REI Wealth Monthly Issue 09 | Page 64

WALL STREET MAKING IT MORE DIFFICULT TO FIND GOOD DEALS LEX LEVINRAD According to Bloomberg, Colony Capital a real estate equity company owned by billionaire Thomas Barrack, has allocated $2 billion for investments in single family homes. Colony Capital recently announced that they were planning to purchase 1,000 single family homes per month. Blackstone Group the largest Wall Street buyer of single family homes is now also the largest owner of single family homes in the United States, according to a recent interview on CNBC. So what does an individual investor looking to cash in on a great deal on a bank owned property do when competing with all of this Wall Street money? There is one area that Wall Street has not touched yet, and that area is short sales. Individual investors that are able to find homeowners in foreclosure looking to sell their home via the short sale process, competition. have And no the reason is because they are dealing directly with the homeowner, and the property is not adv ertised for sale anywhere. At some point the bank will require that the property be listed on the Multiple Listing Service (MLS), but for cash buyers dealing directly with homeowners There is one area that Wall Street has not touched yet, and that area is short sales that are facing foreclosure is a good way to get properties competition. access without to any