El Cajon Foreclosure Auctions Begging for Buyers?
San Diego’s hot real estate has been a staple in the media with plenty of sensational stories about outrageous bidding wars over homes for sale. While the Southern California housing market is hot and healthy, that doesn’t mean that there aren’t great real estate investing opportunities and deals for those that know where to look. In fact, one recent foreclosure auction saw no bidders at all, even though the opening bid began at $5.5 million less than one investor was willing to pay for it. So what can real estate investors take away from these foreclosure auctions? The incident above happened at the recent foreclosure auction for StoneRidge Country Club in El Cajon, San Diego County. The new owners that had purchased the mortgage note from the bank when it slipped into foreclosure now plan to plow a significant amount of money into to revitalize it. While not every individual real estate investor may feel they are ready to take on a project of this size, it still offers some great lessons and opportunities. For a start it shows that investors can win by taking out distressed property notes and that there are opportunities without ridiculous amounts of competition, if you’re looking in the right places. Advanced investors can enjoy faster wealth building and bigger profits by not only leveraging their own acquisitions, but by acquiring properties next to bigger players like this that are developing, making big infrastructure investments that will help lift the appeal and value of the entire area. Right now there are a number of properties available in around El Cajon for investors. For those that don’t feel like getting their hands dirty taking on a foreclosure or rehab project, look for those recently rehabbed and ready to rent or already rented and cash flowing.
Are there really any California real estate deals coming on the market that investors have a shot at, without being forced to bid up and over pay for?