Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 12 years ago on . Most recent reply

User Stats

130
Posts
4
Votes
Shane M
  • Real Estate Investor
  • Ann Arbor, MI
4
Votes |
130
Posts

HomePath worthwhile for REO?

Shane M
  • Real Estate Investor
  • Ann Arbor, MI
Posted

The pros seem to be if you are going to owner occupy (which I am), you can lock up a deal before other investors can get to it. The downside is the prices are still somewhat higher than if you found a motivated seller or REO that has been sitting.

Has anyone had success with Homepath or know any strategies with it?

Most Popular Reply

User Stats

19
Posts
10
Votes
Russell Monson
  • Multi-family Investor
  • Lehi, UT
10
Votes |
19
Posts
Russell Monson
  • Multi-family Investor
  • Lehi, UT
Replied

I have purchased two of these in Utah as an investor this year. They tend to sell very quickly during the first look period in my area, so both of the ones I purchased were properties where the OO buyer didn't go through with the deal. When they are re-listed they don't go back into first look, so as an investor I was able to pick them up immediately. Both were priced very near appraised value, however, FNMA had completed a full renovation of both properties. I was able to rent them quickly and both cash flow well.

Bottom line is that in order to buy them as an investor I had to watch for the re-listing of properties I knew I wanted and check the listings every day to make sure I could put in an offer very quickly. The 10% down loans are great and worth the effort for me as I've been able to purchase more property this year than I otherwise could have.

Loading replies...