Fun afternoon looking at REOs

[T Brown]

I'm still looking for my first property. Had a great afternoon yesterday looking at REOs and just had to share (no one else will understand my excitement, but I figured you guys would). I had picked five properties for my agent to show me.

One was now under contract, so no go.

One was in a nice neighborhood, but when we got there it had a mold warning on the front door, so another no go.

One was in a marginal neighborhood and needed work, but was only $25k. I don't think I want to rent in that area, so another no go.

One was on a nice street, had a nice layout, and didn't need that much work. We started looking around and realized the copper pipes had been stolen from it. Looks like the owners are trying to do something about it, though. They had put BathFitters in the shower, had installed a new security system, etc. Nice house, but still not a show-stopper at $54k. If I could get it for $40k, it would be a good deal. I'll be renting out at $800/month.

Last one was the real steal. Only $24k, nice street, nice house, great yard, great deck. Smoke damage from what appeared to be either a squatter or previous owner before they lost the house. They had been using candles to light the house (no electric), and there was minimal damage to a banister post where the candle had smoldered. All of the walls are streaked with soot and the carpets are a disaster. After we looked at it the agent looked at the printout and notes and said, "Oh, there are multiple offers on this one." Someone is going to get a really nice house and make a lot of money!

I'm sort of jealous I didn't get that one, but had a great time looking at the houses and I'm feeling good about the prospects. Looks like there's a lot of competition for the really good deals, so I'll have to step up my game. :-)