Hey guys, I found 4 residential properties build in 2002 located in a small cul-de-sac. Their bank own and being sold as a short sale. It looks like their is only one owner or one person owns all this properties atleast till the bank forclouses. The owner according to public records paid about 130K to 145K depending on the sqf. I did a little Comparison search and found that homes go for about 120k to 145k. The starting bid for this properties is 99k and the homes do not need any of work at all because their new. There is even appliances . The funny thing is that the homes have being in the market for about 156 days. Hmmmmm To me it sounds like it could be turn into a great profit… or maybe I am missing a few things…I would like to to bid and if I win sale it for quick cash.
Guys please help…what would you do and or suggest. What other type of homework should I do.
Since the market is slowing up in many areas, do not offer anything more than 65cents on the dollar of the ERV. If house is worth 120K, dont spend more than 78K on the home.
Think…what will it rent for? Will it cashflow? Taxes, insurance, maintaince, fees, mgmt fees, vacanies, advertisements to fill, do you have to pay utilities, etc?
I agree with the others, however, it depends on where you live, too. According to ABC News, two-thirds of the country is seeing a slowdown in real estate. But there are markets where RE is hot or getting hot. I’m in central Texas, so I can relate.
Wel, I am in Columbus, Ohio…were actually number one in foreclousures. There is plenty of homes. However, I don’t think that to good for the local Real Estate business. Maybe for investors because they low and sell hight when the time is right. I am not an expert but, thats just what I think…any comments?
I love Columbus, I was there last month. I wish I could live there. I went down south of the city Route 23 I think. It was past the race track. And they had this fresh corn right out of the field in these stands. I bought a bunch of it and brought it home. My wife thought I had gone corn crazy, but she ate it when I cooked it. You should have the same type of environment that we have here. We can get some really cheap properties. Remember cheap properties mean good cash flow. The people that get foreclosed on don’t fall of the face of the earth. They have to live somewhere. Those are your new tenants. It is like heads I win tails you loose.