All Forum Posts by: Mark S.

@David Beard

Yes, sir! I'm actually going to look at 3 properties tomorrow with my realtor. I feel like I'm getting closer. I can't wait to close my first deal and post all about it on BP. This site has been a HUGE help for me so far, and I'm sure it will continue. I can't wait until I'm able to give back!

@Pete T.

I was formerly looking at 2-4 units. This isn't to say I'll never buy multi-units, but I'm focusing more on SFH right now.

@Bryce Y.

Thanks for your feedback. I'm glad to hear that I'm not the only one with this school of thinking. All the multi-family properties I looked at (mostly 4-plex foreclosures) were in C to D neighborhoods, and that's just not for me. I'd rather buy SFs in B to C neighborhoods.

I'm mainly looking at SF foreclosures right now to try to get the best deal. So far, they all need some sort of work, and although I am the furthest thing from a rehabber (I'd have to hire it all out), it appears this may still be cheaper overall than buying retail turnkey.

Hey @Caleb Asbridge , welcome to the BP family! I'm in Kentucky, too - south of Lexington. I'll send you a message to connect.

Hey @Wayne Brooks

It's actually Hubzu, but I'm sure it works the same as Auction.com.

It sounds like I need to cough up a few hundred bucks and have the place inspected before I keep bidding. Wouldn't that make sense?

This property is being auctioned on one of the online auction websites. There was us and one other bidder and neither let the reserve. The seller did not accept either bid and re-listed it again for another 10 days. We're trying to contact the bank directly to make an offer and let them know that we don't want to deal through the auction company. Has anyone ever done this? I know there's a chance the bank laughs in our faces, but who knows. The auction site has some pretty strong language (I.e. buying as-is without an inspection contingency), and a 4.5% "buyer's premium" on top of their ******** "technology" fee of a few hundred bucks. I've also read quite a bit about dealing with them here on BP, and while the experiences varies, there were numerous people that said it was a huge hassle. Last question: is it worth paying to get an inspection done before offering again on the property if they make us agree to buy as-is?? Thanks in advance.

Rehab: $15,000-$20,000. Thoughts?

Market rent is about $750/month, which meets the 1% rule if I buy it at $75K. The price has been steadily dropping since the summer, by about $45K total (to get to the $100K mark). The $75K opening bid is an additional $25K drop. This is why I feel like it's too good to be true almost. I will have my realtor run comps, but from what I've seen on Zillow for homes nearby that sold, they're all around $130K. As for the rehab, at first glance there aren't any major issues; I need to get an inspection done and some contractor bids, but I don't want to do that until my offer is accepted (is that an ***-backwards way to do it?).

I found a 4/2 foreclosure available for sale for about $100K. The PVA says it's assessed at $150K for the past 3 years. It's now being auctioned, with an opening bid of about $75K. My realtor thinks we should at least throw in the opening minimum bid and try to pick it up. It appears to be in good shape and might need some minor cosmetic work. My main concern is how difficult it may be to get a tenant in there. It's conveniently located off the highway, it's just out there a little bit from city limits. Part of me thinks I should just pick it up first and worry about the rest later (speculation), but the other part of me thinks maybe not because it might be difficult to rent. At these numbers, is it a no brainer?

Thanks, @Kurt Kwart I appreciate the kind words. I found a 3/2 foreclosure about 10 miles from my home that I may be going to check out today. The property has been on the market for about 4 1/2 months, just had a 10% price drop, and is in a good area. There's a huge crack in the front brick of it, though, which might mean foundational issues; that's the big IF right now. My realtor is supposed to be checking on it and we'll probably look at it this afternoon.

He did mention something about a "take it or leave it" offer. I'm not all that familiar, but my understanding is that with an inspection, it leaves us an "out," should I decide that I don't want to move forward with the property. Being a new investor, I don't think I want to mess with foundational issues, but to his point, depending on what it is, everything in a house can be fixed for a price.

Bueler?