i usually go by how much equity is left to work with. if not alot then i skip. unless i could possibly buy cheap and nake money on the rent.
just my opinion
When viewing the liat of foreclosures Determine what is end result. Keep or Flip. If you flip it is there enough wiggle room. Also If you flip it does it have a govie loan on it. You can not flip those too well.
Why do you say you cannot flip govie loans too well? Are you referring to FHA and VA loans only?
Quote:
On 2005-10-23 11:30, maverickstar wrote:
When viewing the liat of foreclosures Determine what is end result. Keep or Flip. If you flip it is there enough wiggle room. Also If you flip it does it have a govie loan on it. You can not flip those too well.
Sounds like a great deal on paper ..must need a ton of work..have you had it inspected? Check the foundation, bank owned REOs are not in the best of conditions. But if it really has 400K instant equity, it might be worth a risk..im guessing its in Brooklyn? Properties in brooklyn are flying lately..so it shouldnt be terribly difficult to sell it down the line..do the homework, no one on here can tell you if its a good deal or not based on what you provided..good luck
Extremely uncommon for a bank to agree to that price based on the $700k value. Verify the $700k value with the help of professionals! Do your homework.
By the way, which bank are you dealing with?
i usually go by how much equity is left to work with. if not alot then i skip. unless i could possibly buy cheap and nake money on the rent.
just my opinion
When viewing the liat of foreclosures Determine what is end result. Keep or Flip. If you flip it is there enough wiggle room. Also If you flip it does it have a govie loan on it. You can not flip those too well.
Why do you say you cannot flip govie loans too well? Are you referring to FHA and VA loans only?
Quote:
On 2005-10-23 11:30, maverickstar wrote:
When viewing the liat of foreclosures Determine what is end result. Keep or Flip. If you flip it is there enough wiggle room. Also If you flip it does it have a govie loan on it. You can not flip those too well.
Sounds like a great deal on paper ..must need a ton of work..have you had it inspected? Check the foundation, bank owned REOs are not in the best of conditions. But if it really has 400K instant equity, it might be worth a risk..im guessing its in Brooklyn? Properties in brooklyn are flying lately..so it shouldnt be terribly difficult to sell it down the line..do the homework, no one on here can tell you if its a good deal or not based on what you provided..good luck
Have to agree with ShortSalePro!
Where did you get the $700k comp figure? Were those true comps or are they occupied and rehabbed?
Extremely uncommon for a bank to agree to that price based on the $700k value. Verify the $700k value with the help of professionals! Do your homework.
By the way, which bank are you dealing with?