Buy Foreclosures

Florida Properties

WANT TO BUY FORECLOSURES?

As many of you know, property values have dropped dramatically in the southwest Florida area. Due to the U.S. economy and local market conditions, Lee county, in southwest Florida (including the Fort Myers and Cape Coral areas) has led the nation in home foreclosures. Property values are projected to drop around another 20-23% this year due to the high number of foreclosed properties being put back on the market to be sold at deeply discounted prices.

As I have mentioned many times in the past, banks are in the MONEY business, and not the real estate business. Due to the latest government "bailout" given to banks, they are dumping all these foreclosed properties back on the market at prices FAR lower than they were originally purchased for AND even far below their actual value today.

This has caused great opportunity for investors in the southwest Florida area right now. Let me explain. Many different investors from all over the country are now buying these foreclosed properties as they come on the market. That is because they are being sold at prices so low, that even if they require some work, they can easily be rented out for good cashflow, flipped, or simply kept for a vacation home at well below its actual value.

Now typically, I have advised my students to avoid foreclosures due to the complexities that come with negotiating with banks and the overabundance of competition from bargain seekers. However, the current market conditions, coupled with the present state of the economy in the U.S. have now changed the rules.

Since even before I contributed to the book, "The Complete Idiot's Guide to Buying Foreclosures" a few years ago, I have used many different techniques to pick up and profit from foreclosed properties. However, in the current market, I have begun to switch over almost entirely to dealing with foreclosed property. I am currently working these deals in the southwest Florida market since there is an overabundance of bargains popping up every single day in this area.

The majority of these properties are only a few years old, so they are in very good shape. Some of these newer properties do need a little cosmetic (paint and carpet) maintenance because they were foreclosed and the outgoing owners decided not to maintain them. However in many cases, the work required is very minimal to get the properties right back to brand new condition. Some have never even been lived in. There was a huge building boom and many properties were being completed just as the market crashed, leaving them in pristine condition with nobody living in them.

SO many people have asked me over the years to help them find foreclosure deals, wholesale deals, fixers and cashflow properties. Well, I have found them! Here's an example of a typical deal in this market right now-

3 bedroom, 2 bathroom house

1,990 sq. ft.

4 years old

Needs NO work, EXCELLENT shape

Sold for $280,000 in 2004

Foreclosed on 2008

BOUGHT for $80,000 in 2008

Currently rented out for $900 a month!

Now, in this example, this house is TODAY still worth far more than the $80,000 that was paid for it. Yes, overall, property prices are still projected to go down another 20% (because of all the cheap foreclosures available!), but because it was already bought at a deep discount, once the market rebounds, there will be ready equity in the property AND the owner is making income from the rental of the property on top of that!!! These deals are ABUNDANT right now!

These deals appear all the time in this market. However, they also are now starting to get snatched up the moment they appear. Many investors are forming corporations to swoop in and grab these properties so they can see these massive profits now possible. So how can YOU get in on this???

Since I am doing so many of these deals right now and there are so many of them, I can help others do the same. For everyone who has been asking me to help them find these kinds of deals, or if you want to get in on this, I can help. So why on earth would I want to actually SHARE these great deals? Well, I have always believed there are more than enough good deals to go around. My thinking is that the more investors get involved in this market and pick up these great deals, the faster the market is going to recover and begin to stabilize, bringing prices back up. This will help raise the values of my own properties, as well as anyone else's who was smart enough to buy the values now!

I can help you with all phases of doing these deals no matter where you actually live (including all my Canadian investors!). I can help you find, evaluate, inspect (you don't have to come here to do this since I am able to get this done for you), make offers, close, do any repairs, rent the property, manage it, or even just flip it for a quick profit. I can help with rehabs and also have a designer I've been working with to put the property into the best shape to resell! E-mail me now at MattB@REItoolbox.com if you're interested in this, want more details, or want to get involved now!

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