Got Lots Of Property In Cinci....
I am new to this game and hope to get a foothold on the ins and outs very soon! IN the meantime I have been researching dilegently on the net and on the streets, for possible deals. I have been searching REO's, foreclosures and driving the area looking for neglected/vacant prop. I have a bunch of SFR and multi-res. in my "book", but don't know if they are truly worthy of making a deal. It's hard to believe these properties are still available. What could I be missing? I havn't done title searches on any of them and I realize that could be one reason. Most of them have back taxes due, but not a crazy amount. I would more thatn happy to share my info if someone would like to take the time to advise me. Many of the homes I found on-line and could send a link.
Thanks!
Sickdog
You need to educate yourself and ask specific questions. This is way to broad to even begin with. There is money to be made in RE everywhere. You can make money using a variety of techniques on an array of different types of properties.
Spend time on this site, at your library, and local bookstore. When you find a property that may have potential, look at it closely, research it, and then start asking us questions about it. Based on the information that you've provided there is no way that we can help you specifically. Keep in mind that a "good deal" generally has about a 30%+ profit margin. Welcome onboard and keep learning.
Hibby76
Hey thanks!
You are right! Way too vague! I was very sleepy when I wrote it!
Here's an example of one sfr that I really like:
REO-SFR 3/1, decent moderate income neighborhood; 2002 tax appraisal at $69k. Bank is asking $55k. No county or city tax deliquentcy, appears to need very little work(havn't seen the inside)Comps going for $75-$85k. I thought I'd offer $50k sub2 title search. My plans are to fix and sell quick. The numbers seem fair, not a 30% profit, but a decent start.
What do you think?
Thanks!
PS. The reason I was so sleepy was from reading so much on this site! It's great! You all are the real deal! It's nice to have a resourse like this to learn from![ Edited by sickdog on Date 02/22/2004 ]