New data was released today and reveals that foreclosures are up in 75% of the top U.S. metro areas.
Cities that were in the top 20 were located in Florida, California, Nevada and Arizona.
You can read the article by clicking here
This means one thing for real estate investors – More Deals.
You basically have 2 options with the data given –
1- Forget about doing deals because you think it’s not going to work because the economy is bad or
2 – Dive in realizing there’s more deals now than ever before.
Sure, the same strategy from 10 years ago where you buy a house in California and sit on it for 6 months and make a 10%-20% return is NOT going to work.
However, realize you can make money in good markets as well as bad, declining markets.
Early on in my career as a Real Estate Investor, my market was terrible.
I saw all of the bigger markets where folks were making a killing just from buying, then holding on for a few months.
And I admit, I was extremely envious.
However, I learned that the one thing you think is a disadvantage can be used to your advantage.
In my situation, this helped to prepare me to do deals more creatively, buy bank notes, and for doing short sales before any of it ever become cool.
So take this data but use extreme caution.
Use it to your advantage.
Don’t let it pollute your brain into thinking the market is bad, and no one is making money because nothing could be farther from the truth.
Commit to become a “Real” Real Estate Investor – one that makes money in good markets and bad without relying on speculation.