The process of buying bank owned property is something that should be considered by those who are interested in making money during this recession.
With a little organization and planning, money made from real estate can equal more that your full time job and it can be done in a person's spare time.
Those interested in buying bank owned property can provide a service to the community.
Providing affordable and safe housing for rent is meeting a need that many people have.
Not everyone is in a position where they want to own a home.
They may prefer to use options called land contract, rent to own, rent or lease option.
Perhaps they do not plan on staying in one location for many years.
Maybe they want to retire soon and plan to travel the world.
Perhaps they consider owning a home a headache that they don't want to have to deal with.
Perhaps they have bad credit and do not qualify to get a mortgage.
There are many reasons why people prefer to rent instead of buying a home.
Those interested in buying bank owned property can figure out their own strategy for making money in real estate.
Perhaps they want to purchase properties in college towns and rent to students.
Maybe they want to buy properties and offer rentals in middle class neighborhoods.
They may desire to purchase properties and offer rent to own or lease option agreements to those who would like the option of buying the home they rent in the near future.
All of the above are possibilities when it comes to making money in real estate.
People buying bank owned property can hold the property for the long term or they can sell the property shortly after purchasing this method is often called fixing and flipping.
They may do some simple work on the property before selling or they may do a lot of work making it look better and have a lot more appeal to buyers.
There are lots of ways money can be made with real estate even in an economic downturn.
People just have to be able to see the opportunities and figure out what they can do to meet the needs of others.
Right now is the best time in history to buy homes at discounted rates.
The last time in history similar to this was back in the 1980's when President Reagan was in office.
Most commonly known as the savings and loan crisis.
Sounds like now huh? It has been said that the next generations of real estate millionaires will be made from this recession.
J.
D.
Rockefeller said it best "When there is blood on the streets, there is money to be made.
" Only time will tell who made the decisions to buy in these bad times.
I know I will stake my claim and buy, buy, buy!