About Chicago REO Alternatives
REOs, or real estate owned properties, are an important part of any real estate investor’s portfolio. It is also important to remember that many of the most successful real estate investors have made fortunes with diversified portfolios. Looking over the following information will help you make knowledgeable decisions about where best to invest your real estate dollars.
REO stands for real estate owned properties. These are properties that the bank has taken back from people who have not been able to make their mortgage payments. The bank then turns around and resells the property—usually at a bargain price.
Other parts of a diversified portfolio strategy would include buying wholesale properties and purchasing pre-foreclosures. Bank REOs are an important part of real estate investing, but don’t forget to keep wholesale properties and pre-foreclosures in mind as you search for Chicago property.
REOs have made many investors wealthy and are definitely a solid investment strategy.
REO properties have risen in demand as more and more people get interested in the benefits of real estate investing. This means there’s going to be plenty of competition for the best bargain-priced properties.
More competition means longer waiting times to view REO homes. It can take many days to get an appointment to see a bank REO. For real estate investors, time is money. Instead of waiting around to see a REO property, you could be putting bids on and purchasing other properties.
More competition also means higher prices. As you know, the best way to make a profit in real estate is through finding properties for a good price. A REO may not always stand up to this test. It’s the old law of supply and demand. REO properties are in high demand and thus fetch good higher prices now, which is good for the banks but not so good for the investor.
There’s a simple rule in real estate investing: the more you spend on properties, the less you’ll make. The more time you spend searching for REO properties, the less likely you are to be able to bid on them.
A better way to find bargain properties that will allow you to make a good profit other than REOs is through listings of wholesale properties. At www.myhousedeals.com we provide exclusive listings of the best wholesale properties to our subscribers. Our listings are up to date and contain all the details you’ll need to quickly assess a property. We include information on property location, seller, property value and potential repairs.
Most listings at www.myhousedeals.com are exclusive to us. This means far fewer people will be using the information. You won’t run into the mad rush of investors looking for REO housing. Instead you’ll have access to quality wholesale and pre-foreclosure listings.
Pump up your potential profit. Wean yourself from your dependence on REO properties and start looking into the wholesale property market today. Isn’t it time you jump started your real estate investment career? Wouldn’t it be nice to insure a healthy financial future? Become a member for free today by clicking the button below!