Access to nationwide inventory, investing services helps investors buy beyond their backyard
After a successful Denver-area home flip in 2016, newly minted real estate investors Scott Stuber and Tyrone Velasquez realized they could get more bang for their buck investing elsewhere.
“We were looking for a more affordable market. Denver has gotten so expensive. You’ll find a house at the top of the market that needs to be fully rehabbed — there’s no potential profit there,” said Stuber, who now invests full-time, running Nuremberg Properties with Velasquez, his husband. “So we decided to look for more affordable markets that were being overlooked.”
Stuber and Velasquez are not alone in their quest to find overlooked markets that are more affordable and profitable for their real estate investing strategy.
Expensive home prices, high property taxes and anti-investor legislation are prompting a growing number of real estate investors to invest remotely outside where they live.
An analysis of Auction.com bank-owned (REO) buyer data shows that 16% of all REO buyers using the Auction.com platform purchased out-of-state homes in 2019, up from 15% in 2018 and up from 13% in 2016.
