All Forum Posts by: Matt Markel

In my area, there is a listing that just came up at 49K. It was flipped by a guy i know and trust his work back in 2009, sold then for 99k. just went through foreclosure and is listed as REO at 49K. I know it needs carpet and paint, and other cosmetic TLC. Homes around it are selling as 3br 1ba for 74-77k, this is a 4br 2 ba with a 1 car garage. 3 realtors estimate ARV of 84-87k. Being a new investor, just wondering what people think. Rents in the area go for about 1000/mo. I have a couple of people with some deep pockets, who would front me the cash to purchase it so I don't chance loosing it due to bank financing condition on the offer. What my thought was, I could use cash investor to get property, refi after closing to payoff the investor. Depending on how all the numbers work out, would it be smart to take cash out above payoff for investor and take that cash to seek out more properties? With the rent being cash flow positive about $300, I figured I could pay back investor and put 15k into my pockets for additional properties. What would you guys do, take the cash or keep debt on property low? Thanks in advance.

Matt

I FORGOT TO PUT THAT IN THE QUESTION I GUESS. I GO TO THE COUNTY ASSESSORS WEBSITES FOR THESE PROPERTIES AND THEY SAY THE PERSON WHO USED TO BE THE OWNER. 2 OF THEM I KNOW BECAUSE THE HOUSE IS ACROSS THE STREET FROM MY IN-LAWS AND THE OTHER IS A GUY I KNOW FROM THE TIRE STORE MY COUSIN OWNS AND HE WORKS THERE. IN BOTH CASES THE OWNERS ARE LISTED STILL AS THE PEOPLE ON THE COUNTY ASSESSORS PAGE, BUT THESE GUYS ARE OUT AND HAVE BEEN FOR A WHILE.

I know of some properties that are for sure bank owned properties. At one time I knew a guy who told me his home was foreclosed on, and it has been sitting vacant for 2+ years. Also, I do home health and a patient and I were walking outside and I just asked about a home down the street. He said, yeah that has been that way since the bank took over. So, knowing these things, where do I go from there to track down who actually owns these type of properties, or how do i go about finding who to talk to about properties? Are there certain departments at a bank to call and ask this information, or is there a department with the city/county to ask about who owns the property? Thanks

thanks guys, I appreciate all the advice. I am a physical therapist doing home health, and I have some experience in these areas. I figured the response would be as such. I kind of got the feeling of if a deal seems to good to be true....I guess part of the reason I was thinking about it was the profits.
I do know some realtors and property managers in town that I have walked through properties with. What type of questions would you guys recommend asking them or things to pay special attention to that may be a red flag or signs of deferred maintenance?? Thanks guys

So I have been looking for deals. I found one that makes money, but the homes aren't in a good area. A guy is selling 5 single family homes, for $115,000. The rents total at $3100/mo. Properties would all be 10-15% below assessed value. He is willing to do seller financing, but the homes are in an area of town that I would only go to from about 8am to 12 pm, and crime rates are a little higher then average but not the worst part of town. The owner has owned them for about 20 years and has done some upgrades, he says he is just ready to get out of single family homes, to focus on his multifamily properties. What do you think??

honestly some day I would love to flip homes full time. I have even thought about getting my general contractors license, just to make things a little easier for me. I have dealt with few contractors on my personal property and they are ridiculous! And the bs they try to pull thinking i don't know how something should be done. Currently I am thinking that rental properties would be best, due to my wife being in grad school and I am Mr Mom quite a bit with 2 kids. I do have a pretty flexible job so I can move things around in my day if I came across an ideal flip.

I am new to the BP forums. Have been looking around at posts, and already listening to the podcasts and learning a lot about strategies others have used who were in my position in the past, BP podcast 23 with James Vermillion was great. If there is anyone investing or living in the Omaha, Ne area who would like to connect,hit me up. Maybe we can learn and partner together.