Foreclosures??

[arctiva]

Anyone investing or jumping on the cheap houseing in most area's??

Ive been watching and thinking man a handy guy could make a few $$ this way if he was smart. So last week i took the plunge and put a offer of 15k on a 1800 sft 4bed house just blocks down the street from my current house. Really didnt think i would get it as it was just listed and the agent said there was a ton of intrest and low and behold the agent calls me saturday morning saying the bank took my offer. The house was on the market for 1 week.

Now im wondering *** i just got myself into LOL I did this with my 1st house and lived in it while remodeling it and made some money and im about 85% done with remodeling my 2nd house and have no plans to sell soon. With work being slow i'm gonna give it a go i guess lol worst i can do is lose money right? HAHA

 

[rakins800]

fix it-then rent it out. you should be able to clear 5-600 a month. just remember to hold onto some of that cash for repairs and maintenance.
looking to buy my second one...........

 

[ezra]

lots of people looking 4 rentals now days.if going to rent to lower end of the income scale do sec8 at least you get a guarinted rent payment eavery mo.kinda a pata to get sec 8 approved but what eaver.DO not rent to any one under 25 without a big chunk of change down and have a realestate lawyer make up your rental aggrement with late penelty fees damage fees ect.and always walk the place with a camcorder with new renter in every shot including inside of refrigerator for some reason renters ar verry hard on refrigerator doors.and makr the renter pay for servive pluse appliance contract on their gas bill as part of the rental agrement.and have in the contract if they dont pay for the service contract they are responsable for the cost of appliance fix bills.in a few yrs after market turns around then put the money in the house to flip it and never more than the min needed to make it rentable because renters will always f your stuff up.

 

[m8man]

I just missed out on buying 2 houses, side by side in Lake Linden here for a total of $10K. I am kicking myself for driving by it for a week before I checked it out.

bummer

m8man

 

[ezra]

the other thing with some foreclosure is before they even go up on mls there are offers written and waiting to be faxed to the bank.got to be ready to poo or get off the pot with cash in hand

 

[MZEMS2]

We were able to score on a foreclosure last year. It was 5 yrs old. The builder lived in it for a year, then decided to rent it after some "issues". The renter paid the rent, but the original builder didn't pay the mortgage. "OOPS, sorry poor renter, you gotta move because I'm a putz and didn't pay the mortgage" . In any case, it sat on the market for over a year and the price just kept falling. My wife watched it the whole time, then heard a rumor of an offer, so we offered too, ended up getting it for a steal of a price. Home listed/appraised over $245k, got it for $170k. Sweet! It's a lot more house than the 2 of us need, so if the market should ever pick up, we'll list it and downsize...the house anyway..the garage, well, that's always gotta be bigger.

 

[arctiva]

This house was listed on a friday. i was the 1st 1 to walk through it monday morning. By 9am they had over 100 emails on the property and 2 showings tuesday that i know of by the guy who showed it to me. I was more than surprised to hear saturday morning that the bank accepted my offer end of the day friday when my offer expired. my offer was 1st though and 100$ more than the list price lol

I'll be looking at gutting 3/4 of the house to the studs. The kitchen is actually allready down by the previous people and really not to bad of shape. I mean they went cheap with meards cabinets and laminate countertops but it works.

I will do electrical/insulation/drywall/mudding tapeing/paint/trim and doors. I'll have to hire
for plumbing/heating/flooring.. Thats to do it right the 1st time anyways. I hate it when you look at these remodeled houses and all they did is paint and new fixtures.

 

[arctiva]

the other thing with some foreclosure is before they even go up on mls there are offers written and waiting to be faxed to the bank.got to be ready to poo or get off the pot with cash in hand

Realtor said the same thing cash talks and most that aint seasoned pro's as he said dont realize its cash purchase and cash repairs as the bank's generally wont finace. He said after its done and worth something then they do but not before.

I also get the impression the "prime" property's dont make it to the general public as the realtor was telling if this 1 didnt work out that he had this comeing or that comeing in X price range. So i can see where and why offers could be waiting..

 

[peter]

I just missed out on buying 2 houses, side by side in Lake Linden here for a total of $10K. I am kicking myself for driving by it for a week before I checked it out.

bummer

m8man

Are you referring to the 2 on pine street?