All Forum Posts by: Deadrick Colbert

Does anyone know anything about Cogo Capital? Are they legit?

Both hard money lenders that I have used in South Carolina provided a proof of funds specific to the property that was being purchased.

You can go to the hud website, hudhomestore.com and filter it by state and counties that you are interested in to find their listings. HUD does require all offers to come through approved HUD brokers, so make sure to get a good buyers agent and ask up front if he/she is able to submit offers on hud homes. Good luck.

Partnership for rentals.

Welcome...First off start listening to all of the old podcasts here on BP. Second, set up key word searches for anything that you are interested in such as flipping, rentals, etc...

I'm in a huge seller's market. Anything listed under 200k is gone within a week and most property has a contract on it in less than 24 hours. I just tried something new and it is working out well for me. For FHA insured HUD homes only owner occupants, non profits and government agencies can bid on HUD homes during the first 15 days. If HUD has not accepted a bid by 16 days, then investors can bid on them. If you are willing to move and make the house your primary residence for a while then this will cut out a LOT of competition. I kept an eye on hud listings until I found one that I really liked and then I bid on it. My bid was 40k below ARV and it HUD accepted it. There are only cosmetic changes needed. Another neat thing is that HUD lists a property condition report on each property so you can read it and have a great idea of what kind of shape it's in.

Thanks for all of the great responses and information to my question. I thought I would give an update on the situation. The project manager for HUD said that HUD will take care of the lien issue. After they pay it, we will have the inspection completed.

thanks @Andrew Johnson. The square footage is the same.

I was wondering about that. Thanks @Michael Seeker.

If you want to purchase off of the mls, then I would recommend finding a local real estate agent and telling them exactly what you are looking for. They can set you up to have properties fitting your criteria to be emailed to you the minute that they go onto the market. If you are interested in foreclosures, I also search hud, fannie mae, and freddie mac sites. You may also want to put out bandit signs saying that you buy houses and your phone number. This is a great and inexpensive way to find off market deals but you will get all kinds of calls. I've had people call that had copper and flooring ripped out of houses and all kinds of stuff. You just have to weed through  them to find what you are looking for.