My husband and I have started "flipping" house to make a profit. It's a great business, makes good quick money, and he can do ALL of the work himself. He very handy. But does anyone have any advice on finding the good stuff? We have looked into tax forclosures and curently get a list of those from the city, but its usually only about 3-5 every 2 months or so. And we also go to bank forclosures, but the asking price is usually as high or higher than it is worth..Any ideas or advice on how to find better deals/ and get extra money to do this??
2007-01-24 10:20:06 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Hi first I hope the two of you are blessed in your endeavour.
Secondly you can go to the court house and go to peoples houses who are in foreclosure. You can go to there home and offer to get them out of foreclosure do for example if they owe 10k you give them 20k for the house 10k to the bank and you give them 10k to walk away woth but they sign the house over to you and then you take over the mortgage and then you fix it up and flip it. That is a little more complex but you reach people who would otherwise not get anything and they get to walk away woth something you just take over the house payment with the bank and flip the house this way the house never goes on the market so there is no competition. You can go to a bank and ask them how this would work or call a loan officer who knows about investment propertirs. I hope this helps also you can apply to more than one foreclosure tax listings not just one but several.
2007-01-24 10:32:28 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Those stupid yellow signs that say things like "We buy any home" are your best bet. As far as finding bank repos, if you don't like the sheriffs auction(completely different than a tax auction, even if both are done by the sheriff.) the REO's are a good source. I prefer these because you can really inspect the home you are purchasing. Most banks take 81% of their list price. REO's are homes that didn't get an offer or to low of an offer at the sheriffs auction, so the bank took control of them. The best deals, however, are going to be the properties on the verge of foreclosure, that the desperate home owner sells to you, and those signs are the best way to find them.
2007-01-24 10:37:12 · answer #2 · answered by blibityblabity 7 · 0⤊ 0⤋
Get hooked up with a good Realtor. They have a vast knowledge of the market and generally know about homes before the public. Its their job to be up on this stuff. They also hear of word of mouth stuff a lot sooner than most people. I know I work with several investors and I am actively looking 3 times a day for them. I also ask other agents in my office and others every day. Remember its their job to find and negotiate you the best deal. A good agent will get you good deals. Remember, don't just buy a house to have another "flip", be patient and wait for the good ones.
2007-01-25 08:39:57 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋
I use to inquire at different banks about their "Other Properties". They aquire them at foreclosures when the bids don't go higher than the amount that they have into the mortgage.
They like to get these off their books by the end of the year as they are NOT in the Real Estate business.
I also looked at homes with structural problems. Scared away most buyers and I knew what I was doing so sometimes the corrections weren't huge problems. Sometimes as easy as one piece of steel.
These people get discouraged and took my lowball offers.
Good luck...
Good luck!
2007-01-24 11:41:08 · answer #4 · answered by jazzpaging 5 · 0⤊ 0⤋
You might subscribe to a commerical prepared local credit report. This newsletter lists marriage licenses, new utility hookups, sales of real property and divorces filed. The later might be a source of information. You can also look for deaths. The heirs of a estate might be ready to sell quick and often the homes of the elderly need some updating.
2007-01-24 10:31:20 · answer #5 · answered by david42 5 · 0⤊ 0⤋
An object is worth what someone is willing to pay for it.
Consider the alternative to finding a good deal: find a good buyer. Buy one of those things that appears to have too high a price, and then shop around a while for a better buyer.
2007-01-24 10:26:52 · answer #6 · answered by Anonymous · 1⤊ 1⤋
I use a link from the following site. They have tons of listings and all of the relevant information. I even think they have a free trial. Good luck
2007-01-24 10:28:25 · answer #7 · answered by Anonymous · 0⤊ 1⤋