BEST REAL ESTATE LEADS FOR REHABBING HOMES LEON MCKENZIE
Why Are Leads Hard to Find?
There have been fundamental changes in the market that have
decreased the amount of leads that are available for investors. One of
the biggest changes is that is can be difficult to get a mortgage to
purchase a property. After the market drop of 2008, banks changed their downsides:
Some
lending procedures and limited new mortgages to only those with the have liens against them or
highest credit ratings. The ripple effect in the market has been that mortgages associated with
people who own their homes, or who have a current mortgage, are them, which can be inherited
staying put. They don’t want to take a chance of not being able to get a by their new owners. It can
mortgage for a new property. This has resulted in fewer homes for sale also be hard or impossible to
on the market in the majority of the United States. Instead of moving, inspect
many homeowners are simply renovating their own homes and adding advance of their sale, which
needed space with extra great rooms and bedrooms. means there's no time to
such
homes
homes
in
check if the basement is
Another reason that homes for renovation can be difficult to find is that the flooded
or
foreclosure crisis has taken a surprising turn. Instead of banks putting conditioning
these homes on the market and selling them quickly at a discount, they These types of unknowns are
are leaving their REO (real estate owned) properties on their books and just
expecting to receive the current market value for these homes despite the renovation project from profit
fact that many have suffered damage and vandalism. Kimberly Palmer to cost in just moments.
writes that even if you do find a promising pricing structure, you may still Being able to fully evaluate a
have issues with these homes, “The cheap prices do come with potential property is one of the best
what
if
still
can
the
air
works.”
take
a
practices of purchasing a
home for renovation.
With the difficulty in getting a
mortgage and the shortage of
leads, moving your business
forward
to
complete
renovations can be a real
project. The shortage of
leads has been going on for
quite a while and shows no
signs of slowing down. Trey
Garrison of Housing Wire said