Flipping Tax Sale Properties To Rehabbers?
Hello all-
My apologies to any who saw this post in another forum...
I recently attended a city tax sale (actual properties, not liens), and won the bids on a couple of single family homes in stable neighborhoods.
I made a downpayment, and have until Dec 17 to pay the balance and receive the deed from the city. The houses look fairly decent from the outside, and I figure I got them at 30-40% of after repaired value. At this point, I don't wish to do any fix up myself, just turn these over quickly to a rehabber. Any suggestions on the best way to do this?
Thanks in advance-
Julia
:-?
Julia,
where are the properties ??? I would be interested in purchasing them.
Brian
A savvy investor like yourself attends her local REI meetings and woud realize that networking there is probably the best way to come up with names of interested parties. Other than that I would run an add offering specifics. i.e. Fixer property 40,000 in equity only $30,000 etc.
Best of Luck!
[addsig]
a add in your local paper would do nicely......km
Most realtors have clients they work with that want rehabs that would probably be the fastest why to turn em around but I'd defineitly put an ad in the paper first.
Quote:
On 2004-10-30 08:54, gobriango wrote:
Julia,
where are the properties ??? I would be interested in purchasing them.
Brian
Brian-
They are in Buffalo, NY. Each is 1 1/2 stories, 3 bedroom, 1 bath. One is on a 30 by 60 lot; the other has a garage and is on a 27 by 100 lot.
-Julia
Julia,
Be careful in Buffalo. It's very hit or miss there. Actually I thought the properties were going to be in NJ. But good luck. I hope the repairs are minimal.
brian
Brian-
Tho' I live in NJ, I was born and raised in Buffalo, and still have a bit of family there. Although a lot has changed since I lived there 20 years ago, it didn't take too long for me to catch up on where certain neighborhoods are going.
While you do have to exercise care about what area you invest in in Buffalo, I think there is a lot of money to be made there. Real estate values are very low compared to many other parts of the country, but I believe they will go up eventually- especially oif the local economy improves. Buffalo was recently named #4 in the arts in the entire country!
Last year I bought a 4 unit apt for 53,500; the gross rent is 20,400/year.
Julia
Julia,
Like I said its very hit or miss but it sounds like you know the area well. I saw your NJ address and thought you bought the homes blind. That is not the case. Good luck.