dollar for people to be working these deals with their own money. If only I had my own little nest egg to take advantage of what must be a great time to be a home flipper. Anybody out there want to contribute to my flip some homes for money fund?