Arizona Real Estate
Investing in Arizona real estate today is really no different than any other time, like many years ago, people were playing the short term investment “flipping” game and some were making good money.
There are laws that vary from state to state and county to county that govern foreclosures and if you violate those laws, accidentally or purposefully, serious consequences will follow, but remember that all of this knowledge is part of the planning you have to do to start making money in this business.
If you’ve read anything about foreclosures, you’ve no doubt heard the terms: short sale, REO, pre-foreclosure, post-foreclosure, deed-in-lieu, discounting the lien, etc., but you do not have to know the details of each to succeed.
In California, Nevada and Florida where most of the present day foreclosures are taking place, investors are talking directly to homeowners who are in trouble and making excellent investment deals by getting ahead of everyone else but to do this, it takes some money and also will take good credit, depending on the deal you decide to make.
There are laws that vary from state to state, and county to county, that govern foreclosures and if you violate those laws, accidentally or purposefully, you could suffer some serious consequences.
If you’ve read about foreclosures, and foreclosure terminology, you’ve no doubt heard the terms: short sale, REO, pre-foreclosure, post-foreclosure, deed-in-lieu, discounting the lien, etc..
Owning long term positive cash flow rentals is not as exciting as flipping properties but once you own enough of these you can relax and not have to buy another property, where as a real estate flipper has to continue the buying and selling whether the market is good or bad and has no choice.
In some states, the law sets a certain time frame for foreclosures to become finalized commonly referred to as a redemption period and if you’re considering investing in foreclosures, it is always advisable to find out if and how this law will affect the ownership and possession of any property in your area.
Many real estate investors look at investing in real estate foreclosures as a sure bet to increase their wealth but fail to realize the potential pitfalls that await them if they make any mistakes in their real estate investing.
Because of low interest rates today, and falling housing prices, you should be able to get a good deal on both the property and a good mortgage loan, because mortgage loans for investment property where you plan to rent out, are different than those in which you plan to live in.