It is getting harder and harder to find foreclosures in San Diego, California.
According to a recent report by a local paper, foreclosures in San Diego are down to a seven year low, while local home prices have risen 15 percent. At the same time, more home buyers are out in force and highly motivated to bid on a property in the face of rising interest rates.
So how and where can real estate investors find foreclosures for acquiring rentals and flipping houses in San Diego?
Perhaps the first question real estate investors should be asking is how to get better deals on properties that are on the market. While some asking prices are sky high, you can still offer less, move faster, find ways to pay cash, and position yourself as the better buyer.
Another option, instead of pounding the pavement, is to look at wholesalers with foreclosure in San Diego and instantly tap into a consistent feed of discounted properties.
While there are certainly more amateur real estate investors attempting to dip their fingers into today’s appetizing market, that doesn’t mean they are successful. Many are rushing in blind without investing in their real estate education and really have no idea what they are doing. So look to other investors that have recently made acquisitions, and step in before they mess up with ridiculous rehabs. You can take deals off of their hands when they find themselves in over their heads, out of cash and about to enter foreclosure themselves. Subsequently, this may help you find one of the rare foreclosures in San Diego.
Of course, forward thinking real estate investors hunting for foreclosures in San Diego will also try to get ahead of the game by contacting property owners that haven’t listed yet and are simply falling behind.
Finally, recognize that foreclosures aren’t the only game in town. Get hands on homes that have potential if remodeled or land that can be re-purposed.
