Palm Springs Foreclosures Are Renting For Positive Cash Flow
We have almost unlimited options when it comes to investing. We can invest in precious metals, bonds, stocks, futures a lot of other things that are very similar. They are just electronic bits or pieces of paper that represent something that someone owes us. They really aren’t worth the paper they’re printed on if people lose faith in the investment. Take stocks for instance, every time there is the slightest disruption in the news, their value moves up or down. We all believe that there will be growth, so we keep investing.
Real estate is a different story. When you buy property you’ve got something tangible. You’ve got something you can see, feel and use. You can live in it, or you can lease it out, or you can sell it. Right now if you’re investing in Palm Springs California property, you can get a great deal. There are thousands of properties, in Palm Springs, that are either in foreclosure are headed for foreclosure.
Real estate prices are at all-time lows all over California. Palm Springs is a great example. There are over 750 properties in the foreclosure process there. Some of these represent fantastic values. For example, on N. Palm Canyon, there is a house that once had loans of over $7 million on it and it is now assessed for $1,692,000. That home is now owned by a bank that is desperate to get rid of it. The next buyer will get a real deal.
Real Estate has a lot of investment advantages. In our current market that is especially the case. The foreclosure crisis has forced a glut of property onto market and it is a real buyers paradise right now. This is the first time in years that an investor can buy a property in California and rent it out for a positive cash flow. People still need to live in houses, they just can’t afford the mortgages that were created at the height of the bubble.
So if you can buy property for half what it sold for five or six years ago you can probably afford to lease it to the same people who tried to buy it back then. They can easily afford to pay the rent on a property that was purchased at half the price it was a few years ago.
Low interest rates are combining with the low prices to really help the investor out. (This rate probably won’t last long, but my sister just got a 30 year fixed rate loan for 4.62%. That was in Palm Springs, CA.) This really helps investors finance homes so that they can rent them out very profitably.
You can use one of the financial calculators you can easily find on-line to get the exact details, but I know that with both low interest rates and low purchase price it would be hard not to get a great deal on a Palm Springs, California foreclosure.
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