St. Louis REO's No Longer a Smart Choice for Investors
Amid rising numbers bank owned homes don't produce on profits
Just because the numbers of REO homes in Greater St. Louis is rising fast, this does not mean that investors ability to profit from them is rising as well. In fact the exact opposite of this is happening. With so many St. Louis and Metro-East investors competing over the same properties, they are essentially taking money from each other, so in a sense nobody wins with REO's.
Habits are hard to break though, especially habits that used to make you huge sums of money. But the smartest investors know when it's time to walk away from certain investments, and let me tell you, it's time to run. Paying attention to where the most profits are going to be the next few years is a strategy investors should try to tackle.
Motivated Seller leads and wholesale property deals are perhaps the best way to combat rising competition and rising prices. Because these are less popularized by media and so called 'real estate investing gurus' not as many investors go after them.
But even if they tried, not everyone would know where to find them. Wholesale and pre-foreclosures are not usually advertised in the newspaper or other places. Sales of these types of property in the past have depended on word of mouth and a little bit of luck to make them happen. Our website, MyHouseDeals.com, has the most wholesale property deals and pre-foreclosures you'll see listed anywhere.
Investors sometimes need to sell a property fast. Sometimes it's to free up cash, other times they just need to move on. Investors understand that in order to do this, they've got to be willing to forfeit most of the profit they thought they might make when they purchased the property.
When you buy a property for what another investor paid for you can make out like a bandit, assuming they got a good deal in the first place. And with wholesale property deals you don't have the stress and anguish of dealing with the general public. These are other investors just like you.
St. Louis pre-foreclosures are also a good deal if you can find them. Owners of these homes are dangerously close to foreclosure and many are anxious to sell quickly before they have to go through that process. In many cases you can walk away with the property for the outstanding mortgage balance.
Again, MyHouseDeals.com is the best place to find local wholesale deals and motivated seller leads. You don't even have to pay to try it out. Become a member for free today by clicking the button below!