I've talked about "Short Sales" or Pre-Foreclosure sales of property being on the rise in this state. To refresh, this is when the bank agrees to accept a purchase price less than that which is remaining on the mortgage. Lots of people are asking how they can find Pre-Foreclosures, and this is certainly something we can help with - but you might be missing an opportunity.
With all of the Short Sales taking place, the sellers find themselves with "bruised" credit reports. As advised, they most likely should rent for 2 years before attempting to purchase another property. This means an increase in demand for rental properties!
These sellers are moving out of single-family houses most times, and would be looking to rent a single-family home.
With all of the bargains out there right now, it is the perfect time for anyone thinking of getting into property investment to purchase homes as rentals. In this market, you place a "For Rent" sign in the yard and get immediate results.
So, low interest rates combined with rental property demands equal an excellent opportunity for investors.
It adds up.
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