OfflineHere is an interesting article talking about Boomerang buyers. A Boomerang buyer refers to someone that lost their home in a foreclosure and has been able to get their credit back in good enough shape to buy a property again. Typically it is a 3 year wait after a short sale or forclosure that a FHA loan could help someone get into a home agian. Over the next couple years they are expecting to see a lot more Boomerang buyers.
http://money.cnn.com/2013/03/11/real_estate/foreclosure-homes/index.html
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Boomerangs that are not quite qualified again make EXCELLENT tenant/buyers for your L/Os!
Michael
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
About lease options for these buyers
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Just like every REI strategy, the TENANT/BUYER is WAY easier to find than the property that the numbers will work on.
I think Karen will back me up on this one!
Michael
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
thanks for sharing!
Let's just hope that the boomerang buyers are not buying with a 5/1 ARM loan and be in the same place they were a couple of years ago, 5 years down the road...
I also know about homeowners who are still in their homes, not in default, paying a low ARM mortgage, but underwater, who have been applying and getting approved for VA home loans; which means that soon they will be moving into new homes, and then letting their old homes go into foreclosure...
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...