subject: Arizona Foreclosure Opportunities For The New Real Estate Investor [print this page] The Arizona foreclosure market has a lot of properties available. This is because people bought up land because they saw the population growing and because they saw jobs building up. But like many other places around the country the economy has caused the housing market to suffer.
People lose their jobs and their primary source of income and then they lose their homes. They cannot afford to pay their house payments. In this state if a borrower fails to pay their house payment for three months the lender can then file in the court a law suit pending.
The house is sold at auction or on the real estate listing service. The person who is interested in getting involved in the real estate investment business can start by learning how to buy these properties and selling them for a profit. As the foreclosure level rises there are certainly many properties available to learn how to do this.
The term REO refers to real estate owned. It means that the bank, the lender on the property has now taken possession of the property. So when you see people buying REO property this simply means they are buying properties that went through foreclosure.
There are many courses you can take to learn how to deal in the foreclosure market. You can pay for some courses you can find some free on the internet. Some paid courses offer personal coaching with their program. You will have access to a personal real estate investor coach to walk you through the process of buying and selling. You will learn how to calculate the numbers so you will bid only the maximum amount so that you will make a profit on the selling of the property on the retail market or to another investor.
Perhaps you have heard of public auctions put on by various auction companies. This is where you can go and bid on many REO properties where other investors are bidding on the same properties. You do need to have cash available to make a bid on these houses. But you should also see the houses before you bid on them.
You also need to have a maximum amount that you would bid on any one property. You do not want to get caught up in the emotion of the bidding process only to find that you will not make any money on the deal.
You also want to find a way to finance your real estate investment business when you are starting out. There are many good deals in the foreclosure market but you need to have the money to pay the down payment.
If you can buy at thirty cents on the dollar and sell at fifty cents on the dollar then great. But you have to have the down payment to make the offer for the house in the first place.
Some investors starting out use the services of a hard money lender. These lenders loan money for short periods of time and at relatively high interest rates. It is one way to get money fast to start your Arizona foreclosure real estate investment business.
