I have access to working capital to fund a purchase of the mid price range family home category needing only cosmetic or minor repairs that I would mostly do myself before getting it back to market in say 180 days. Am I up against stiff competition from professional rehabbers wanting to buy foreclosures in Chicago?
2007-06-20 03:53:14 · 2 answers · asked by InvestorPete 1 in Business & Finance ➔ Renting & Real Estate
Your competition is not limited to professional rehabbers. There are also a lot of people who look at such foreclosures for their use as a personal residence.
Know your market values and do not overpay. Perform the due diligence to insure that title to anything upon which you bid will be 'clean' when you purchase. The naive and underinformed have been known to lose money on such ventures. 180 days is WAY too long to hold such a property for resale. Too many potential changes in the market over six months, plus you're going to kill your profit structure with taxes, insurance, and interest payments from such a lengthy holding period.
2007-06-20 04:29:53 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
there is a ton of comp! this mainly due to the tv shows
2007-06-20 04:01:10 · answer #2 · answered by Chad Y 1 · 0⤊ 0⤋