Local banks are offering discounts on their REO properties to cash investors that can close in under 10 days. Earn a 6% return on your money and invest in tremendous values. (Note: ALL CASH PURCHASERS ONLY)
If you are looking to invest in property in Orange County there are several things you need to consider. The first is whether you want to make quick profits (i.e. only holding on to properties for a short period of time) or if you want your portfolio to grow at a more conservative pace (which would include a collection of rental properties that will generate a steady stream of income over time).
The type of Orange County investment property you choose to buy will have a big effect on how successful you are. Orange County area real estate investors focused mainly on the foreclosure market for many years but the competition for these properties is driving the cost to purchase these homes up. As an investor you know that if you pay too much for a property up front it can take a while before you are able to make that money back when you go to sell it.
Pre-foreclosures are another type of property you may want to purchase. Pre-foreclosures are homes that have not hit the bank’s foreclosure list yet, but the owner is quickly headed in that direction. It could be caused by a job loss or a resetting mortgage interest rate that has now driven the payment up too high. The homeowner’s inability to pay the mortgage can be an advantage to you and will be helping the homeowner as you are freeing them up from their mortgage liability which they are realizing they can no longer pay.
Wholesale properties are another type of investment property. Wholesale properties are basically homes that are normally owned by other investors who want to get rid of them quickly. Most of the time they need some work and the investor doesn’t have the time to make the needed repairs. If you are willing to rehab the property it can pay off in the long run.
ForeclosuresOC has the best list of Orange County area pre-foreclosures and wholesale properties. We take a proactive approach to assessing the details provided by each homeowner to make sure you only see the deals with the most profit potential.
Note: If you are new to investing below are a few resources:
Free printable beginner’s guide to get you up to speed:
Other resources provided by www.foreclosure.com: