As we prepare to celebrate the birth of Jesus Christ, many people are making plans to be with family. I personally am excited about spending quality time with my wife, children, and grand-children. I want to take a few moments to discuss real estate comps and a few more real estate investing highlights from this week.
REO properties, which are bank owned homes, have many positive aspects. The main benefit that comes to mind is buying homes at a discount. In our depressed market – or a buyer’s market – home prices are usually below the assessed value. This enables you, the buyer in this case, to use your InvestorCompsOnline access to research and decide on an offer price that helps you make your profit when you buy.
Another way to make a profit on these foreclosed properties is by flipping. To flip a property basically means to take the property and make upgrades or repairs before selling. One of the greatest benefits of flipping houses for profit is the payoff is substantially larger – and the fact that you work on your own terms. However, with those benefits come the important realities such as hiring outside help in order to bring the property you purchased up to standards. The goal would be to hire contractors at a good rate that still allows you both to profit. Remember guys, always work with integrity and honesty and you will build a solid reputation.
As I close, I encourage you all to keep focused on projects that you are pursuing. I hope my advice is helpful and useful in your day to day business deals. I sincerely pray that each one of you has a blessed holiday with those you love!