The world of Boston investment property has evolved over the last several years as the economy and the local real estate market have changed. What once were profitable deals are not such a great use of time and money these days. In particular we're referring to foreclosures, which used to be the staple of just about every Boston investor's portfolio.
But the foreclosure market is tough to navigate these days. While there is a lot of inventory to choose from, most of these opportunities don't make sense from a financial standpoint. Either the banks are trying to recover too much of their money and aren't willing to price them well, or the competition from other investors drives the prices even higher. Luckily, there are two Boston investment property options available to investors.
Pre foreclosures are homes that are heading toward foreclosure but have not quite landed on the banks official foreclosure list yet. The owners of these homes are struggling to make their payments, or maybe they've given up altogether. When this happens, there's a huge opportunity for an investor like you to jump in and help by agreeing to purchase the property for the outstanding mortgage amount. This only makes sense when there is sufficient equity built up in the home, but deals like this are possible to find.
Wholesale properties on the other hand are a type of Boston investment property deal that typically take place between two investors. The investor who is selling is willing to sell the property to another investor for a big discount. Why would an investor be willing to do this? The reasons can vary, from needing a quick influx of cash, to not having the time or patience to see the necessary repairs through to completion. Whatever the reason, these deals are ripe for the picking if you know how to find them and have the ability to jump on them quickly.
At MyHouseDeals.com we take the time and effort to comb through the list of available pre foreclosures and wholesale properties and present the best options to our members. Our list is update daily and we not only list the basics like price, address, and what the taxes are, but we also dig even deeper and find out what the estimated cost of repairs is, how much equity is in the home, and more.