I've had great luck with HUD properties that have been on the mkt for a while, as well as REO properties with the same idea. Distressed/Estate type of sales are also good. Medicare does not cover those with assets, so the family needs to liquidate those assets. Most of those houses are in need of rehab and updating. Bought one 3 wks ago for 53K and got my appraisal yesterday for 82K, have a renter in place for $ 875 per month. In most areas of the country there are deals out there, just keep looking.
You can find them just driving around on the weekend. You can easily see boarded up windows and FHA postings (on the window) from the streets. Just jot down the info (case numbers or names of banks that own the property) and give them a ring. You can also go to the local court house and go to their court proceedings. There are so many different ways of finding properties, it's a matter of finding the ones that make sense.
I also befriended a few realtors that have put me on an investor mailing list. They email me whenever there are handyman specials on the market.
Good Luck to you.
I'm still new to the actual rehabbing but before i made the plunge i scouted the areas i was interested in for months (just didn't have the nerve to make the plunge!). I spent lots of time
driving around to look at the outside of HUD homes, finding REO or Bank Owned homes listed on local realtor's websites (not always in the MLS since they don't really make alot of money on em) and driving by them too or just going to see if i could find any old FSBO or junk properties in places i'd want to buy.
I got to know the parts of town i wanted to be in, the market, the comps, what realtors handled what properties....Then, i made a phone call and met with one. I didn't waste time dealing with any before that, i was too chicken to start
Anyway, i still like to drive around and see what's out there first!
Becki
Pretty much the same here, with the exception of HUD, not many of those, we are heavy on the VA.
Rental owners who aren't into rehab or live out of the area make good sellers when they have one get abused.
My father has been pretty successful, one of the things I learned from him was the importance of having good support around you, IE realtor, banker, etc.
One of his favorite stories is how his realtor called him on his cell one day all excited. There was a new house coming up and he wanted my dad to hurry to look at it before word got out. My dad told him that wasn't likely since he was in Canada at the moment. 2 hours later the realtor called him back and said he had looked at the house and it was just what my dad liked, and oh by the way, congratulations, you bought it. My dad laughed and asked "Did I get a good deal?"
I'm fortunate enough to have a very good realtor now myself. Life is good.
Two or three years ago, it was relatively easy to find good investment properties at the monthly foreclosure auction.
When the stock market corrected, everyone and their dog became a real estate investor which did nothing but fuel the so-called Guru's and drive wholesale RE prices up to 80% and 90% of FMV.
What Liz and I did was start a Foreclosure consulting (Loss MItigation) business back in Dec. of 2002.
We advertise, very inexpensively, in the free tabloids and shopping guides locally:
"STOP FORECLOSURE - WE CAN SAVE YOUR HOME!"
Or something to that effect. People call us to find out how we can save their home and we charge a fee find a solution to thir mortgage problem.
Sometime they just have to bail out of their home but since we have already created a rapport with them, it is easy for us to contract and purchase or assign the deal to our crop of eager investors - also for a fee.
In January this year, we had 13 deals in the pipline and our average acquisition cost is 56 cents on the dollar, just like in the old days.
This has worked so well that we are going to be able to do some tv advertising in May.
This is a great way to get into the business with very little start-up money and the quality of the prospects is unquestionably excellent.
Quote:
People call us to find out how we can save their home and we charge a fee find a solution to thir mortgage problem.
What a great idea. When you say you charge a fee to solve their mortgage problem, isn't the mortgage problem usually just a matter of bringing payments current? Or do you get the lender to take a discount on the amount owed?
Good Day to you:
I've had great luck with HUD properties that have been on the mkt for a while, as well as REO properties with the same idea. Distressed/Estate type of sales are also good. Medicare does not cover those with assets, so the family needs to liquidate those assets. Most of those houses are in need of rehab and updating. Bought one 3 wks ago for 53K and got my appraisal yesterday for 82K, have a renter in place for $ 875 per month. In most areas of the country there are deals out there, just keep looking.
Good luck and make $$$
Tom
You can find them just driving around on the weekend. You can easily see boarded up windows and FHA postings (on the window) from the streets. Just jot down the info (case numbers or names of banks that own the property) and give them a ring. You can also go to the local court house and go to their court proceedings. There are so many different ways of finding properties, it's a matter of finding the ones that make sense.
I also befriended a few realtors that have put me on an investor mailing list. They email me whenever there are handyman specials on the market.
Good Luck to you.
I'm still new to the actual rehabbing but before i made the plunge i scouted the areas i was interested in for months (just didn't have the nerve to make the plunge!). I spent lots of time
driving around to look at the outside of HUD homes, finding REO or Bank Owned homes listed on local realtor's websites (not always in the MLS since they don't really make alot of money on em) and driving by them too or just going to see if i could find any old FSBO or junk properties in places i'd want to buy.
I got to know the parts of town i wanted to be in, the market, the comps, what realtors handled what properties....Then, i made a phone call and met with one. I didn't waste time dealing with any before that, i was too chicken to start
Anyway, i still like to drive around and see what's out there first!
Becki
Pretty much the same here, with the exception of HUD, not many of those, we are heavy on the VA.
Rental owners who aren't into rehab or live out of the area make good sellers when they have one get abused.
My father has been pretty successful, one of the things I learned from him was the importance of having good support around you, IE realtor, banker, etc.
One of his favorite stories is how his realtor called him on his cell one day all excited. There was a new house coming up and he wanted my dad to hurry to look at it before word got out. My dad told him that wasn't likely since he was in Canada at the moment. 2 hours later the realtor called him back and said he had looked at the house and it was just what my dad liked, and oh by the way, congratulations, you bought it. My dad laughed and asked "Did I get a good deal?"
I'm fortunate enough to have a very good realtor now myself. Life is good.
Mykle
The best to find properties?
Two or three years ago, it was relatively easy to find good investment properties at the monthly foreclosure auction.
When the stock market corrected, everyone and their dog became a real estate investor which did nothing but fuel the so-called Guru's and drive wholesale RE prices up to 80% and 90% of FMV.
What Liz and I did was start a Foreclosure consulting (Loss MItigation) business back in Dec. of 2002.
We advertise, very inexpensively, in the free tabloids and shopping guides locally:
"STOP FORECLOSURE - WE CAN SAVE YOUR HOME!"
Or something to that effect. People call us to find out how we can save their home and we charge a fee find a solution to thir mortgage problem.
Sometime they just have to bail out of their home but since we have already created a rapport with them, it is easy for us to contract and purchase or assign the deal to our crop of eager investors - also for a fee.
In January this year, we had 13 deals in the pipline and our average acquisition cost is 56 cents on the dollar, just like in the old days.
This has worked so well that we are going to be able to do some tv advertising in May.
This is a great way to get into the business with very little start-up money and the quality of the prospects is unquestionably excellent.
Hope this helps a bit.
C- :-o
Quote:
People call us to find out how we can save their home and we charge a fee find a solution to thir mortgage problem.
What a great idea. When you say you charge a fee to solve their mortgage problem, isn't the mortgage problem usually just a matter of bringing payments current? Or do you get the lender to take a discount on the amount owed?