All Forum Posts by: E Isig

Sorry to be late to the game, but some thoughts...

Check what homes nearby have recently sold for. www.realtor.com is a good free resource or google the assessor's office of the city the property in question is in.

By all means, do a walk through of the property if you haven't already. The pictures you find of the property will be the BEST aspects of the house. No listing agent in their right mind will post pics of the damage. So many houses I've seen that look promising from multiple pictures end up being black holes of disrepair.

After the walk through, then decide if $5-10k is all that it's gonna take.

I'm now skeptical on houses that look like "steals" if no one else has scooped them, what is it about it that is why no one has scooped it?

That being said, there are reasons... obscure listing, no longer listed, or maybe you're willing to invest a little more "bravely" then others.

As far as financing, I'll defer to the others.

eisig.

Thanks for the welcome!

I started off about a year ago by surveying the listings & just jumped in on "gut feeling."

I wish I had found this forum earlier, along with some of the tools I've since found.

The rehab...

St Clair Shores 2/1 ~1100sqft all brick ranch w/ attached 2 car garage & natural converted to gas fireplace.

Typical foreclosure house, crayon & markered walls, pet smell, no updates, needs some plumbing (poorly winterized), kitchen needs to be gutted, needs windows updated.

On the plus side, solid structure & newer dimensional roof.

Bank "bought" it from prev owner (assessor records) for $118+k, was listed for $55k, sold to me for $35k cash from a bulk buyer.

House next door is a comp that is listed to $115k. Haven't set an appt to see how comparable it truly is... yet. Other comps have gone for right around $100k.

Found out AFTER the fact, Bank sold it for $24k, which means bulk buyer made $11k for holding it & marketing it ~3 months, not bad.

Now interested in how to find similar deals from banks, or just may call up the realtor I used to find out what other properties the bulk buyer has...

eisig.

Looking to learn how to profit from the housing collapse, ran across this site a month back & have found the topics very interesting and helpful.

Have one investment property that will be a rehab (currently ongoing), but looking for other deals and mentors.

Thanks in advance, looking forward to meeting you all.