My boy likes to flip too.
LOLProWallGuy said:My boy likes to flip too.
Same here. I think I read recently 16-25% is the national trend.Teetorbilt said:Here, prop. values are rising 30-40% a year whether you fix the place or not.
I suspected as much. From what I understand the people who sell those lists basically just collect the data from banks who have it on display or as a matter of public record.Teetorbilt said:You can work with your local bank(s) on foreclosures. No need to bring in a middleman.
A big amen on that one, brother. Every officially condemned property has an unknown list of pissed off people attached to it, each with their own axe to grind. The only successful condemned property rehabs that I've seen happen were by developers who bought entire blocks or sections of neighborhoods and did something spectacular ($$$) with the land. You can find properties with similar prices which should rightly be officially condemned, but never have been. Those are the ones that appeal to me.Teetorbilt said:I'd stay away from condemned properties. They often have schedules and inside agendas attached to them.
I agree espessially considering all the near shady lending practices these low interest rates are creating. Interest only lones, 0% lones etc. A lot of people out there who bought homes in the last 1-5 years won't be able to afford them once the bubble bursts. They can't afford them now they just don't know it yet....Nathan said:That goes for most things though. When everyone is going after something its best to stand back and let the dust settle. You can always come back later and clean up the mess.
20% is the number I am shooting for on my first flop. I'm trying to decide where to focus my attention on finding the right candidate for purchase, hence the inquiries here. I'm thinking that narrowing my focus to neighborhoods that I'm familiar with near my own home may be a good start. There are a good number of homes in the surrounding neighborhood of the starter family size, 3 BR - 2 Bath Ranches. Values for these range from $140-$180, but the neighborhood has a number of homes that have had little done to them since their debut in the 70-80's. So I'm looking for value properties in the area in the $100-$110 range, and get ready for sale in around 2 months. I'm interested in hearing how people prepared for their first flop financially, saved up the "improvements" cost, financed it all, etc?Bob Kovacs said:Jason-
I hope your 20% number is pure "net" profit after closing costs in and out, realtor commissions, interest, and carry costs. Otherwise, your 20% will quickly end up being "0"%.
Humble Abode said:Same here. I think I read recently 16-25% is the national trend.
What about condemned properties? That seems like a project and a half. You can get them for a 1/4 the price but have to put in more time and money... also the neighborhoods are not always the best to work in.
I have also been hearing advertisements lately for companies that sell bank forclosure lists. Anyone have any experience with a company like that?