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It depends on the condition of the paint. Is it flaking & chipping, or is it intact? If they are giving you a cost to fix the problem in their listings, then it is probably in bad shape & must be removed.
*Make sure you check out any HUD home as thoroughly as possible before you buy - I learned the hard way just how damaged($$$)some of their homes are.

Ryan,
Care to share any tips on where you look for your deals?
I live in a very expensive are, and getting 1% is challenging, much less 1.5 -2%. I am a realtor, have 1 rental & would like more.I check MRIS every day, but have a feeling that's not where the really good deals are.

Wow - this has the potential to be a very HOT topic!

The word in my RE office is this:

Men are good renters because, if so inclined, they fix things themselves instead of calling LL.
They also say Women are good renters because they take better care of the property than men do.

I don't particularly agree with either, I have found it depends 100% on the person. You check them out thoroughly & hope for the best!

On Kent Island 250K will currently get you a house that is quite literally falling down, or a trailer with a 2-car det gar. There is usually very little available in that range, maybe the occasional one br condo or house that needs to be rehabbed from the studs or torn down. You cain't even get a buildable lot for 250K here.

Thanks Jason

Stugguls-
Just read your post & I am curious how you go about (with the lending part in mind)creating a new LLC for each property? I have heard that recommended before, but don't understand how to accomplish it w/o paying cash.

Also, do you create the LLC name for the contract, & then once accepted do you go file the LLC name prior to settlement?

This is confusing to me & I would like to know how this works.

I am guessing that by now you have already found out that if you finance a HUD they have a clause in contract regarding selling in the first year.

Please let everyone know how your deal went.

I agree with the above posts. We definately have a slowdown in my area, inventory is up, houses take longer to sell, and usually sell at slightly lower than asking price. That said, they are selling.

I think the thing that is most affecting RE in my area is that sellers still have a 'sellers market' mentality, and are listing above a realistic price, thus creating longer days on market. The days of 'pick a price & lets see what we can get' are over for now.

Sellers & Realtors will be working harder to get homes sold.

The RE market goes up & down like any other market.
I think we will see a rebound in the future.

Thanks for your reply Black Wolf. I am by the water down here as well, on the eastern shore. We have seen a market slowdown here.
I am in the middle of refinancing my first investment property, and will be on the lookout for #2 soon, so I appreciate your input!

Do you ever do business towards Annapolis/Kent Island?