All Forum Posts by: Kisaki Nicole Kaopua

Hi everyone! Me and my husband found a foreclosure in our area for $269K. They accept financing so all cash is not necessary and we are asking them to paying for closing costs. The only recent comp is around $280K. The place we are looking at is in desperate need of new floors, carpet, paint, etc. all throughout the home. No apparent structural damage, but will be able to confirm after the inspection. However, this area is up and coming with lots of construction happening (commercial and residential). We currently own a home here and are up over $100K in equity over the course of 4 years and will cash flow around $600 for perspective. Is this foreclosure a deal? If so, what financing option would be best? We would plan to “live and flip” (live in it for 2 years to avoid capital gains) while we rent our current home. 

Wow thank you so much for taking the time to provide your insight. Your shared experience and knowledge was really interesting to read. This was EXTREMELY helpful!  

Hi BiggerPockets family! I have been searching for single-family properties to make my primary residence, in hopes to buy and hold (long term investment/ equity), and came across a foreclosed home in my neighborhood that was newly built (2021). Home seems to be in great condition as I spoke to the REO agent and they were able to give me the "inside scoop" on the condition of the property. He states it is the BEST auctioned home that he has worked with. That being said, this home seems to be a GREAT deal. Auction starts at $177K, I am willing to bid $250K-$300K as I am trying to get a great deal. Worth a shot. 

I do live in a lower-income area that is now up and coming (more job opportunities, more infrastructure being built, local amusement parks, close to city, etc). I know that this property will be worth it. This auction is giving first dibs to residential buyers over investors. 

I am currently up a little more than $100k on my current home an I have an FHA loan on my current home. If I win this bid, I would rent out my current residence and move into this one for about 2 years. This will be my first investment focused property and also first foreclosure deal. I am exploring my financing options and trying to figure out what would be the best strategy? It seems that there needs to be up-front cash ($300k) on hand. I am thinking of getting a hard money loan, but interest rates are through the roof!! Any advice/ tips would be helpful!!