OfflineHi DGer's,
I am shifting gears a little and looking for a beautiful house for my family. We would like to live in one of three towns in New Jersey, Livingston, Montclair or West Orange. I was just with a contractor friend of mine and he was telling me about this investor who got a property in Montclair that was a HUD house for 80K and put about 80-100K into the property. Now this is in a neighborhood where the houses are 350-450. I am interested in getting a deal like this. My wife and I don't mind buying a fixer upper at all. We would like to know the best way to go about this process if anyone has any advice. We are going to be buying with an FHA loan and would like to buy in the next 12-18 months. Any advice is appreciated. Thanks everyone
Deshone - Mr. Real Estate
Deshone,
follow Matt Larson's advice...make 25 low offers and 1 of them will be accepted.
Let us know when you find that special home!
Valerie
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Great neighborhoods, I was from NJ. The contractor is right as far as some great HUD houses that need a bunch of work, but can be worth twice as much when finished. The only problem is FHA will not give a mortgage on a house in that bad condition. Their qualifications are pretty strict, in fact some "regular" houses listed on MLS don't pass FHA inspections.