This is the first post in a series which will discuss the possibility of investing in distressed properties or foreclosures in Dayton, Ohio. I have decided to write on this topic as, in my personal opinion, opportunity exists in our area. This opportunity is due to the hot nature of our local real estate market, combined with our area’s high number of foreclosed or otherwise distressed properties. Investing in such properties can create both opportunities and obstacles that are not present with other real estate investments. The goal of my coming articles is to provide information which will assist individuals in deciding whether or not they wish to invest in troubled real estate. If you are considering investing, then contact me today to speak with a realtor.
I will be addressing a number of topics over my coming articles. Issues which I will analyze include:
- Choosing a distressed property as opposed to one that is “turnkey ready”
- The scope of work you are willing to take on in regards to a foreclosure
- How the inspection process will differ in regards to distressed properties
- The importance of understanding who you are buying from
- Financing the purchase and renovations
I am addressing these issues for a number of reasons. First, there are instances in which it may make more financial sense to invest in a distressed property and there are also instances in which a turnkey property may be a better investment. Second, understanding the scope and amount of work which you are willing to take on, and having a team to do that work, can prevent you from getting in over your head. Third, inspections may be more difficult in a distressed property as a foreclosed property’s utilities will likely not be turned and it is unlikely to get an accurate history of the property. Fourth, understanding who the seller is will be crucial as different selling entities may have different requirements for buying the property. Finally, it is important to understand how you will finance/pay for the unit as well as the renovations.
If you are considering investing in such units, then I suggest contacting a real estate agent who is experienced in buying and selling Dayton area foreclosures. I have dealt with a number of such properties and am ready to assist you. I pride myself on providing quality service and I look forward to speaking with you. Contact me today for assistance.
I also service the areas of Beavercreek, Centerville, Cincinnati, Clayton, Englewood, Oakwood, Fairborn, Harrison Township, Huber Heights, Kettering, Miami Township, Miamisburg, Riverside, Springboro, Trotwood, Vandalia, Washington Township, West Carrollton, and Xenia.
Note: Nothing in this article, or on this website should be construed as investment or financial advice. The opinions shared on this website are the personal, and not professional, opinion of the author and are not associated with Keller Williams Advantage. Any investment decisions should be made after consulting with a certified financial/investment professional.