Buying Forclosers To Rehab And Financing.
i was wondering if this would work and if it is leagle or not. I have been looking at a house. it is a bank req. it needs a hole fixed in the roof and i noticed it might have a foundation problem. they are asking 65000. for this property. I was thinking of getting a free estiment from a local contractor. If the contractors estiment is 20000. would they take a lesser amount of money if i gave them a copy of the repairs and if they do is there a way or is it illeagle. if i was to offer the req 45000 and they except. is it possible to get a bank loan for the 65000 and use the 20000. to repair the house. after repair the house should be worth around 119,000. but for now i would just like to move in. i will except all anwsers. i live in Inadiana thanks 
80 grand for a lot sounds like a deal if it is sitting next to a stream overlooking pikes peak with nobody around for 6 miles and 2 minutes away from everything you want and need.
80 grand sounds bad if it is sitting next to a garbage dump and is 10 feet wide by 300 feet long.
Have no idea if your 80 grand is good or bad.
Yes, $5,000 to $10,000 beats a stick in the eye, however the point is if the real numbers somebody with a lot of experience and local knowledge of the market and a local network is really 5-10K what type of money do you realistically stand to make on your first deals? Lot less room for error especially if you mis-judge and end up holding for 10 months and end up selling at a loss as a result.
Rental market should be strong, military are excellent rentors.
If you buy the house for 65K and it is worth 119K after repairs, the bank has already marked the house down 54K. It sounds to me like they already factored in the repair costs into the sale price of the house.
foundation repair can be expensive.
Yes, they may discount.
thanks i am new at all this and just trying to find the right ways to do things. I would really just like to get into rental properties. the area i live in is very poor. it is hard to flip properties here. alot of the properties stay on the market for a yr or more.
But thanks for the info.
But if the REO has been owned by the lender for too long they just want to get rid of it...motivation comes back
Thanks for the advice.......
There are a lot of houses from 150K-250K, and I think starting in the 100k would be the best for me. I know I need to learn the neighborhoods better, thats for sure. I appreciate the response....
Thanks
Travis
El Paso county (Co Springs) is the fastest growing county in Co right now, they are set to pass Denver County as the highest populated within a year or so if thing keep up. The reason for this is that Denver County is land locked while El Paso county can grow eastward out onto the plains.
The housing market is not even close to what it was 4 years ago, when you could repaint a Nike shoe box, set it on the curb for sale and advertise it as affordable housing and have 3 people offer you over your asking price. Those days are gone for awhile, now yes lots of houses on the market, the rule is if it needs work buyers will pass because there are 30 more just like it to look at. So make sure your rehabs are PERFECT.
Also be very, very, very wary of anybody, even your buddy telling you figures such as I will set up the deal so that it leaves you $20,000-$30,000 in profits when all is said and done. I get a little skeptical about that. $20,000-$30,000 on paper and in somebody elses opinion may turn out to be more like $5,000-$15,000 at best in reality.