You know things are BAD in New England......

General Real Estate Investing
1

When realtors have to write…

“THIS IS NOT A FORECLOSURE” in their ads!!!

This market is inundated with foreclosed homes.

So how do you make money flipping homes in this market???

Here’s what I’m doing…

First off, banks are not in the remodeling business. They basically just clean these homes out and that’s it. We have BOAT LOADS of ranch houses and small Capes that need updating. Americans are LAZY, we all know that, they don’t want to remodel something, and SAVE MONEY?? That’s work…

Are you all right???

NOPE…not for me they say. They want TURN KEY HOMES!!!

I buy these little dumps. Put in Maple Kitchen cabinets or use my favorite Lakeside moulding cabinet doors. I always use nice crown mouldings on the cabinets (for the aristocrat first time home buyer) Drop in a granite counter top with under mount sink, and finish it off with a new Stainless Steel Frig and Stove!!!

BOOM!! Sold to the lazy buyer in 6 DAYS!!! Had 3 people who wanted the last one. Found 2 of them similar homes and just did the exact same “lazy buyer rehab.” 3 homes sold in a total of 68 days!!!

This is working because the MAJORITY of the bank owned homes in this area are DUMPS that need cosmetics. When something looks really GREAT it completely stands out. Add to this the days of never ending home equity loans are long gone. This creates a smaller pool of nicely rehabbed homes for sale. The reason??? They pulled out all the equity a couple of years ago and can’t get what they owe, or they bought stupid sh*t with their equity and have NONE left!!! Either way…it works for me!!

If you can make money rehabbing homes NOW??? Your gonna be fine!!!

2

Americans…

In my population of 2 million people, there’s less than 70 REOs on the market.

3

You hit it on the head FD.

I got a friend in ATL that has been doing the BIG rehabs for years. Rip the roof off, make a second story, gut the entire place type of stuff. He’s now talking to me about “lipstick” rehabs - carpet, paint, kitchen and bath jobs.

Buy them, get your work done in 2 weeks and get rid of it.

4

I just closed on one that all it needs is to have the carpet cleaned and place a for rent sign in the yard. The lady that owned this one loved this house. She really took good care of it. It ARV $125,000 I bought it for $65,000. The neighborhood rents comp at $1300. My PITI is $650 or so.

I closed Thursday and put an ad in the Greensheet that started to run Friday. Saturday I got a call and Sunday I had an offer to rent (owner finance). This market is great. By the way…I am not in New England.

5

Yes, we know…you can barely buy a car in NE for $65K! LOL

Keith

6

A 1br apartment rents for $1200 a month around here. And the average property tax is around $12k. It is crazy. Those ranches go for $450k and up. And the Capes $200k and up. But it is all relative I guess.

My car has been in the shop for a week now. They gave me a piece of crap BMW wagon loaner. I feel like a soccer mom.