Feeds:
Posts
Comments

Posts Tagged ‘bank owned’

[tweetmeme source=”stealthreinvest” only_single=false]

Hi There!

We’re still chugging along looking for rehab and wholesaling deals.  We looked at a few more REOs this week.  One house was a great find – just listed colonial, built in 1990 (yeah! no lead issues), that needs a complete cosmetic rehab.  A few other minor things like some missing copper need to be fixed.  The house is solid, good bones.  It’s in a great, highly desirable town (where my husband grew up) so we know the area really well.  The only downside is the house is on a busier street and no garage, but I think we could rehab and price accordingly.  I went by myself to see it so my husband is coming with me again to see it today.

One of the other properties was in an awesome neighborhood – quiet street, beautiful lawns, older homes (built in 1950s/1960s), but it was such a great area, typical “pride of ownership” shows here!   It’s the proverbial “worst house in a great neighborhood.”  The house was fully gutted inside and we knew the reason why the minute we stepped inside…it reeked of cat pee.  The smell was unreal.  The house had been sprayed with a white substance (I assume some type of odor killer) and everything had been ripped out (kitchen, most of the floors, etc.).  The cats must have urinated everywhere (although the basement and 2nd floor didn’t smell as bad as the 1st floor).    I cannot imagine what it smelled like before a lot of stuff got ripped out.  The house was built in 1950, and beyond the complete gut, needs new windows, new exterior paint (or siding), etc.    My husband actually liked this house…it’s way overpriced,  but if we could get it dirt cheap (which is possible) it’d be a great deal.  I’m just worried we couldn’t get rid of the smell.  What do you guys think?  If we rip out the sub-floor, and again use odor remover stuff (like Kilz), can you get the smell out?

BTW, I had a gut (no pun intended) feeling about the cat pee house, so I Googled the address.  Turns out, the house made the local paper because almost 50 cats were removed from the house at the time of foreclosure.  One of the neighbors in the article mentioned you could smell the odor across the street.  How happy do you think the neighbors would be if we rehabbed that house??

Also, we’re still getting calls from our direct mail campaign, and we still haven’t mailed all the letters.  This week I got a call from an attorney (property is listed already), one from a Realtor (property is listed already), one from the owner’s son (property is listed already – overpriced) and one last call from another investor.  He must have it under contract, but didn’t say that in his voicemail…I called him back yesterday (after I Googled his phone number) and mentioned I noticed he also buys houses.  I’m waiting for him to call me back to see what he’d want to sell it to me for.  It’s a butt-ugly house (from the outside) that he said hasn’t been updated in 40 years (we haven’t seen the inside).  We may have a deal if he can sell it to us cheap enough.

Happy Investing!

Read Full Post »

[tweetmeme source=”stealthreinvest” only_single=false]

A recent survey suggests that home buyers view properties in foreclosure unfavorably. This time last year people were looking for rock bottom deals to couple with their federal tax incentives but now that the tax incentive is nearing its completion, the housing inventory is still increasing while the number of buyers is decreasing.

[picapp align=”none” wrap=”false” link=”term=foreclosure&iid=6678595″ src=”9/4/d/b/Sales_Of_Existing_5fa9.jpg?adImageId=12999176&imageId=6678595″ width=”234″ height=”160″ /]

The reason for the change of heart? Many buyers are concerned about the decreasing property values and the risk of buying a home in foreclosure. There are also the time and money elements involved: purchasing a foreclosure at auction takes time just as it will take time to complete renovations to the property.

Does this mean more deals for us investors?

View the Original article at TheREIBrain.com.

Happy Investing!

Read Full Post »