Buying Investment Property in Miami Made Easier
The Miami investment property landscape has been transformed over the last few years. Not so long ago, foreclosures dominated the market, and Miami area investors were able to make a consistent living from simply buying and reselling these types of investment property. Today though, this is increasingly harder to do.
Foreclosures in Florida
Banks that own these foreclosures are not letting go of them at rock bottom prices like they used to, and due to competition among investors and interested parties, it’s hard to find a great deal among foreclosure properties.
But smart Miami investment property owners have found ways to still make a living. They have just had to focus their efforts on different types of investment property rather than rely solely on foreclosures. The kinds of property getting the most attention from investors now are pre foreclosures and wholesale properties.
Pre-Foreclosure Investment Deals
Pre foreclosures are homes not yet on the banks foreclosure list, but are likely to end up there soon. This could be due to either a job loss or maybe the owner had a variable rate loan that they can no longer afford to pay. There is a window of opportunity for an investor to swoop in and buy the home for only the outstanding mortgage balance. This of course works best when the homeowner has built up significant equity in the home over a number of years.
South Florida Wholesaling Properties
Wholesale property deals are another Miami investment property that should get your attention. These deals occur when one investor is looking to make a quick exit out of a property for whatever reason. It could be that they can't handle the necessary repairs on the home or it might be that they just need an influx of cash to buy another property. In any case, these deals tend to happen very fast, so you have to know where to find them and be willing to act quickly once you find a good deal.
MyHouseDeals is the best place to find wholesale property deals and pre foreclosures. We put together the most comprehensive list of profitable Miami investment property and make it available to our members. The list is updated every day by our staff who are constantly calling property owners to investigate details of each listing to make sure members are seeing the best deals.