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Discussion Starter · #1 ·
I stumbled into a very nice job recently.

One of my regulars picked up a two flat foreclosure,to use as a rental.
Good for her and great for me. The place was a wreck.

Kind of like the movie "The Money Pit".

I want more of these.

I've got a few real estate sales people as friendly customers and I'll be talking with them.
Any one else landed this kind of work?
How did you find it?
I may need to do some advertising/self promotion,as most of my regulars are not in a circle that does this sort of thing.

Mike Finley's famous phrase comes to mind,"WORD OF MOUTH IS NOT ADVERTISING" Thank you Mike for that reminder!:laughing:

Any thoughts and ideas any one?
Thanks Mike
 

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If you were able to charge a decent rate on the project, you found the one RE investor that is willing to pay- the rest want you to work for $10/hour cash, install the materials they buy, and do just a decent enough job that all of the defects don't get noticed during a quick walkthrough.
 

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Ask the Realtor which Mgmt Companies or Investors are snapping them up, current listings, etc... If the realtors you know are selling some of them, ask if you can leave them with a few brochures / cards for the new buyer.

You might want to think about trying your hand at one or two of them (on rentals, you don't really hit the sweet spot until you get to around 10 units) Make sure you think long & hard on it though - it is not for everyone

Turning a place into a rental, as compared to flipping generally require two completely different lines of thinking. Both are generally going for cheap - but that is where it ends (I am not addressing upscale here - just the first time buyers, regular rentals, etc...)

Flipping, you want it to look great while as for rentals - you want it to look nice, but you want everything in there to last. For rentals;
Cabinets - you will generally go full wood construction (plywood carcass & shelves)
Walls, trim & ceiling - all the same color (white)
Linoleum flooring in the kitchen, bath & entryway, grey or tan stain protected carpet in the bedrooms, LR, etc... (tile is an option - just make sure it has a matte finish)
Closets - particle board shelves & wood rods only (basically bulletproof) - no wire rack ones or California closets (they generally won't last past 1 renter)
No shower doors - just install a rod & liner
Use water saving fixtures - your paying for the water generally
 

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If you were able to charge a decent rate on the project, you found the one RE investor that is willing to pay- the rest want you to work for $10/hour cash, install the materials they buy, and do just a decent enough job that all of the defects don't get noticed during a quick walkthrough.
I'd have to agree. Very few and far between.
 

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if you can team up with a RE agent or loan officer you can market to the HUD foreclosures. HUD has (i believe they still do) a $100 gets you in and you can borrow the funds for a cost to cure kinda deal. it's only for someone that will have this as their primary - no invest. or second homes or flips etc

don't spend a whole lot of money marketing this though as many of these potential customers will not realize enough immediate equity for the aggravation they see ahead and will change gears

great for a popular urban area though... foreclosed rowhome in or near a pop destination
 

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If you were able to charge a decent rate on the project, you found the one RE investor that is willing to pay- the rest want you to work for $10/hour cash, install the materials they buy, and do just a decent enough job that all of the defects don't get noticed during a quick walkthrough.
I think you missed the point. He is trying to find other house buyers that are going to use these as rentals. That is a completely different breed of people than the house flippers.
I used to love working on rentals, as it was generally straightforwrd work, that paid fairly well. It was the base that allowed me to bid on larger projects!:thumbsup:
 

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I've had no troubles with wire shelving in the closets, but my standards are screwed right on top of a stud and I use a lot of standards.

Why not just look at your counties recent sales and assume the ones which sold for far less than their assessed values were foreclosures? Then you can drive by and leave sales materials. I always seem to get some offers from moving companies whenever I buy or sell anything, so they are finding me somehow.
 

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I've had no troubles with wire shelving in the closets, but my standards are screwed right on top of a stud and I use a lot of standards.

Why not just look at your counties recent sales and assume the ones which sold for far less than their assessed values were foreclosures? Then you can drive by and leave sales materials. I always seem to get some offers from moving companies whenever I buy or sell anything, so they are finding me somehow.

public records.... available at the courthouse (real property buy/sell etc) in a lot of areas it's online or in the local newspapers
 

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Discussion Starter · #10 ·
Thanks Pearce, and every one else.
Perhaps I need to clarify a couple of things.
Who I wish to find are home owners who bought a foreclosure as their own home.
I have met enough "FLIPPERS" to last me a life time,They are as bad as the "fix up for sale" types who want to perfume a pig,and have the work done for free.

I do high quality work only,at fair and honest prices.

The foreclosure we just finished was a 100 year old place in the historic district of South Bend Indiana.
The price was low enough that the owner could sink some serious money into it and still have value.

The inspector for the historic commission was impressed enough with the work that he actually showed the place to a perspective tenant.
He also lives across the street,guess he wants to make sure nice people move in.
We duplicated all missing trims,one day I'll figure out the picture posting and I'll show you all.

Any way, I'm looking to find people to put a damaged foreclosure back to top condition,not the cheapo guys.

So far your ideas have given me some food for thought.Keep'em coming. MIKE
 
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