It is true that the economic weather is horrible for making home investments. But let your dreams not shatter. Buy the Los Angeles foreclosures. Make an investment in one of the best cities at the least price!
One should start giving up the negative sentiments about buying foreclosures. These are of course distressed properties. But by buying them you are earning a win-win situation for both yourself and the home owner. While you get to save a huge sum of money, the home owner is relieved of his property being foreclosed. But home owners try till the last minute for reinstating the defaulted loan amount. So either you need to be patient or choose properties that are soon to be auctioned.
How you can attract as a good buyer? There are too many bidders for these high profit properties today and you definitely need to outscore. Steps you can take to do this are to get a financing as soon as you find a suitable property. Learn how to convince distressed home owners without trying to remind them that they are losing their property. It is better to go for the pre foreclosure homes because with banks and other REO properties you need to pay a lot of transaction amounts viz the closing costs and other procedures. With pre foreclosures, you can simply walk up to the home owner, pay an amount that is quite big money for their troubled financial position, and get the property deeded to you. But these homes may not make a very good residential property. You can instead spend on renovation, apply for a refinance. One can also make use of schemes such as cash out refi where you can claim for the renovation expenses from the lenders which may help you make a down payment for another foreclosure. By this way you can buy a lot of properties and rent them out.
If you are looking for a good property to live in, the condo foreclosures are an excellent choice. The condo foreclosures are sold to you in the best conditions and thus without any more expenditure on rehab, you can start saving on money that you used to pay as rentals. To find the best list of Los Angeles foreclosures, use some reliable websites online.