Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

Hi DG family. I am bird-dogging for a friend in FL and have ran by what I think is a GREAT DEAL...

The ARV on this persons 3/2 house is 85k, she started her negotiation at 35k (medical and a lot of repair) and 3 months later I have got a contract for 22k. It will need 15-20k for a full rehab.

I have told my partner what I am more then interested in the property. He told me it is a great rehab project or rent and hold.

I have never owned any property but I feel that I should go for this property. What would you do in my shoe's. What should I ask, What should I do?

The effects of bankruptcy and a short sale are different. Although both are an alternative to foreclosure, you should consider how the end result will affect you in the long run.

Bankruptcy:

- Appears on background checks that can be seen by prospective employers

- Appears on your credit and financials which will affect your ability to borrow money

-Bankruptcy records are open to the public and remains in the public records

Short Sale:

- Appears as a “settled debt” on your credit report

- There is no deficiency judgment after a short sale

- Not affect security clearance or appear on background checks

- Purchase another home faster than after foreclosure or bankruptcy
ja

Hi everyone, So a very nice lady contacted me and told me that she wants a payout on her property. She said she owes $47.5 on her home and claimed that her property is worth $85k.

Did my comps on the property and she had bought the property (zillow)in 2006 for $62k. Her comps are not strong as her property is only really worth $53k.

I havnt replyd back to her but there is absolutely no deal here and was wondering if anyone else can see something that I cannot.

What would you do in my position? would you offer something else or just let her figure it out on her own...

(btw-no repairs, no leans nor restrictions,property in upstate ny))

Closed on project # 78, this Buy, Fix & Flip is a 2 Bed/1 Bath/car Port home with around 1100 sq. ft. Will do a quick clean up & paint inside & out, should take about 2 weeks.
Bought for $ 35,000; a few hundred for painting materials & should be able to sell it for 45K to 47K.
Bought it from an investor who paid $ 61K, wanted 45K; agreed upon 35K & they held the mortgage with 5K down; 5 yr. balloon, amortized over 30 yrs. @ 8% APR.
We could always used it as a rental @ $ 600/month; insurance is about $ 825/yr. & taxes are $ 503/yr. That would be about $ 490/month positive cash or about
$ 5880/yr.
I guess Jill & I will start working on it tomorrow. Thanks, Gary

There are several ways to purchase real estate. Some are very good and some are not so good, depending upon your circumstances. The bottom line is that the more money you borrow to buy real estate the more you will be at risk.

The absolute best way to buy real estate is to use cash, pure cash, baby! Oh, I can hear millions of you now shouting “never use your own money!” Yeah, I hear you, the problem with all the no money down gurus is that they never mention what happens when life happens. That would be too scary.

I have been reading student stories and one gentalman was speaking about lease options. How can i find information on lease options

Making money in Real Estate investment is like what we call in the stock market investment circles made in the buying and this is also known as value investing. The difference between stocks and real estate is that we can actually purchase the property and make changes to it unlike in companies unless you buy a substantial share in the company.

This article will highlight three different ways to purchase real estate investments at a bargain from the market price.

Real_Estate_Investing

Method #1 – Private Sales

How should I continue if I found great deals before I found a good agent although im still trying to find a stellar agent

When you put in offers on REO properties, are you required to buy them if the bank accepts your offer? For example, if you put in 10 offers, are you required to buy all 10 if the bank accepts the offer? I know it's unlikely that all 10 would get accepted unless you are offering too much, but if it did happen would you be obligated?

Hi Everyone,
I was just wondering what kind of deals you are seeing in your areas? Where I live it's common to pick up properties that are REO's for 30-50%. An investor friend of mine gets all of his between 30-40%, so I was wondering what everyone else is getting in their areas. Please reply and let me know what you guys are getting them for where you are.

Thanks.