| As companies are downsizing, more and more are | | | | tips about how you can find some of these amazing |
| offering "early retirement" packages to encourage their | | | | deals and turn them into cash and a chance to work |
| higher paid employees to leave. And more of these | | | | for yourself in what could be an exciting and |
| employees are accepting these packages, rather than | | | | challenging change of career. |
| taking the chance of later losing their job without the | | | | Before investing in an REO in your area, it's best to do |
| benefit of any generous severance compensation. | | | | some basic market research to find out what homes |
| Some use these sums to live on while they try to find | | | | are selling now. Another important step is to access |
| a similar job at a similar salary to the one they | | | | your personal skill sets. Have your always been handy |
| previously enjoyed. Others take the funds and invest | | | | around the house with home repairs? Do you have an |
| them, even starting their own business. If you find | | | | eye for design? Take a realistic look at what you can |
| yourself with such a sum, you're probably looking for a | | | | do. If you're not the handy type, look for properties that |
| good, reasonably safe investment now and perhaps a | | | | need little to no work. Or find contractors to do what |
| new job opportunity. One investment that also offers a | | | | you can't. The more hands-on you are, the more |
| job opportunity is picking up a an REO - or Real Estate | | | | money you stand to make - providing your work is |
| Owned property that a bank is selling due to | | | | professional level and you can work quickly enough to |
| foreclosure. | | | | turn a profit. You can also hold property for |
| A bank acquires property due to foreclosure in some | | | | investment, only keeping it maintained. |
| circumstances and while it's considered an asset, it's | | | | The next step is find an REO that's in your range. |
| thought of as a non-performing asset. And banks | | | | Banks don't usually handle the sale of their REO's |
| really like their assets to perform. After all, they aren't | | | | themselves. They hire REO and asset managers to |
| in the business of renovating and selling houses. But | | | | do this for them. Locating an REO manager in your |
| you can be. One Detroit REO management firm | | | | area is as simple as performing an internet search. |
| estimates that millions of dollars will be made from the | | | | Now is a good time to pick up these bargain |
| bargain acquisition, refurbishing and sales of such | | | | properties. |
| properties this year alone in their area. Here's some | | | | |