For years Indianapolis investors made an easy living off of buying and selling foreclosures. If you had even the faintest pulse a few years ago, you could make good money on foreclosures alone. But now, due to over shopping and a lot of competition from the bottom-fishers, profits on standard foreclosures are extremely hard to come by.
Today the hottest Indianapolis investment properties that have still managed to stay under the radar are wholesale properties and pre foreclosures. The reason they remain under the radar and out of reach of most novice investors, is that they are not widely advertised in newspapers or on public websites. You can typically only find them through word of mouth or on exclusive sites like MyHouseDeals.com.
Wholesale properties are homes being sold by other investors in order to free up some cash quickly. Maybe they don't have the time or manpower to fully renovate the property and get it in tip top shape to sell, or maybe they just have their eye on a different property and need the cash to purchase it. In any case, when you can find deals like this you need to be ready to act.
Homeowners who have not been able to keep up with their monthly mortgage payments may be willing to sell their home to you for far less than market value in order to avoid foreclosure. For them, this can wipe the slate clean so to speak, and keep them from getting an ugly blemish on their credit report. For you, there is potential profit in the equity the homeowner has built up over the years living in the home. Many have been in their homes several years, making these very good investments.
Much like the wholesale property scenario we talked about, you need to be ready to act quickly when these deals come up.
At MyHouseDeals.com we give you the information you need to find, investigate, and purchase the latest wholesale property and pre foreclosure deals. Our staff updates our site every day with the newest listings for these types of properties in the Indianapolis area. We not only verify listing details, but we encourage owners to lower their prices if their property is not generating enough interest among our members.