Have you thought about investing in real estate?
What about buying a foreclosed property that you can fix up to resell? This is a great opportunity if you have handyman skills. Flipping houses can be very profitable but not guaranteed. First you must find the right house to renovate for flipping. It might need major renovations or maybe it’s a steal. It’s up to you to determine if it has the potential to become a suitable living space and that it can be resold in this market. If not, you could potentially become landlords.
Where do you find these homes?
They are generally advertised for sale online at secondary websites such as Williams Auction, Bid Select and Hudson & Marshall. Look for foreclosed properties that have been on the market for more than 60 days. The bank wants to unload these homes if they have been on the market more than 90 days. Don’t be afraid to make an offer to the bank. A cash purchase is your best bet.
There are a few things that you should consider before you buy.
Make sure you inspect the home in person before you buy. The condition of the house will determine if it’s everyday wear and tear or if there are major problems which could result in a disaster. Most properties are sold “AS IS, WHERE IS” with no financing, inspection or other contingencies to the sale. Check with your local REALTOR as they know the market and the area you might be considering purchasing a home in.