OfflineHi guys, Jill & I just offered & the bank countered, which we accepted. It's a 2 bed/1 bath/ carport home with about 1000 sq.ft. of living area. We
are paying $ 23,900 ... it needs about $ 3500 to $ 4000
in repairs. It comps out at around 45K to 49K. Not sure
if we'll just rehab & flip it, or may hold & rent.
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GO AHEAD!!! You guys just keep moving and shaking!! I am always reading your posts and am inspired continued success in everything you do!!
Hi I'm Reggie Peoples from Kansas. We haven't met, but congrats on your continued perserverence. Keep us posted! Later-
I deserve success...PERIOD! Reggie Peoples-
Congrats on your newest endevour. Keep us posted.
-Marc
Congratulations on this deal! Way to go.
Lea
Gary & Jill,
Congrats on your deal. It seems to be there is a pattern on which geographic regions investors are in. I say that because we are in CT and my husband and I have been looking at properties with a real esate agent, single and multifamilies and there are no deals under $50,000. As a matter of fact if there are properites below $60,000, most are in target areas or not desireable neighbohoods and the house would need to be torn down not rehabbed because the costs would be outrageous. Would you agree that it is by geographic areas? I would appreciate any feed back on this. Thanks!
Chesloe Properties, LLC
Middlesex County, CT
Congrats!! I'm currently looking into REOs also and hope to find a killer deal soon! Best of luck!
Don't let something temporary, keep you out of the game permanent.
Spencer's Investing, LLC
Congrats fam! I know you'll make the right decision after you crunch your #s if you should rehab & flip or hold & rent.
"A Winner Never Quit And A Quitter Never Win!"
Keep up the momentum!
My goal is to pick myself up and get on solid ground so that I can overcome any obstacle or FEAR! And that I can Help someone else to do the same http://www.realdealcommunity.com/members/profile/10706
1st of all thanks to everyone ! Dan & Anna, it's true the area dictates the price. Where we live in Fl. there is a "retirement" community that we have been investing in since 2001. These houses were selling for 100K to 130K
in 2005 & 2006, but with the downfall of the market & all the foreclosures the prices have dropped dramatically. Remember you can always invest in other areas, this way it's more affordable & more profit potential.
Thanks for your feedback. Greatly appreciated.
Chesloe Properties, LLC
Middlesex County, CT
Having done both I have found working with REO's to be much more simple and straight forward.
1-No need to set up an appointment; just take over your Realtor who has the key code to get in.
2-Usually the REO home is empty and easier to see the real condition without having the owners personal belongings throughout the house.
3-When making an offer, you are only dealing with the bank as opposed to an emotional home owner (Not meant to be a negative, I would be emotional too if I were losing my house).
4-Submit offer directly to the bank via your Realtor. Make sure you know who the decision maker is, this could be a single person or a committee.
In my experience, REO's are a much cleaner more simple deal that messing around with all the possible liens on a home, the owner & multiple lenders.
Again, congratulations on another deal finished!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Much easier to deal with a bank versus a homeowner. But we can close faster
with a homeowner with cash, as quick as 3 days here in Fl.
Hi Gary and Jill,
Congrats on your REO! I just posted a question somewhere else, but this may be a better place. Since you are experienced with REO's and flipping, how do you get past the bank putting in the contract that you can't profit more than 20% on the deal? I have a Fannie Mae that I just got the bank addendums on, and it says this on there. I know you can get around it, I just don't know how. Can you help with this?
Thanks,
Niki
We have only had one past fannie mae property & we kept that one for 13 months. We had a lease option on it but the tenant buyer stopped paying so we evicted, rehabbed, & sold it last month.
This one we closed on this week is a fannie mae also & we are going to rehab it & then flip, since it will be worth around $ 50K, we'll just wait the 90 days because the profit should be $ 20K.
We have another fannie mae that is going to close in 2 weeks, but I would like to how to get around the 90 days on that one. If you find out anything, please let us know. Thanks, Gary & Jill