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Published On: Wed, Oct 25th, 2017

Larry Polhill Sees Golden Opportunities in Distressed Properties

Over recent years, there has been a huge boom in the distressed properties market. As the former director of APFC, Larry Polhill has been monitoring this closely. Distressed properties have given ordinary individuals the chance to become true investors, while at the same time enabling established real estate investors to strike a good deal by fixing and flipping them. However, for Polhill, it is of particular importance that people know exactly what they are getting into if they are considering this type of investment.

photo 401K 2012/2013 via Flickr

Larry Polhill Describes Distressed Properties

A distressed property is a property, be that commercial or residential, that has to be repaired. In most cases, these properties have been foreclosed on. This means that they are not in good condition, but it also means that their prices are much lower than other properties. This can result in excellent savings and it can enable people to diversify their investment portfolio as recommended by the Securities and Exchange Commission (SEC).

Finding Distressed Properties

Because these properties are so cheap, they also sell very quickly. This is particularly true because so many investors are professional real estate companies. If you are an individual, therefore, it is important that you learn exactly how you can find a distressed property the moment it becomes available for purchase.

This can be done in a variety of different ways. Using the internet is generally the easiest, however, as there are numerous websites dedicated specifically to this. Not just that, they allow you to set up an alert so that you receive a notification the moment that a new property is listed. Some of these websites have millions of properties on their database. Some are free, whereas others are paid for. Generally, the paid for services are better because they offer more choices. Do make sure, however, that you use an accurate, reliable, and up to date service.

There are other options to find a distressed property as well, however, and those can sometimes be better if you want to beat the crowd. Options include:

  • Asking your bank to notify you if they foreclose on any properties.
  • Building a relationship with a real estate agent, who could send you any new home listings immediately.

When you first see a distressed property, you may feel somewhat disheartened at the condition it is in. They are often run down properties with stained carpets, faded wallpaper, and leaking faucets. However, remember that most repairs are cosmetic only, and you can do this yourself. It takes a day to cover an entire interior in magnolia, and you don’t even have to hire someone to do it for you. When you consider that the property may be available for just 50% of its actual value, it quickly becomes clear why this is so interesting.

Investing in these types of properties is clearly a great way to earn quite a lot of money. The difficulty, however, is in finding the right property and finding it before everybody else.

Author: Anwar Hossain

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