People who have been house hunting in Ohio, or considering to invest in turnkey rentals and other such ventures, may be leaning towards buying foreclosed houses. A check of the listings of foreclosed homes in Ohio can produce some good finds, given the current conditions in the State of Ohio. Writing for the Columbus Dispatch, Mark Williams reports that new opportunities for closing a deal on a foreclosed home are fast appearing this year.
According to the article, Ohio had the biggest percentage increase of bank repossessions in the country, up 54% in the first quarter of 2015 from Q1 2014, based on a RealTrac report. The state repossessed nearly 5,000 homes just for the first three months. Columbus is even more aggressive, doubling from the same period last year. If you are considering investing some of your hard-earned wages into a foreclosed property or discount real estate, discuss your options with a real estate company that knows the area well.
Where to Look
Searching listings for data about your target location and community preference may take time. You can’t even be 100 percent sure that the information posted on a listing is accurate. Major real estate companies can provide exclusive information about bargain properties, foreclosed homes, and new investment opportunities.
Toledo, OH, for instance, is one of the top real estate investment markets in the country due to the high return on investment (ROI) real estate investors get. Experienced wholesalers or Realtors in the city can help you get bargain properties you can flip, rent out, or resell later if you want.
Foreclosed Homes as Investment
Working with an experienced real estate company, you may find areas with fewer foreclosure filings to ease the effort of shortlisting properties. Foreclosed homes for sale in Toledo, Ohio would likely be lower this year, if first quarter data were to be the basis. The Toledo Blade reported that filings in the metro during the first quarter numbered at 930, an 18% drop from the same period last year. Nevertheless, 900 foreclosed homes is still more than enough options for you to get one, two or three properties if you have the financial capacity.
Companies like the Real Estate Cash Network offer programs that give members first notice on certain properties that are up to 80% off their original price. Don’t be surprised if you are provided excellent properties less that $10,000. The Real Estate Cash Network is an expert in finding and located bargain property for investment, cash flow, or rentals. They pass on deals to other investors saving them both time and money.
There’s nothing wrong with acquiring a deeply discounted property or foreclosed property and converting it to your needs. When you source your investment property with people who know foreclosures, you could lock up the sweetest deals.
Ohio led nation in bank takeover of homes in first quarter, Columbus Dispatch, 16 April 2015
First Quarter U.S. Foreclosure Activity Drops to Lowest Level in Eight Years Despite March Increase, RealtyTrac
Ohio home sales jumped in March, tracking national trend, Cleveland.com
1st quarter foreclosure rates down, Toledo Blade, 17 April 2015