We all have a lot of options when it comes to investing. We can invest in stocks, bonds, currencies, futures and a lot of other things that all have one thing in common. They are just pieces of paper that we put our faith in. They are basically promises to pay later, made by a company or a country that we have faith in. But the last few years have shaken that faith pretty badly. About the only thing that these investments have that is good, as far as I can see, is that they are easy to buy and sell.
In the investment world, real estate is where the action is right now. Real estate values have plummeted so far that it’s hard not to find a good deal. We know that prices have plummeted and we also know that people still have to live in houses and apartments. They lost a lot of value, but we still have to have them. Look at Palm Desert, California for instance. As I write this, there are over 516 properties in Palm Desert that are in the foreclosure process. This is the time for investors to jump in.
Prices have gone down so far that it’s easy to find properties that are valued at 50% of the previous loan value. Looking at ForeclosureRadar today, I found a property on E. 19th St. that has $567,000 worth of loans on it and is currently valued at $186,000. That’s the price they expect to get for it at auction. there is another on South Shelton Street as a current value of 160,000, but it has loans on it for $511,000. These places are going to sell to the next buyer at a fraction of what the last buyer paid.
In our current market, real estate has a lot of advantages. Prices have plummeted because of the foreclosure crisis and you can actually buy property in California that can be rented for a positive cash flow. People still need to live in homes, they just can’t afford the inflated prices that were prevalent just three years ago.
Smart investors are finding that if they buy property for half what it cost just a few years ago, they easily find eager tenants who can easily afford the new rental payments.
Today’s interest rates are really helping out. I don’t know how long it will last, but my sister just bought a house in Palm Desert, California and got a 30 year fixed interest rate of 4.62%. That probably won’t last long, but interest rates today are so low that the new purchaser can profitably rent a place for a very low price.
There are a lot of free financial calculators on the Internet that will let you calculate exactly how great a deal you can get. Try one and you will see that now is a great time to buy foreclosed property in Palm Desert, California.
Get free ForeclosureRadar search at www.PalmDesertForeclosures.org. Get the ultimate low down instantly in our Palm Desert Foreclosures guide.
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Tags: bank owned property, foreclosure, foreclosures, Home, House, investing, property, Real Estate, real estate investing, reo