Brent Vanderstelt is co-owner of Mona View Holdings LLC, real estate, foreclosures, development and note buyers and http://wwwmonaviewholdings.blogspot.com/ " />Everything Real Estate in West Michigan Blog and several other businesses.
In recent conversations with my local bankers, realtor's and other area investors I know, a apparent business opportunity has presented its self.
With the struggling economy and upside down real estate market many real estate investors are now also losing their houses (rentals, vacant flips). According to recent conversations, these investors are losing there house in groves.
I received a fax yesterday from a investor from the East side of the state, basically stating that he was having a "fire sale" in an attempt to unload his inventory. He claims to be selling (for example) a 2 bedroom home with comps at 65K for just $8,500.00
The business opportunity that is presenting itself, although neither new, is property management. If you are a licensed realtor, with experience in managing rentals, you are in the good position to approach your area bankers and offer your services.
While most of these investors will hold onto their property to the very end, and continue to collect rents even though they are in foreclosure, many will not.
This is the time to pick up some extra money in a bad market, managing these rental foreclosures for your local banker. What an excellent opportunity to present yourself as a problem solver to your local bankers.
Although managing rentals is a big headache, it could pay big dividends in the future when the market gets better and you will be in prime position to obtain the listings when it is time to resell.
You will not get them all, but the banker will remember you and your problem solving capabilities in later transactions.
If you are an investor, now is the time to buy, but you should be buying very low on such deals, maybe 30-50 cents on the dollar. The banks, with tougher lending standards, will have to sit on these houses for months or years.
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