Why Buying Foreclosures Can Give You Financial Freedom
Buying foreclosures provide excellent opportunities for buyers to improve their financial condition
. In fact, many early investors and buyers who have experienced success in real estate investing know that there are huge rewards that await every investor. It is only a matter of having the right knowledge and employing the right skills that could determine one's rate of success in this business. If you are thinking of investing your money in foreclosures, the following could give you some motivation.
Low Prices, Huge Discounts
Of course, the primary goal of every buyer is to be able to buy a good enough property without spending a fortune. Buying foreclosures simply accomplishes this goal since foreclosed properties are being sold for as much as 70 percent less than their actual market values. With these huge discounts, you could easily have instant savings and equity that you can use to fund other investments.
Business Possibilities
When you buy foreclosures, you are, in fact, not only buying a property but also acquiring a lot of golden opportunities that come with having a property you have bought for a minimum cost. You can house flip, put up a rentals business, establish a recreation or retirement park and even keep the property for your own enjoyment. With many distressed homes being sold at rock bottom prices, it is not difficult to find a fixer-upper home that you can flip for a large resale profit. A rentals business will definitely give you a steady flow of income while affording you to keep the property within your ownership.
Tax Breaks
Buying foreclosures even just for home ownership could give you a tax break that is not afforded to renters. This could be in the form of a mortgage interest rate deduction or a deduction of real estate tax on your federal income tax return. You can also use your home equity to take out home equity loans whose interest may be tax deductible. All these create favorable tax breaks for you that you can take advantage of.
Why Buying Foreclosures Can Give You Financial Freedom
By: Joseph B. Smith
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