Anyone Here Does Bank Rehabs? - General Discussion - Contractor Talk

Anyone Here Does Bank Rehabs?

 
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Old 05-09-2008, 07:34 PM   #1
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Anyone Here Does Bank Rehabs?


Since construction is flat, I'm looking to get into remodeling and rehabbing. I would like to try and get into working with banks and rehabs or reltors and remodeling. Anyone have advice?
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Old 05-09-2008, 08:09 PM   #2
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Re: Anyone Here Does Bank Rehabs?


I have never seen a bank do anything other then get a cleaning crew in on a foreclosure....

When new home starts fall, remodeling picks up....and if you have the experience, commercial. I would guess as gas prices continue to rise, home owners will tend to stay home, and want to spend their money on improvements, and upgrades to saving money, like new windows, etc. I would turn my thoughts in those directions and leave flippers the repos....you notice their are a lot fewer house flippers out there now?

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Old 05-09-2008, 08:24 PM   #3
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Re: Anyone Here Does Bank Rehabs?


I have bid on a half dozen rehabs in the last 4 months. Didn't get one.
Heres my formula
Buy at 70% of value(what you think it would sell for).
Minus rehab costs, include insurance, loan fees, carry fees everything you think you'll pay for until it sells.
Problem are, banks won't sell low even when they are losing money, maybe because the government will bail them out, maybe because they just don't get it.
I like starter homes, problem is finding qualified buyers.
Have done homes in the 300 to 400K range and I am afraid to do one of those because if the market shrinks just 5% you lose 15 to 20K overnight.
There are deals out there, but not with the banks, and as far as working for bankers, bankers take your money, they don't pay to fix houses.
Rehabbers for the most part don't pay squat. If you think you can get a rehab buy some books on rehabbing, or just get them at the library. If your new at this the buzzards will pick your bones.
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Old 05-09-2008, 09:48 PM   #4
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Re: Anyone Here Does Bank Rehabs?


Market yourself to some rental property companies. I'm doing a 76 unit complex now where I rehab 1 to 2 units a month.

The margins are low but it is good fill in work. Just remember these types of companies are usually looking for the lowest price but also want the work done fast.

We do a complete gut except drywall.
From demo to cleaning falls between the first weekday of the month and the leasee gets the keys on the last weekday of the month, no matter what comes in between.
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Old 05-09-2008, 10:44 PM   #5
 
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Re: Anyone Here Does Bank Rehabs?


Some of the national real estate firms are managing foreclosure rehabs for Fannie Mae and mortgage banks. The work is mostly paint and carpet.

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Old 05-11-2008, 09:28 PM   #6
 
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Re: Anyone Here Does Bank Rehabs?


I am also a realtor.
Here the banks are selling as is.
They already lost $ when the owner forclosed.
They are is the $ lending bussiness not construction.
The investors that buy these properties are the ones that you want to talk too.
They are all for themself and very cheap in a slow market.
Be carefull.
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Old 05-11-2008, 09:43 PM   #7
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Re: Anyone Here Does Bank Rehabs?


Yes we contract for many banks all over the country. It is true that most banks sell as is, unless you get the occasional home that has been cited by the county or city. The bank has to do some work. But there really isn't that much work. LIke was said before. Most homes are sold as is. Most of the work presale is cleaning and trashouts. Good luck though

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