Buying Foreclosures

C

Chapdog

Abreast of the situations
I'm so tempted right now to buy some 100k or less property (only like 500bucks a month payment) but I really have no clue where to start. I was just browsing the Bank owned on Countrywide website but not sure if that's the right place. Any of you have experience buying up bank owned properties? I saw a home for 100k 3blocks from the ocean near Old orchard Maine.. Seems like there are some steals out there right now.


Edit.. yes I spelled Foreclosures wrong.. sue me
 
Chapdog said:
I'm so tempted right now to buy some 100k or less property (only like 500bucks a month payment) but I really have no clue where to start. I was just browsing the Bank owned on Countrywide website but not sure if that's the right place. Any of you have experience buying up bank owned properties? I saw a home for 100k 3blocks from the ocean near Old orchard Maine.. Seems like there are some steals out there right now.


Edit.. yes I spelled Foreclosures wrong.. sue me
Click to expand...
I'll fix the spelling, and if you can find the property you should do it. I've been searching as well, a couple more rentals would be very nice.
 
Where do you look? Are you checking out bank owned properties? I didnt know you had some rentals as it is
 
Chapdog said:
Where do you look? Are you checking out bank owned properties? I didnt know you had some rentals as it is
Click to expand...
I generally look at the County Clerk's office. Sometimes you can find some properties you can get for a song and a portion of their taxes.

I'm not an expert at it though. I just stumble upon what I see as an opportunity and seize it.
 
Damocles said:
I generally look at the County Clerk's office. Sometimes you can find some properties you can get for a song and a portion of their taxes.

I'm not an expert at it though. I just stumble upon what I see as an opportunity and seize it.
Click to expand...

Do you have some now?
 
Chapdog said:
Do you have some now?
Click to expand...
Most of the foreclosures in my area are too high still.

It is best to stick with an area you are familiar with so you know better the true value of the property and can therefore recognize the true deal when you see it. I'll find something again, opportunities are there, you just have to be ready when you find it.

And I do have some rental property, just not a prospective purchase right at this time.
 
I think banks might want 20% down on investment property. My cubicle mate has a few rental props. She just sold one for $515,000 to a 27yr old with the lions who just signed a 15MM contract. He low balled at first then she stuck to her guns knowing who he was.

I'm going with beat down reit's on gas stations, hotels, and commercial prop no bank and lessee problems
 
20% down is not a problem for me. Preferably I can get into something near a beach like in Maine, NH, MA, or RI. im not too picky. Just like idea of establishing my retirement area investment. I could rent some but its not real necessary.. Actually what i would prefer is to let some retired handy man live there rent free and fix the place up.. Win win.
 
My stepson's soon to be father in law has a live on handy man at his ranch. Dude has his own house. The ranch is several hundred acres and he gives each kid a free lot which values at around 100,000. So the kid gets a free lot, his dad is building the house for 0 labor cost. Not bad for a 25yr old he'll have a 300,000 plus house for a 150,000 mortgage.
 
Chapdog said:
I'm so tempted right now to buy some 100k or less property (only like 500bucks a month payment) but I really have no clue where to start. I was just browsing the Bank owned on Countrywide website but not sure if that's the right place. Any of you have experience buying up bank owned properties? I saw a home for 100k 3blocks from the ocean near Old orchard Maine.. Seems like there are some steals out there right now.


Edit.. yes I spelled Foreclosures wrong.. sue me
Click to expand...

Chap, since I got laid off I've actually been focusing on forclosures. I think your best bet on finding properties is still going through a broker. I made some calls to brokers I know and asked for referals to brokers who focus on forclosures. I'm doing this in the Bay Area so prices are still real high. I don't have the kind of money needed so I've raised capital through friends who work in real estate and want to invest (rather than put it in stocks).

I spent the last three days with a broker driving around the East Bay trying to learn the market in several different cities as one needs to like Damo and Top mentioned. The other issue is financing and from what they've told me financing for an investment property is higher than for an owner occupied home. They told me in the five's.
 
Best bet is to make sure you dont have to fix much to put someone in the house, that the mortgage and insurance is covered by the going rent of the area and that the house is on level ground and that the property is basically a safe place for a kid to live.

Even if you dont PLAN on renting it you may need to do so in the future.

If you can do all this then its a good investiment.

I would say cheap rent for a handyperson would be wiser than free.
 
Chapdog said:
I'm so tempted right now to buy some 100k or less property (only like 500bucks a month payment) but I really have no clue where to start. I was just browsing the Bank owned on Countrywide website but not sure if that's the right place. Any of you have experience buying up bank owned properties? I saw a home for 100k 3blocks from the ocean near Old orchard Maine.. Seems like there are some steals out there right now.


Edit.. yes I spelled Foreclosures wrong.. sue me
Click to expand...

Old Orchard is a ghost town come fall. It's a great summer spot but no way would I want a house there. If I moved to Maine it would be somewhere like Bar Harbor.
 
DigitalDave said:
Old Orchard is a ghost town come fall. It's a great summer spot but no way would I want a house there. If I moved to Maine it would be somewhere like Bar Harbor.
Click to expand...

Yah its not an ideal selection but point was its a 97K bank owned 3bedroom home 3blocks from the ocean. A drop in the hat monthly payment.
 
Chapdog said:
Yah its not an ideal selection but point was its a 97K bank owned 3bedroom home 3blocks from the ocean. A drop in the hat monthly payment.
Click to expand...
Buy it. You could turn right around and sell it immediately and make money. I'd suggest fix and rent, hold until a higher value if you plan on selling. The rent will definitely pay the mortgage.
 
Once I get $100,000 grand in REIT''s I'm going to try and start doing that too. I know a lot of people in construction that could do the work.
 
You must log in or register to reply here.
Back
Top