OfflineI am new and would like some feedback on a particular situation regarding a potential deal.
I have knowledge of several high-end, very upscale "new construction" homes here in the Houston, Tx. area that are in or on the brink of foreclosure. These homes are located in a beautiful, upscale gated community. The properties are 2 story, 4-5 Bedroom, 4-4.5 bathrooms, custom built homes, a couple of which are situated on a small lake (waterfront).
The properties have been listed for over a year and are priced in the $750,000 to $900,000 range. TotalViewRealEstate.com was unable to produce credible evaluations for obvious reasons (i.e., new construction, lack of comps, etc.), but the current county tax appraisals for 2010 closely match the list prices.
Since these properties are either in or about to go into foreclosure, would it be feasible to try and make some type of investor deal on these and, if so, what would be the best approach (i.e. what technique or strategy to use, how would an offer be constructed, what steps should be taken at this time, etc.)?
The homes and lots are beautiful but the marketing of these properties has been sorely lacking. After joining up with SFL and with Dean's program I just have a feeling that there could be some good money made from this situation. I just need to know what the best approach would be and how to do the deal. If I have not provided enough information please let me know.
Any assistance and feedback would be greatly appreciated.
Trenaud,
Sounds like a viable thing to me, but you will want to get veteran input here on the site. I live in touristy Santa Fe, NM and we had a similar situation here last year where some really high-end new construction condos went up for auction at like half price. I wished I had been in the DG Family back then, and by now I would have probably been able to flip one of those. You will find answers here! Keep pressing forward.
Ed Castleberry
Ed,
Thanks for the reply and your encouragement. I would really like to make a move on these properties, if viable, so I don't look back a year or two from now and have those same regrets. I'm looking for veteran advice so if it's out there, bring it on. I just joined the SFL/Dean Graziosi family and am really excited about getting that first deal. If not these then there will be something else. Best of luck to you.
Trey