Two years ago Jan was a stay at home mom with two small children. Her husband Dan had a great job and they were in the enviable position that Jan didn’t need to work in order to help support their family. Then out of the blue Dan’s job was outsourced to another country. As quick as the snap of a finger the entire plan that Jan and Dan had for their lives and their children’s lives changed. Jan thought about going back to work, but she mourned the loss of watching her children grow.
It was at that time that Jan and Dan first came to Island Advantage Realty, LLC. They had heard about the savings in buying an REO property and had decided to sell their home and buy REO property in an effort to reduce their monthly bills. Two things happened, they were able to buy a great property and reduce their bills and Jan saw the clear advantages to owning REO property. She decided to become a landlord instead of going back to work. She bought a second property close to their new home. It was a duplex that needed a fair amount of work, but the price was right.
Jan lent all of her home decorating skills to the duplex and with in a short amount of time she was able to successfully rent both units for significantly more than the mortgage. Over a year and a half later Jan is enjoying her time at home with her children. She has a healthy income from her REO investment. Dan is finally back at work. With their profits from the first REO investment they have decided to buy another REO property.
If you are interested in viewing REO properties that are ideal for rentals in the metro NY or Long Island areas, please call us at Island Advantage Realty. We can show you all the possibilities that are currently available on the market.
The advice and tips offered in this blog are intended to be solely informational and do not apply in all circumstances. Make sure that you consult a real estate professional, financial consultant, attorney or accountant before taking any action. For further information or questions please contact Gabriella@IARNY.com
Island Advantage Realty, LLC specializes in Foreclosures and Bank Owned properties in the Metro NY and Long Island Areas. They are dedicated to educating home buyers about the home buying process in the Foreclosure and REO markets.
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