What Would The Pros Do On This
Came across a 1 year old home already in the foreclosure process. They owe 189k between the first and second. Comparable home exact model is selling for $230 to $240k. I want to talk to the owner before it goes to auction, any suggestions on this. As well in your professional expierence do (even though he is in foreclosure) do you think he will want more then what he owes? Looks like a great deal but would love to hear what others would do with this property?
CD
Thank you for the feedback,. This is just a flip property, it is brand new near a school and would sell pretty fast. I am thinking 30 to 60 days. Was also thinking would this be good property to have to do lease option on??
Thank you
I would have some homesbuild and sell upon completion.
I would become the slum lord of Arbor Hill where you come from. (j/k)
I know Albany well, sorry for that joke.
With $90k? Hmmmm... I would buy a nice house in Albany and rent it. There are some nice areas by St. Rose college. Put as little down as possible. That area over there is appreciating fast a friend tells me.
Then I would go crazy buying condos down in Orlando. Call up some Condo associations and see if they have anything available. Keep your eyes open. Orlando is a good place to invest.
I hope you have good credit. It seems like you do. But use as little cash as possible and leverage that money to buy other properties. Start slow and learn the areas in which you are buying. Albany is a no-brainer, but Orlando has a lot of fluxation from one condo place to another.
God bless,
Michael