Post Foreclosure, Bank Owned... Is This An Opportunity??
Need help!! I am a new investor, just bought a mobile home park 4 mo ago. Now I want to keep going! I have found a property foreclosed on, and now bought back by the bank. It has two homes on it which need rehab, approx $20K+? (electrical, siding, cabinets,furnace, carpets, etc.) Appears so far the second home may not have been permitted. The orig dwelling is a log home. Each house has only two bedrooms. I am still waiting for the as-built to determine the septic details. This property is priced $45K below 2004 Tax assess value. What are the "red flags" to watch out for which should stop me from placing an offer? What other considerations should I have? As for the N.O.I. once completed, it might net $200-$300 positive cash flow. (I hope 
) I would greatly appreciate any advice!! Thank you!
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