Tampa Bay Real Estate

Best Places to Invest in Real Estate: Producing the Highest ROI!

Posted by Kate Story on January 31, 2020  /  in NEWS  /  Comments off

Best Places to Invest in Real Estate: Producing the Highest ROI!

The best places to invest in real estate are developing areas. This is because these transitioning neighborhoods have not yet peaked at their full potential for retail value. Therefore, there is more equity and profit to be made when investing in these locations verses a fully saturated market or neighborhood. Depending on which states and cities have the best transitional neighborhoods will impact where to invest in real estate now. Luckily there are key indicators to help understand whether a neighborhood is on the rise and will be a lucrative investment.

The Business Insider’s article, “The 20 Best Cities to own Investment Properties” makes it easy to decide where to invest in real estate in the US. They conducted in-depth research and ranked St. Petersburg and Tampa in the top 3 for best cities to own investment properties in. This is because of their high employment and population growth as well as an increase in home values and rental yield. A great way to know the best states to invest in real estate is by studying the state and local expenditures. For example, if the government is spending a lot of money to improve major highways and roads, the education system, and public transportation, it’s a strong indication the state or city is improving and would be a wise place to invest in.

Another great gauge for finding transitional neighborhoods and the best places to invest in real estate is by studying the proximity of the neighborhood to the city, major roads, and public transportation. Ask yourself the question, “it in a convenient location”? The ripple effect of abutting a highly sought-after neighborhood, which is recognized in Forbes article “Home-Buying Guide: 7 Signs of a Neighborhood on the Rise”, is comparable to being located close to the downtown city-center. For example, in Tampa, take note of how Tampa Heights and Seminole Heights, neighborhoods that boarder the city, and are only a few miles from downtown, are becoming very desirable and a popular spot of where to invest in real estate now.

Tampa Heights and Seminole Heights are prime examples of transitioning neighborhoods. They were once run down, but are now receiving a lot of attention, especially from investors. Plenty of people are flipping houses here and purchasing rental properties. The crime rate has gone down and new storefronts are making their way to the neighborhood. These are great signals to watch for, as well as the number of days of market (DOM). For example, in these neighborhoods the number of DOM is drastically decreasing. Rather than houses sitting on the market for 110 days they are being scooped up in under than 10 days. This is a sign that the neighborhood is HOT!

Another clue for finding possible neighborhoods on the rise and knowing where to invest in real estate in USA is by looking at the newly established Opportunity Zones. The Opportunity Zones were established by the government to encourage growth and as a way to revitalize many distressed communities. There are now thousands of designated zones in each state. One of these zones may be a smart decision when considering “where should I invest in real estate” because along with a possibility for an increase in equity there are also special tax breaks and incentives for people who invest in these zones. For example, there is a temporary tax deferral and a permanent exclusion from taxable income of capital gains. To learn more about these incentives and to find the Opportunity Zones in your community or one you are interested in, click HERE.

Since you now know WHERE to invest in real estate, now read WHY to invest in real estate, click HERE to read “Why Invest in Real Estate? A Strategy to Build Wealth”.


Is Now a Good Time to Invest in Real Estate? Let’s Take a Look.

Posted by Kate Story on May 13, 2019  /  in NEWS  /  Comments off

It is reasonable for investors to wonder and ask, “Is now a good time to invest in real estate?” This cautious mindset of wanting to know when to invest in real estate can evolve from personal experiences, historical events, being a new investor, or having an entire retirement fund at risk. Unfortunately there is no black and white response to help answer  “Is it the right time to invest in real estate?” Although we can take steps to be prepared and make logical investments, to a certain extent, there is no way to know when the right time to invest in real estate is. Only time can tell. For example, I know plenty of people who wish they had bought more properties during and after the 2009 real estate crash. Yet, it was not until after the crash, when looking back, did people realize it was the best time to invest in real estate.

However, there are cues to help investors solve the question of “is it a good time to invest in real estate?” A few of these signals are, when the market is hot, prices are low, and there are fewer investors in the market. For example, when home prices are significantly lower than the value it leaves a larger spread for profit. Furthermore, if there are less investors actively buying, it means less competition and a better standpoint when negotiating a deal. In Christopher Elliott’s article “The Truth About The Best Time To Buy A Home”, Jeff Miller, co-founder of AE Home Group, stated how he thought, “the month of December is the ideal time to purchase a property” (HuffingtonPost). I agree with Jeff and I would even include the month of November because both of these months are when people are busy planning for the upcoming holidays. This idea applies for homeowners, having more options and better buying power, as well as investors, being able to rehab during the slow holidays months and have it market ready come the New Year.

When people ask, “Should I invest in real estate now?” or “Is it wise to invest in real estate now?” I explain to them an important general rule of thumb, which is identifying trends on both a national and local level. Understanding current events will help know someone know when is the right time to invest in real estate. For example, national trends would involve the unemployment rate, level of demand determined by active days on market and number of houses sold, as well as affordability ratios. In terms of local patterns, a person may look at what type of growth is happening in the area. For example, Tampa is a booming city due to the level of development in new outdoor restaurants, like Armature works, and growing sports teams, such as the new proposed stadium for the Rays. Historically, real estate has outperformed or at least kept pace with other investment assets. If you look at a 5, 10, 20-year chart you will see, as a whole, over-time, real estate goes up. Therefore, the best time to invest in real estate is NOW!

Finding the Best Return on Investment Real Estate

Posted by Kate Story on May 06, 2019  /  in NEWS  /  Comments off

When finding the best return on investment real estate, learning the technique of calculating return on investment (ROI) is vastly important. An investor, regardless of the profession, will use this formula to understand if an investment a wise decision. The computation of ROI works just as well in real estate as it does in the stock market. It is a profitability ratio that measures performance, determining how effectively and efficiently dollars are being used to generate a profit. In finding the best return on investment real estate, using this technique can help show how well an investment, can performance singly and when compared to others.

Finding the best return on investment real estate starts with identifying the right moneymaking opportunities. These opportunities are found by being able to pinpoint mispriced, under market value, and distressed properties. For example, reaping the benefits in an owner not knowing what their home is worth. Therefore, being able to turn around and sell it for a few quick bucks or hold it long-term with an even greater ROI. Finding the best return on investment real estate involves purchasing wholesale properties verse retail. For example, taking on a distressed property that needs more work than most people are willing to put in. The advantage in doing this is that these homes typically have better ROI’s.

To understand the return on investment real estate rental properties, one must have a grasp on the market and how much a home can rent for. Nobody wants to purchase a rental property for $250,000 and only be able to rent it for $900 per month. It is also equally as important to know what the house is worth after the repairs are done, so you do not end up overpaying for the property. For example, if you purchase a house for $100,000 and put $50,000 into the property, but the house is only worth $140,000. You are already upside down. When calculating the return on investment real estate rental properties you want to make sure the numbers make sense to where you are able to pay off any bills (insurance, taxes, utilities) and still leave money in your pocket at the end of each month/year.

A common question for those interested in investing and finding a favorable ROI is, “how much do you need to invest in real estate”. It really depends on the individual and what they are looking for from their investment, so the answer is valued on a case-to-case basis. For example, if Real Estate Kate’s client Joe is comfortable with a lower ROI because he prefers a lower risk investment, he may consider buying a large apartment complex. This investment requires a large amount of money and therefore Joe will need to have a big chunk of change up saved up for the purchase. So, when planning out “how much do I need to invest in real estate”, consider what type of ROI you desire. Do you want a cheap cash cow? Would you rather a high-end rental that has a lower return, but clientele may stay for 2-5 years? Weight the pros and cons, calculate the ROI, and find out which investment works best for you!

To learn about how to get involved in investment real estate, read “What is the Best way to Invest in Real Estate


Since Real Estate Kate deals primarily with cash buyers, take a look at following example from Investopedia article’s “How to calculate the ROI on a rental property” to help explain how to calculate ROI.

ROI = (gain from investment – cost of investment) / cost of investment

Here is an example of a rental property purchased with cash:

  • You paid a $100,000 in cash for the rental property.
  • The closing costs were $1,000 while remodeling costs totaled $9,000 bringing your total investment to $110,000 for the property.
  • You collected $1,000 in rent every month.

A year later:

  • You earned $12,000 in rental income for that year.
  • However, there were expenses including the water bill, property taxes, and insurance totaling $2,400 for the year or $200 per month.
  • Your annual return was $9,600 for the year ($12,000 – $2,400).

To calculate the property’s ROI:

  • Divide the annual return ($9,600) by the amount of the total investment or $110,000.
  • ROI = $9,600 ÷ $110,000 = 0.087 or 8.7%.
  • Your ROI was 8.7%.

How to Get into Investment Real Estate? Where do I start?

Posted by Kate Story on April 30, 2019  /  in NEWS  /  Comments off

The big question when first starting out is, how to get into investment real estate? Firstly, to invest, it does not matter whether your job profession is within the real estate realm or not. Plenty of people who work outside of the real estate industry learned how to get into investment real estate. For example, Joe, a doctor, has a handful of rental properties and flips a house or two every year. Yes it is advantageous when your career coincides with real estate, but it is not necessary. For example, Real Estate Kate has her real estate license so she is able to list her houses and avoid paying an additional realtor commission during the sale.

There is plenty of literature available to help learn how to invest in real estate for beginners. After reading this article, go to Amazon and use the search bar to find books that relate to real estate investing. If you are unsure of what type of investment strategy you want to tackle, try a few different books to get a general idea of each approach. You can read a paperback before bed or listen to an audio book on your way to work. A wise way to learn how to invest in real estate for beginners is to attend local real estate gatherings. REIA is an organization dedicated to help support and promote local real estate investing. People who attend these meet ups are looking for knowledge and advise, to pitch deals, or simply to network. To find a group meeting in your community, check out the REIA website by clicking HERE.

Mentors are a great way for how to learn how to invest in real estate. Their experience and knowledge are immensely valuable to a beginner investor. They can help you avoid pitfalls and help direct you down the right path. Be sure to screen your mentor first though. Make sure they are worthy of the mentorship. There are plenty of people who talk the talk, but don’t walk the walk. Converse with them on a consistent basis, run your ideas by them, watch what type of investment moves they make. Be patient with how to learn how to invest in real estate. It does not happen overnight or in a “single session”. Continue to read articles, study market trends, look at deals, and meet new people. Networking and connections are tremendous help!

Broadly speaking, knowing how to invest in real estate in usa is comparable regardless of where one may live. Out of state or out of country, an investor will look for the same items. An example of this would be the potential profit or cap rate able to be achieved from a deal. The more exposure you have to investment real estate, the more you will learn and be able to teach other new beginners how to invest in real estate in the usa. You will have “whoops moments” along the way, but these will be learning experiences. Alternatively, you will also have small victories, which can continue to be built upon. When first starting out, read literature, attend local meet ups, and find a mentor.

To learn about finding the best return on investment real estate, read “Finding the Best Return on Investment Real Estate

What is the Best Way to Invest in Real Estate? Analyze the Options

Posted by Kate Story on April 22, 2019  /  in NEWS  /  Comments off

If you’re trying to figure out what the best way to invest in real estate is, you are not alone. There are many different ways to invest in real estate. Each of these methods has unique features and characteristics. Choosing which technique works best for you will depend on your current situation and what you are looking to achieve from real estate investing. Furthermore, just because this an investment method works best for you now, does not mean it always will. Real estate is cyclical and constantly changing, which means you always have to be on your toes.

To briefly cover the two main method of real estate, there is flipping and holding. For example, if you want to make a lump sum of cash quick then flipping a house may be best. However, be aware, and properly plan for, the high capital gains tax you will receive on the profit you make. Alternatively, if you want long-term passive income, buying and holding rental properties would be the best answer. The IRS created a 1031 exchange, which allows an investor to sell a property and reinvest the money into a new property, a great means to defer all capital gains.

Technically, there is not a single, best way of how to properly invest in real estate. Investing in real estate requires constant critiquing. An individual needs to assess and adjust their situation on a consistent basis. How to properly invest in real estate also involves staying up to date with the latest market trends as well as the predicted market trends. Doing so will help prepare for future moves. For example, if there is an election is coming up, there is usually a large amount of uncertainty in who will be elected and what will happen, therefore, laying low and avoiding any drastic changes to your investment strategy is wise.

Starting small and then expanding your reach, to take on more and bigger projects is, in my opinion, one of the best ways to invest in real estate. For example, when you first begin investing, it would be wise to flip one house at a time. After you get your feet wet and are comfortable taking on more, try flipping two at a time, and then maybe even three! From working with investors who flip full time, the most common number of houses to flip at a single time is 2-3. The highest I have heard is 5. This is a logical approach and a great way to set goals for yourself. Small goals lead to large accomplishments.

Last, but not least, stick to your wheelhouse and diversify your portfolio. A common rule of thumb is once you find what you are good at, laser focus on it. For example, if you are a strategic buy and hold investor, try not to veer off path, when you are not equip or knowledgeable enough, and flip a house. The grass is always greener on the other side, concentrate on your bread and butter. To continue with this example, if you hold rental properties and started with a few single-family houses, maybe try a multi family next. Before you know it you just may own a 15+ unit apartment complex. These different ways to invest in real estate will help you understand how to properly invest in real estate.

To learn more about how to get into investment real estate check out, “How to Get into Investment Real Estate? Where do I start?”

How Do You Invest in Real Estate? Taking the Plunge

Posted by Kate Story on April 15, 2019  /  in NEWS  /  Comments off

A common question among new investors is, “how do you invest in real estate?” The answer is more complex than A or B. There are a few follow up questions that need to be answered first, such as “what are you trying to accomplish” or “what is your financial situation”. Depending on these responses, one strategy may be better than another when beginning to invest in real estate. Knowing what you want to achieve, short and long-term goals, is key for determining how to invest in real estate. At the end of the day, once the preliminary work is done, it is simply about taking the plunge.

There are a few strategies an investor can take when considering how to invest in real estate. For example, a common strategy is to fix and flip a house. This involves buying a distressed property, making renovations to the property, and then reselling for a profit. For example, Real Estate Kate sells Joe a property for $100,000. The house needs a new roof, wood rot repair, paint, landscaping, as well as an updated kitchen and bath. These repairs cost Joe $50,000 and are completed in a months time. After the improvements, Joe is able to sell the property for $200,000. As you can see, even after closing costs, commissions, and any potential holding costs Joe incurred, he is still able to make a sizeable profit in a short amount of time. This strategy of how to invest in real estate is accentuated through HGTV shows, such as “Fixer Upper” and “Good Bones”.

If flipping a house does not sound interesting and you are still wondering how can you invest in real estate, no need to fear, there are other investment strategies. Another popular method for investing is to buy and hold. This involves buying a house and renting it out for monthly income. For example, Real Estate Kate sells Joe a property for $80,000. It needs very minimal repairs, such as a fresh coat of paint. After the repairs, Joe is able to rent the property out for $1,100 a month. After accounting for taxes, insurance, and other necessary items, Joe is still able to achieve over a 10% CAP rate. As you can see this is a great return on money, considering the highest bank yield today is 2-3%. This method of how to invest in real estate is popular among those interested in creating passive income for long-term wealth and retirement. Furthermore, there are additional advantages for holding rental properties, which include depreciation and deductions as well as accumulated equity and growing appreciation.

Depending on what you want to accomplish and your financial situation, there are a few avenues for how to buy investment real estate. One approach could be obtaining a hard money loan. This type of loan can come from an individual or a company, such as Lending Home. Another way is to find a private moneylender or to use your own cash on hand. The difference is in the amount of requirements and fees, such as points (a percentage of the loan), down payment, and interest cost.

To learn more about different strategies, read, “What is the Best Way to Invest in Real Estate? Analyze the Options”.

Why Invest in Real Estate? A Strategy to Build Wealth

Posted by Kate Story on April 08, 2019  /  in NEWS  /  Comments off

I do not shy away at answering, “why invest in real estate” because there are so many lucrative benefits. Whether you are a young adult wanting to get ahead or a retiring worker wishing to maximize your life savings, there are plenty of reasons why it is good to invest in real estate. For example, a few of the benefits being, tax breaks, hedging inflation, and a future income stream. If you are contemplating the decision of invest in real estate or business or “how much should I invest in real estate”, consider both for diversification purposes and weigh the proportions by your situation. Although is no single strategy to building wealth, investing in real estate should be apart of everyone’s portfolio plan.

To answer, “why do people invest in real estate”, one extremely popular reason is for the tax benefits. A person is able to use the depreciation of their real estate to shelter their income from taxes. Since the IRS recognizes a residential real estate asset wears down overtime, they depreciate the asset at a rate of 27.5 years. For example, if you bought a $200,000 building, it would be deprecated by 27.5 years and there would be a tax shelter of $7,272 per year (200,000 x 0.275 = $7,272). This alone can answer why people invest in real estate. Furthermore, the depreciation shelter of real estate becomes extremely important for those individuals who make a higher level of income because they receive heavier tax rates. To see the IRS’s 2018’s tax rates and brackets, click HERE.

If you’re still asking yourself “why should I invest in real estate”, consider the benefit of being able to hedge against inflation. Real estate is considered a great inflation hedge because typically, during times of inflation, home values increase. For example, if there is an increase in the money supply, which causes inflation, and the supply of houses remains the same, the demand will increase, and therefore drive up home prices. This coupled the general appreciation of a real estate asset are two great answers to “why should you invest in real estate”. To understand the broader view of fighting inflation, click HERE, to check out Bigger Pocket’s article “Real Estate as a Hedge Against Inflation”.

Next time someone asks “is it wise to invest in real estate” or “is it smart to invest in real estate” you can assure him or her the real estate industry is a smart move to make. The return on investment is much higher than the yield from Treasury bills and bonds. For example, last year in 2017, the 3-month Treasury bill and 10-year Treasury bond return rate were both under 3%. An average rental return on a real estate investment ranges anywhere from 8-15%, with lows being around 5-6%, which is still at least 2% higher than the bills and bonds (Stern.NYU.EDU). Furthermore, people who flip houses and look for quick cash with higher returns in shorter time frames, usually expect no less than a 10% return. Real estate investments have less volatility, more control, and it’s a physical asset you can see and touch. To read more about how to invest in real estate, read “How Do You Invest in Real Estate? Taking the Plunge”.

Real Estate Foreclosures For Sale: Finding the Deal

Posted by Kate Story on March 31, 2019  /  in NEWS  /  Comments off

Each county within Florida has a specific website dedicated to information regarding real estate foreclosures for sale. Click HEREto browse the Hillsborough Clerk of Courts or click HERE to browse the Pinellas County Foreclosure. There are sixty-seven counties in the state of Florida. On the county website they have an auction calendar that shows which foreclosure houses are going to auction on which day. They include the case #, final judgment amount, parcel ID, property address, and assessed value. They also include the time for each auction. Since they hold multiple auctions at once, you could very well find yourself bidding on two different houses at once.

It is extremely important to stay on top of the real estate foreclosures for sale calendars. These calendars date forward roughly six months, showing which houses are going for auction on which days. Although they forecast the real estate foreclosures for sale for the upcoming six months, it does not guarantee every one of those scheduled houses will make it to the bidding process. A foreclosure can cancel the day of the sale or anywhere from a week to a month prior to the sale. There are many variables that can play a role into whether a foreclosure goes to auction or is cancelled. For example, if an owner contests the foreclosure or if a third party is able to negotiate and pay off the existing mortgage.

An owner is able to contest their home’s foreclosure sale, however only a limited number of times. To contest the sale, the owner is required to submit a complaint stating their arguments for contesting the foreclosure. When an owner does this it prolongs the sale of the home because a hearing is scheduled for the complaint and reviewed by a judge. If the judge does not believe the owner’s complaint is sufficient, the house is placed back on the county’s foreclosure calendar and scheduled for auction. The other way a foreclosure can cancel is if a Buyer negotiates a deal with the owner and the bank or mortgage holder. For example, Joe is in foreclosure and owes a $70,000 payoff. If Real Estate Kate is able to strike a deal with all parties, paying $80,000, which satisfies the $70,000 payoff and puts $10,000 in Joes pocket, the sale is cancelled.

Zillow, a house hunting website and app, that according to DMR Business Statistics, has 188 million monthly visitors, also has the ability to show USA foreclosures for sale(DMR). On their website under the listing tab, and potential listings, they have “foreclosed” and “pre-foreclosure”. However, because they are not the direct source of USA foreclosures for sale, and pull it from other databases, their listing information can sometimes be inaccurate. For example, they may still show a home as a “pre-foreclosure” when the owner has actually caught up on payments or they may list a “foreclosed” home even after it has been sold at the auction.

Zillow can also connect you directly with an REO agent specialist. These agents specialize in real estate owned by the bank or mortgage companies. If bank owned foreclosures for sale do not sell at auction, they hit the open market on the multiple listing service (MLS). Since these REO agents have special relationships with the banks, they are usually chosen to list the bank owned foreclosures for sale.Having contact with one or more of these agents is a wise way to stay up to date on the latest bank owned foreclosures for sale. Not only do these agents get the listings themselves, but they also are usually friendly with the other REO agents and keep tabs on what they may have coming available soon.

To understand what is the process to buy a foreclosure, check out “What is the Process to Buy a Foreclosure? Understand Key Components”.

What is The Process to Buy a Foreclosure? Understanding Key Components

Posted by Kate Story on March 31, 2019  /  in NEWS  /  Comments off

Investors with an interest in bidding at the auction will likely want to know what is the process to buy a foreclosure. They will have questions such as “how long does it take to buy a foreclosure”, or “can anyone buy a foreclosure”. For those who are new to the auction, and foreclosures in general, the question of why buy a foreclosure may be relevant as well. These are just a few of the key components to understanding what is the process to buy a foreclosure.

In regards to the time and how long does it take to buy a foreclosure, it depends on the situation and the type of foreclosed property. For example, if Real Estate Kate wins the bid and buys a foreclosure property from the county auction, she buys it within a day. A 5% deposit of the property’s purchase price is required the same day and then the remaining balance is due the next day. Then 8-10 days later, the closing title (CT) is recorded. The closing title is considered the final step in the purchase process. This validates the property has been transferred to the new owner.

On the contrary, if Real Estate Kate purchases a foreclosure property from an online auction, such as Hubzu or, the process can take much longer. At minimum the closing will take place within 2-3 weeks. Sometimes if there is an issue, specifically with the title, it can take up to a month or more. Examples of how this process can be slowed is if multiple Seller signatures are needed, the property was involved in a cross-collateralization loan, or there are heavy fines, liens, or mortgage payoffs needed. As you can see, there are quite a few aspects that can affect the timeframe of a foreclosure, and therefore there is not a simple answer to “how long does it take to buy a foreclosure”.

To answer, “can anyone buy a foreclosure”, technically yes, anyone can buy a foreclosure as long as they are 18+. However, there are a few steps one must go through buy a foreclosure. Firstly, the Buyer must have the necessary capital available. This is typically in the form of liquid cash. If one is buying from the court steps, at the county auction, it must be liquid cash. In other cases, such as online auctions, a FHA 203k Improvement Loan can be used. Though, these types of loans can usually be a pain and have a tendency to fall through.

Aside from understanding what is the process to buy a foreclosure, another equally as important component is why buy a foreclosure. There is a reason why many investors are interested in understanding the foreclosure process of where to find the deals and how to buy the houses. That is because with a foreclosure, you typically get the best bang for your buck. For example, imagine trying to flip a house that is retail and listed on the MLS. Although you can see the vision (knocking down this wall, adding a door here, etc.), the Seller has already added their personal finishes and expects to get top dollar. The numbers just do not work out for each party.

To delve deeper and learn more about real estate foreclosures for sale, check out “Real Estate Foreclosures For Sale: Finding the Deal”.

How hard is it to buy a Foreclosure? Ask the Experts.

Posted by Kate Story on March 31, 2019  /  in NEWS  /  Comments off

A common question, particularly among investors, in the real estate industry is, “how hard is it to buy a foreclosure”? Unfortunately, the answer isn’t as simple as A or B. There are a number of factors that contribute to the foreclosure process and, therefore, can impact how easy or difficult it can be.

When people ask me, “is it easy to buy a foreclosure”, I remind them of the real estate market crash in 2008-2009. At that time, there was a surplus of foreclosed homes available. RealtyTrac reported that 1 in every 45 homes nationwide were in default during 2009 (CNN). This meant the investors had access to plenty of inventory. However, nowadays, since the foreclosure supply is drying up, there are fewer foreclosure homes hitting the market and an increase in competition. To learn more about the best way to find foreclosures for sale, check out “Best way to find foreclosures for sale: Ask Real Estate Kate”.

Next time you hear someone say, “is it difficult to buy a foreclosure”, remember this, foreclosures are “AS IS” and they typically have a zero inspection period. This means you may have to buy sight unseen. One should try and see the property to the best of their ability prior to bidding. The houses can be vacant or occupied; it just depends. If they are occupied, they can be inhabited by the previous owner themselves, friends, family, tenants, or squatters. If they are vacant, sometimes there is a lockbox. To access a lockbox, one must be, or be accompanied by, a licensed agent/broker. Worst-case scenario there is no interior access available, only exterior.

For those who question, “how easy is it to buy a foreclosure”, be aware, for a person to even able to bid at the county auction, one must be registered. If a person wins a bid, they must pay 5% of the purchase price the same day as the auction. The remaining amount must be paid the following day. Therefore, to bid at the foreclosure auction, one must have large amounts of liquid cash ready to use.

Lastly, when wondering, “is it safe to buy a foreclosure”, please keep in mind, foreclosure titles aren’t always free and clear. There can, and usually are, title encumbrances. One of the most important aspects of buying a foreclosure property is being able to understand title or having someone who specializes in title research. The last thing you want is an unforeseen second mortgage to appear after you win the bid and deposit your money. There are a number of unwanted items that can attach to a title, such as code enforcement issues, liens, and back taxes. Knowing what is named in the foreclosure and what will be wiped out is vital for you success when bidding.

  • ***I am disclosing as much information as possible. I am NOT a licensed tradesman and or general contractor. The information should be deemed reliable, but NOT guaranteed. Buyer should ALWAYS do their own DUE DILIGENCE with licensed professionals and or city departments to determine the condition and use of the property prior to purchasing.

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