St. Louis Foreclosures Missing the Mark for Investors
Stiff competition and low profits convince investors to look elsewhere
Three or four years ago you could buy bank foreclosures in Greater St. Louis and expect to easily make a four or five figure profit without much trouble. Today though, the story is much different. If you happen to be the lucky auction winner out of the hundred or so other investors who have bid on the property, you usually end up feverishly watching your pennies and hoping to squeeze a grand or so out of the deal in the end.
Sounds like the kind of life and freedom you always dreamed of doesn't it? Yeah right! Sadly it's the reality that many St. Louis foreclosure investors are dealing with. But I'm going to give you some information today that hopefully changes your approach to real estate investing for the better.
There are two types of real estate investments that still have very little competition and therefore potential for huge profits. This is only because very few investors know that they are available. These are wholesale properties and motivated seller deals.
Buying wholesale properties is one of the smartest things you can do for your real estate portfolio. As the name suggests, you are buying the property at the wholesale price and could potentially resell it for full market value. Where can you find wholesale properties? They are usually owned by other investors just like you.
Most times these investors are selling because they want to move a couple homes out of their portfolio to free up some time or cash. They look to other investors because they know that investors are best positioned to make a deal happen quickly.
The other type of property I mentioned, pre-foreclosures or motivated-seller deals, are sold by individual homeowners who need desperately to get out from under their mortgage and avoid foreclosure. These homes are not on the Greater St. Louis and Metro -East bank foreclosure list yet, but could be soon if the homeowner doesn't act fast.
As you know, the more anxious the owner is to sell, the better the deal is for you. Plus the price is usually at or about what the person owes on the mortgage. Any equity they have built up in the home could easily be yours.
Our website MyHouseDeals.com gives investors the perfect opportunity to find wholesale properties and pre-foreclosures. Our site is updated daily with listings that you simply won't find anywhere else. All the information you need like financials, repair costs, neighborhood information and more is right at your fingertips for each property listed. We even give you the owner's contact information.
We couldn't have made it any easier. Become a member for free today by clicking the button below!