Overpriced Pittsburgh REO's Squeeze Investor Profits
Flood of novice investors into the market forces smart investors to look elsewhere
Staggering numbers of Pittsburgh real estate owned properties may lead you to believe that this is a good place to focus your efforts and capital. Unfortunately, the opposite is true. Too many investors are circling around the same REO properties and competing tooth and nail trying to outbid each other, that its no longer worth it even if you happen to acquire a couple of them.
Some investors will continue down this rocky path, thinking that once the economy gets better they will make money again. That's not the right mentality though. You should be focused on making profit today, no matter what the rest of the market is doing.
Two great places to look for alternatives to Pittsburgh bank owned homes are what are called pre-foreclosures and wholesale properties. These two types of properties could be your ticket to profit even in a down market.
Perhaps the best thing about them though is that once you learn where to find them, you'll see that there aren't as many other investors competing for them. This is why they are so valuable as an investment. You don't have to worry about competition driving prices up artificially.
With wholesale property deals you're talking about other investors just like you who have a property but need to sell it quickly for one reason or another. Usually this is to free up cash for another deal, but sometimes it is just that they do not have time to make the necessary repairs to the property and fix it up to sell for full market value.
If you take over the property, buying it for essentially what amounts to wholesale price, you can make some pretty good money. Plus you have to remember, these transactions are quick and painless because you are dealing with like-minded investors.
The other option is pre-foreclosures, or properties that have not yet made the Greater Pittsburgh bank owned list. These homeowners are essentially raising their hands, looking for investors to come along and scoop up their property and get them out from underneath their mortgage. Depending on how long they've been in the home and how much equity they have built up, a pre-foreclosure deal could be a profitable one for you.
You can find both pre-foreclosures and wholesale properties on our website, MyHouseDeals.com. Become a member for free today by clicking the button below! You never know, you might even find your first big deal today.