Investing in Bankruptcy

Investing in Bankruptcies

Investing in bankruptcies can be a big money maker for the real estate investor. Investing in bankruptcies can result in a substantial income when you choose the right property. There are several laws that can change from area to area that govern bankruptcies. This means that there are risks involved to the investor, and being aware of these risks can help your investing tremendously.

A large risk that you face with bankruptcies is that the owner can come back and lay claim to their property. Some states even have laws stating the bankruptcies are not complete for a certain amount of time. You will have to determine if your region has this type of law protecting the homeowners when they file bankruptcy. If this is the case you may want to make sure the home is vacant before making an offer on the property. You do not want to put your money into something only to lose it when the homeowners get back on their feet.

When the owner defaults on the mortgage a bankruptcy order is then put in place. The bank will start the proceedings necessary to regain possession of the property. These bankruptcy properties are usually listed in the local paper under the sheriff?s sale heading. The opening bid usually start at approximately two thirds of the appraised value of the home. The highest bidder is awarded the property. Investing in bankruptcies can greatly increase an investor's portfolio.

Having a plan of action when you are investing in bankruptcies is a crucial part. The first thing you must do is determine what your plans for the property are. Is it going to be a rental property or do you plan to flip the house? Determining what you want to do with your properties beforehand is important so that you know what area to look in, and how you can make a profit from your new property.

Choosing the bankruptcies carefully is a high priority. You do not want to find bankruptcies which will be depreciating, instead look for high growth potential that will increase in value. Just because the price seems to be right does not mean the property is the one for you. Determine what the average selling time was of the houses which have been sold. This will give you a good indication as to what you can get for the property you are looking at.

When investing in bankruptcies you should always look at the bottom line. If you can not make a 10% or greater return on the investment then it is not a good property to purchase. You must know your market. Looking at past sales in the area is key. Determining whether the area is growing or declining is an important factor in the bankruptcy. Knowing how long each house that sold stayed on the market is also significant. You may find bankruptcies which have been on the market for six months or more, this is a good indication that it is probably a bad investment. With all the other investors out there, if one of them did not want it, you probably do not want it either.

Once you become more familiar with investing in bankruptcies you will learn what to buy and what to avoid. You will understand which areas are good investments and which ones are not worth your time. You will also be able to understand more of the real estate market and the lending red tape. This will help when you are investing in bankruptcies.



Posted by Nancy Howard on December 13, 2008 at 12:00 AM

About Nancy Howard
Nancy Howard is affliated with Briarwood Realty, which is located in Lansing, MI. For further assistance please use the contact information located on the right.



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Local Information for Lansing, MI

Latitude: 42.717585 -- Longitude: -84.554916


ZIP Codes for Lansing, Michigan 48901  48906  48907  48908  48909  48910  48911  48912  48913  48915  48916  48917  48918  48919  48921  48922  48924  48929  48930  48933  48937  48950  48951  48956  48980 
Area Code for Lansing, Michigan 517
Time zone for Lansing, Michigan EST



Other Area Cities:   Lansing, MI  Forest Hills, MI  East Lansing, MI  Grand Ledge, MI  Haslett, MI  Holt, MI  Okemos, MI  Mason, MI 

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Lansing is the capital city of the U.S. state of Michigan, and is located mostly in Ingham County. A small portion of the city extends into Eaton County, and a small portion containing Capital City Airport extends into adjacent Clinton County. As of the 2000 census, it has a population of 119,128. The Lansing metropolitan area is remarkable in that despite being a relatively small city it is an important center for manufacturing, educational, cultural, and governmental institutions, including three medical schools, two law schools, a Big Ten Conference university (Michigan State), the state capitol, the Supreme Court, an appellate court, a federal court, the Michigan State Library and Historical Center, and headquarters of four national insurance companies. Lansing is the only U.S. state capital that is not also a county seat. -- Source: Wikipedia.com




Michigan 2000 Census Population Profile Map

Lansing Michigan United States
Population 119,128 9,938,444 281,421,906
Median age 31.4 35.5 35.3
Median age for Male 30.2 34.3 34
Median age for Female 32.6 36.6 36.5
Households 49,505 3,785,661 105,480,101
Household population 118,256 9,688,555 273,643,273
Average household size 2.39 2.56 2.59
Families 28,373 2,575,699 71,787,347
Average family size 3.08 3.1 3.14
Housing units 53,159 4,234,279 115,904,641
Occupied units 49,505 3,785,661 105,480,101
Vacant units 3,654 448,618 10,424,540

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Nancy Howard - Briarwood Realty
Nancy Howard
Briarwood Realty


6540 Millennium Dr.
Lansing, MI 48917

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FAX: 517-886-6841

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