Want To Introduce Myself And Ask A Few Questions
Hello!
I'm currently a wanabe RE 'investor', although I currently have a home and a condo that I rent out. No savvy dealings there - had a condo, bought a house, kept the condo. I'm investigating different RE investment strategies, although with the sky-high prices in San Diego, I prefer not to immediately pursue a buy and hold strategy, unless the properties will be cash flow positive once I buy them.
I'm considering distressed properties (rehabs, foreclosures, etc) My main question is this: In a market as hot as San Diego, why would anyone walk away from a property (foreclosure, etc)? If you've been in your house longer than 3 or 4 months you're better off selling it than letting the bank take it.
I stumbled onto the board a few days ago and am pleased with the wealth of information here. Hopefully at some point I will be able to contribute knowledge in a constructive manner.
Advice is welcome!
-e-
To answer your question, the reasons are too numerous to count. I have seen foreclosures on properties with 20% of there value owed out. And wondered about it as well. There are a lot of deals still to be had and are increasing every month. There is a forum here specifically for forclosures, if you can take the time to read through it they will also help you find some of the better deals. Oh BTW you own 2 properties, you are out of the newbie status in my book.
Good Luck,
Kyle
I know several real estate investors in the San Diego area who are making a living in real estate. From what I understand in the San Diego market the deals are more difficult to come by, but each deal will net you quite a bit of money. It can be done, it's just a numbers game. Best of luck to you.
Ryan J. Schnabel