Finding and buying Washington DC investment property is a different process today than it was in the past. It used to be easy to pick up a foreclosure, fix it up, sell it, and then laugh your way to the bank.
But foreclosures are no longer the ideal Washington DC investment property. They have been replaced because of too much competition, which drove prices for foreclosures up, and the recent drop in the economy has dried up the once plentiful pool of buyers.
An investor's best bet these days is to pick up properties as cheap as they can, rent them out, and hold on to them while the market recovers. Two types of Washington DC investment property with which to do this are wholesale properties and pre foreclosures.
Wholesale properties are usually investor-to-investor transactions. The seller usually needs some quick cash to put down on another investment and so they decide to get rid of this property at a small profit. Buying a property like this usually requires you to act quickly, but if you can, there's the potential for making a good profit on the deal.
Pre foreclosures on the other hand are properties where the owner has fallen behind on payments. While they're not officially in foreclosure yet, it seems clear they're headed that way. This is a perfect opportunity for you to step in and help eliminate their problem by purchasing the home for their outstanding mortgage amount, which means your profit is any equity in the home.
Let MyHouseDeals.com help you find the most profitable Washington DC investment property available today. We pull together a list of available pre foreclosures and wholesale properties so you don't have to spend your valuable time seeking out these deals. Another way we save you time is by going through each listing and contacting the sellers to verify listing details and try to negotiate a better listing price. These are all things you would have to do on your own without our website and the help of our staff.