Making Money In Real Estate
Real estate investors must look beyond bad this current bad real estate market and consider that financing constraints are preventing developers from building both in the residential and commercial markets.
Foreclosures are usually located in blighted or less desirable areas during times when the market is thriving, but now you are seeing foreclosures just about anywhere, even in some of the most upscale neighborhood and sections of all cities.
Many new housing developments were stopped by the banks who were financing the construction loans, leaving many partially built homes easy for picking up by astute investors.
Make sure that you understand the location in which you are buying and stay away from blighted areas unless you know something about the area, such as maybe it is in an area designated for a major rehabilitation.
In addition to doing as much of the work on your own, remember that the trades were hit hard during this recession and there are many people who are out of work.
You will have to provide any lender with the requisite down payment, proof of where it came from, and a few months of cash reserves in the bank.
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