In the last few years, the real estate market has slowly but surely started to rebound from the last recession. With this recovery, many people are looking to invest money in property, including many people investing for the first time. If you have money you'd like to invest in real estate but you have never invested before, here are a few of the best ways to buy real estate at a significant discount:
Buy Land on Terms
For people who don't have a large sum of money to spend or don't have access to loans, a great way to start investing is to buy land on terms. While many property owners aren't willing to sell on terms, its not uncommon for an owner of land to be willing to sell to someone willing to make a down payment and pay monthly payments with interest. Setting up a loan on terms can be done without a credit check, mostly because it's not a very risky agreement for the seller. The seller maintains the title until the property is paid for in full, which takes away all the risk.
Buy Cheap Land at County Tax Sales
Many people aren't aware that the county they live in holds an annual tax sell on properties that are owned by people who haven't paid property taxes in several years. The lots being auctioned in these tax sales usually have a starting bid of the amount owed in back taxes. The sales are typically held the same time every year, and the information is available on the county's website. Because of the wide range of different types of land available at most of these auctions, there are opportunities for people to buy who may have a small budget.
Buy a Foreclosure Home from a Bank
For new investors who want to buy a first home to live in or to flip and make a profit, a foreclosure can be a great option. You will have to have more money to invest when buying homes, as these auctions require a cashiers check for the full amount of the winning bid within twenty-four hours in most cases. Most banks hire a law firm to handle all of the legal work, including the auction. Auction times can be found on the websites of firms that handle foreclosure, and you can usually expect the auction to be held at the local courthouse.
Investing in real estate can be fun and rewarding, especially if you get in at the right time and right price. Any of the above ways to buy real estate can help you get property at the best possible price. Always do a lot of research and realize that all investments have risk involved. For more advice, contact Ebh Properties Inc.