Look Beyond HUD Homes for the Best Deals in Los Angeles
Many Los Angeles real estate investors scour internet and newspaper listings for HUD homes and HUD foreclosures, and scurry to put an offer in, only to find a long line of investors ahead of them. What's going on here? It's a simple case of HUD property inflation.
More and more people are being lured into real estate investing, and they are all getting their information from the same sources. These experts offer advice on television programs and through the internet and it's all pretty much the same. They recommend looking at HUD listings for HUD homes for sale. HUD foreclosures are residential properties acquired by HUD as a result of a foreclosure action. HUD becomes the owner and offers it for sale to cover the costs of their claim. Traditionally, HUD housing had been a great place to look for bargain priced real estate investments. A HUD home foreclosure was a great place to turn a profit in real estate.
But too many investors in the LA area got onto the benefits of the HUD home sale. The profit potential of the HUD properties has been deflated by the sheer numbers of similar deals in the market. There are now so many real estate investors interested in HUD repo homes that these foreclosures are flooded with offers. This drives the price up in a hurry. While there are still good profits to be made in Los Angeles real estate investing, the trick is to find the properties others are ignoring.
Two great ways to find houses that you're sure to profit from are in pre-foreclosures and wholesale deals. Many of the investors scouring HUD homes listings are not aware that better opportunities await them. Pre-foreclosures are often called motivated seller leads. These are properties that have payments in default but are not yet on the auction lists. Unlike your typical HUD home for sale, a pre-foreclosure will not only most likely have a highly motivated seller, but one who is willing to sell their property at a big discount to avoid foreclosure. Wholesale properties are those that are for sale by other real estate investors, and these are an area of good bargains also.
The trick to lessening your dependence on the HUD foreclosures is to find a source of information on pre-foreclosures and wholesale opportunities in the LA market. This is where we come in. We provide property listings that are updated daily and presented in a user-friendly format. All the pertinent details are provided, including property location and seller information, as well as potential value and repair estimates.
Break away from the HUD home pack and head to the place where the real bargains are found. Remember, the less you can pay for a property, the more potential for profit. It's also important to use your time efficiently. The more time you waste running around looking at HUD property and competing with every other California investor, the less time you have for making money.
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