OfflineI have been researching the distressed properties in my home area. What I found was that these homes were purchased near peak market 2 and 3 years ago. So the owners paid to much for them. The market went down now they can't recover the home cost. I found these homes vacant and need complete renovation. All have not paid property taxes since 05 or 06. Since taxes are high in this area as well as home cost how do I make a deal. paying these prices and taxes makes it very hard to recover expenses through rent and sales are not existent. Nothing is moving. How do I invest without going broke myself?
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Hi JKJ,
Sounds like your in a little pradicament, I think in order to get your Local RE Market Going your going to have to "Short Sale" the properties that are in your area, But you Can make MONEY. If you need assistance on Short Sales, there are PLENTY of posts in these Forums on the steps to take, Sorry that I don't have the time to re-post them for you, Good Luck! SULLY
YOUR HERO, SULLY
Thanks Sully
I'll be researching short sales and see if that will help make a deal.
The problem is that I don't want to be stuck like many of these other investors from 2 and 3 years ago, Stuck with an empty house and expenses to high to pay for them. What is the probability of getting a short sale? And wouldn't it be more beneficial to just fall into forclosure letting the bank deal with the headache?