It used to be hard to find those diamonds in the rough, but now, because of the mortgage crisis, diamonds in the rough can be found everywhere and represent tremendous opportunities both for you and your clients.
The government’s recent announcement regarding the bulk sale of foreclosures is one terrific opportunity that you can pass along to your investors.
Let them know that the U.S. Treasury Department and U.S. Department of Housing and Urban Development are looking for groups interested in buying up several foreclosures at once and then converting them into rental dwellings.
The goal of the project is both to sell off more distressed property inventory quickly – and keep it off the market for an extended period of time – while simultaneously creating more affordable housing opportunities for people who can’t currently afford to be homeowners.
Your investors will be able to turn a tidy profit with this initiative simply by collecting rental income and, down the road, selling the properties once permitted by the program, when the market is stronger and housing values have climbed.
If your investors aren’t able to handle a bulk foreclosure purchase on their own, don’t assume it’s a lost sale.
Instead, get proactive by helping your buyers find a loan pool where they can work with other investors to come up with the necessary capital for a bulk foreclosure deal. If you become that loan pool’s go-to agent, you will be looking at mega commissions once their transaction is completed.
Thriving, not just surviving, in this economy is all about taking initiative and being creative. The ability to take advantage of the circumstances as they are is what separates the nation’s wealthiest agents from those who are struggling to make ends meet.