All Forum Posts by: Bryan .

If you don't mind explaining a little further on the "silent auction" and you only get one shot. If the property opens up to investors tomorrow and I make a bid, will they hold that for a certain period of time before they determine who had the highest bid? How long does it take before you find out if your bid is accepted or rejected?

I am getting ready to make an offer on a house that needs some rehab. I am planning to keep the unit as my first rental property. House cost = 85K, rehab 20-25K with value after rehab in the 125-130 range. I was planning to pay cash for the house and rehab costs and then refinance, but after reading some of the posts here, it looks like that may be harder than I was anticipating. I may still do that, but was hoping to use the funds for my next deal. Any thoughts?

Thanks for your replies

Phyllis (or others), have you seen people bid higher than asking price? I don't want to get into a bidding war. I was leaning towards offering the asking price to try and lock it up. I also heard that some people ask for closing cost assistance? Your thoughts?

I found a HUD home that appears to be a good deal. The FMV if in good condition (according to my comps) is about $125,000 - 130. It needs about $25,000 in repairs. HUD has it listed for Owner-Occupied at $85,000. It is in a good area that is growing and I expect values to continue to rise. My plan would be to rehab it and old it as a rental property for several years.

On Monday, it opens up bids for everyone including investors. I am concerned that there may be a lot of competition as this type of house has moved quickly in this area. For those of you who have bid with HUD before, what would you recommend as a bid on the property.

Thanks John, I'll stay on it. Anxious to get the first one under my belt. Was very close on a REO but Fannie Mae wouldn't come down enough (yet). We'll see where it goes. I've been working on another SFH from an estate, needs lots of work. The family hasn't gotten realistic yet. Thanks for the word of wisdom. I am following your advise. Getting to know streets and values pretty well in my target areas. Realstats is a great tool for home sale values. Makes comparable easy.

Sears also have scrath & dent stores in many cities.

I am yet to purchase my first investment property. I am trying to ensure that I buy at the right price based on some of the feedback that I have read on these forums. Sellers in my market apparently have not been tuned into the news on the housing market. I plan to continue looking for the "right" property at the "right" price, but maybe I should slow down a little as the market typically softens up a little more in winter. Any thoughts?

Bryan

In many states you can set it up yourself through the state's website. You may be required to advertise the new entity based on state laws. I had my lawyer do it because he was doing other work for me and he charged me $200 which included the state's $125 fee! Do some research online with your state and I think you will find that it is relatively easy. Also, I wouldn't use that attorney for any other work! LOL
:D

Thanks, I'll look for those asap.

Mike Butler has a book "Landlording on Autopilot" which is entertaining to read as well as giving some good ideas on how to treat tennants. His website looks a little hokey but he also offers a four day course. Anyone have any thoughts?