Finally!! An REO acquired

[Rich Weese]

As many know, I moved from TX to FL to buy RE about 1 1/2 years ago. Bought a self storage facility before moving here. It has been great.
I was trying to buy foreclosures or reos on sfrs also. It has been a pain in the butt. Tricky lenders, realtors and most properties turning into auctions or taken off the market.
Finally acquired a 4 br- 2 ba- 2 car in Cape Coral. for 61K. It took Wells 4 months to close.
I'm posting this from start to finish and I think it'll be good, but not sure it is worth the time and hassle. Closed on 2-23. Demo portion will be finished by 3-15 and projected re-hab is under 10K. Expect to list in the 90's.
My friend Will listed a re-hab start to finish in CA with a 90K profit. This will not have that obviously, but I've always been more concerned about % of profit. These smaller homes also allow almost anyone to do one, due to price range. I would hope I might net 15-20K after all is said and done. Depending on # of months to sell, I think annualized return will be very comparable to Wills' but it wasn't easy to find this home. More info to follow.
If this works well, I might have my asst. continue doing them. If not, I have a different idea for investment. Good fortune and fun to all. Rich.