Simple Deals? In Panama City, Fl
I am relocating to the area of Panama City, FL. I will need to purchase a home within 6 weeks of arrival so I can move my family down.) I prefer to purchase a single family residence, and live in it for 1-2 years, then turn it into a rental.
During this time, I will be working hard at a new business I am purchasing in the area, so I will not have a lot of free time to dig.
I have been reading the posts here for 2 weeks and learned quite a bit, and am hopeful for some sage advice. My question is, what are the more simple/ less time-consuming methods to locate properties below FMV? I would think either REOs, or buying a contract from a birddog, but am interested in your ideas. I have tried to identify an Investors club in the area, but have not found any.
Thank you,
Dave :-?
In my area, everyone is looking for the below FMV deals, and alot of them are looking at HUD, and REO's. The result is that neither present a particularly attractive buy, and in some cases sell for above FMV considering their condition.
If you don't have time to find something yourself, consider talking to a realtor. Explain your criteria to them, and let them go to work. They can e-mail some listings that meet your criteria now before you get there, and if none of them pique your interests, you can hone the search criteria further. When you've succeeded in conveying exactly what you're looking for, schedule a day or so with your Realtor / Agent(s), and look at a bunch of houses. You'll be surprised how well they can perform for you. Nothing creative there., but it just might work for you.
You could also subscribe to the paper with the largest circulation now, and start checking the real estate classifieds for FSBO's and the like. Make some calls. There might just be a keeper in there.
Good luck,
Jeff
I agree REO's are probably going to take too long given that you have 6 weeks to locate, contract and close on a deal.
Shop for a local realtor. Get yourself pre-approved for a mortgage. Then you can close fast. Now you are looking for motivated sellers that need to get out quickly. At least you have narrowed the market quite a bit.