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Message
re: Information for my fellow Real Estate Investors
Posted on 1/2/17 at 3:55 pm to stevengtiger
Posted on 1/2/17 at 3:55 pm to stevengtiger
quote:
On another note, I have made 5 offers in the last 2 weeks and not won any of them. 3 of them were cash offers over the asking price. Fishing for foreclosures is getting very aggressive in my market.
You should see how bad it is here in Oahu. I will call a listing agent and they will laugh at me saying they already have "_" offers and accepted one over ask. I need to learn how to find deals before they hit MLS. I know people send letters to houses but I guess I don't have the time to do the research to find the houses now. So I look on MLS and am always behind the 8-ball.
Can you share how you go about finding foreclosures? I see them listed in the newspaper sometimes, so maybe I should get it daily? Are there ways you find better?
2
Posted on 1/2/17 at 4:16 pm to Sho Nuff
The problem with forclosures is the lender has usually already loaned out more than the value of the house.
This post was edited on 1/2/17 at 4:17 pm
Posted on 1/2/17 at 4:22 pm to Sho Nuff
quote:
Can you share how you go about finding foreclosures?
put out ads for pre-forclosures.
keep searching and see what listing agents have
go to auctions.
contact banks and ask for REO department or asset management.
Posted on 1/2/17 at 4:51 pm to Fat Bastard
quote:
keep searching and see what listing agents have
Most banks have relationships with just a couple of listing agents for their foreclosures, often times it's just one. Often times that one realtor is the listing agent for multiple
Banks. Figure out which realtors have REO listings, and find out which ones list the most.
Make friends with those realtors. If you aren't, someone else is. Use that realtor as your buyers agent so they make both the sellers and buyers commissions.
That's how you start buying homes that will be on the market.
The best way, as said, is to find pre-foreclosures and buy them before they hit the market by placing ads. That's what all the 'we buy ugly houses' ads are doing.
Posted on 1/2/17 at 5:09 pm to Fat Bastard
quote:
put out ads for pre-forclosures.
So send those "we buy houses" letters? Where would you put an ad?
quote:
go to auctions.
How do you find these? Can anyone go or do you need to join something?
quote:
contact banks and ask for REO department or asset management.
Ok, thanks. So I just talk to that person and tell them I'm interested in foreclosures and they have lists?
Posted on 1/2/17 at 5:12 pm to baldona
quote:
Often times that one realtor is the listing agent for multiple
Banks. Figure out which realtors have REO listings, and find out which ones list the most.
Do you just call a bunch of realtors until you find them or this can be learned from asking the bank?
quote:
Make friends with those realtors. If you aren't, someone else is. Use that realtor as your buyers agent so they make both the sellers and buyers commissions.
Yeah, I'm just looking on my own and have no problem letting someone be my agent who would bring me deals.
quote:
The best way, as said, is to find pre-foreclosures and buy them before they hit the market by placing ads. That's what all the 'we buy ugly houses' ads are doing.
I see signs on the road with that. I always figured those guys have the market cornered. I used to get letters to my condo in Kauai about buying my place and wondered why. I guess they were just fishing all the condo owners of the complex then. Do you buy lists or something and then send those letters?
Posted on 1/2/17 at 9:06 pm to Halftrack
quote:
The problem with forclosures is the lender has usually already loaned out more than the value of the house.
The lender eats the difference.
If the previous mortgagor owes $100k and the value of the house is only $75k, the lender is basically screwed. They're not getting their $100k back because nobody is going to pay that.
Their options are write down the mortgage and avoid legal/eviction costs, or foreclose and get what they can. If it hits the MLS, the bank already took the house back, got the previous occupants out, and listed it for sale based on the current value.
Posted on 1/3/17 at 12:21 pm to Sho Nuff
quote:
Do you buy lists or something and then send those letters?
One of the best ways frankly to whole sale houses which is to buy a house that is underwater or in the foreclosure process before it hits the market, is to drive the streets. Most of the time the guy that mows his yard and takes care of his house is not the guy not paying the mortgage, its usually the houses in disrepair that haven't cut their yard in 4 months.
Take note of those houses, and send them information. Or you can get addresses from the property appraisers office and mail out blind.
Posted on 1/3/17 at 4:17 pm to baldona
Thanks for the tips. I am going to look at the classifieds in the newspaper daily now as I've seen 2 auctions coming up. I don't know much about the process yet but I'll start learning. I drive quite a bit for work so I will start paying attention to the houses I pass as well.
Posted on 1/4/17 at 8:43 pm to Sho Nuff
Still looking for our first one, might have found a potential gem today. Found a property that was listed as a single family 2br house. Went look at it today and in addition to the 2br house (brick exterior), there's a 2br apartment behind the house (half brick/half wood siding). And these two structures take up about half of the property leaving plenty of room to add another 2br unit in the future. Decent part of town, high visibility area. The main house needs some tlc, not in terrible shape but needs cleaning a fresh coat of paint. The apartment needs a good $20k of work to get it livable. We could be all in for <$90k and get $1200-$1500/month combined rent.
One thing that we noted was that some of the old wooden windows don't open. Is this required per code? how would I find this out? And would all need to be operable or just bedroom ones?
Will make some calls to local officials tomorrow to talk about what would be required to renovate and to build a new unit then will pay another visit during the day to get put a more detailed renovation estimate together. Fingers crossed!!
One thing that we noted was that some of the old wooden windows don't open. Is this required per code? how would I find this out? And would all need to be operable or just bedroom ones?
Will make some calls to local officials tomorrow to talk about what would be required to renovate and to build a new unit then will pay another visit during the day to get put a more detailed renovation estimate together. Fingers crossed!!
Posted on 1/4/17 at 9:12 pm to Sho Nuff
quote:
So send those "we buy houses" letters? Where would you put an ad?
papers? online? signs on corners? mail out letters?
quote:
How do you find these? Can anyone go or do you need to join something?
check online with county. Check papers.
Posted on 1/4/17 at 9:51 pm to poochie
Get a good liability insurance policy. Non-operative windows are a code violation and a fire hazard.
Posted on 1/5/17 at 1:41 pm to Halftrack
also, how would one go about inspecting a property that doesn't have utilities currently hooked up?
Posted on 1/5/17 at 1:53 pm to poochie
It is not easy, to be blunt about it. You have to have a really good inspector check as much of the wiring, plumbing, HVAC, etc., as possible and then create a budget for "what ifs". We flipped two mobile homes that were inspected without utilities turned on but everything looked OK. Still budgeted $2,500 for any issues that came up once the power/water was turned on.
Didn't have to use any of the budget on the first one and had to use about $1,500 on the second.
Didn't have to use any of the budget on the first one and had to use about $1,500 on the second.
Posted on 1/6/17 at 1:24 am to Fat Bastard
quote:
check online with county. Check papers.
Yeah, I'm going Sat to inspect a foreclosure I found in the paper. Will be reading the paper daily. I need to do more of the county/bank lookups. Thanks.
Posted on 1/6/17 at 6:21 am to Sho Nuff
If the bank sells it at the market value, and writes off the difference, what's the advantage to a foreclosure? Seems like more risk with a disgruntled previous owner?
Posted on 1/6/17 at 7:46 am to Halftrack
quote:
If the bank sells it at the market value, and writes off the difference, what's the advantage to a foreclosure? Seems like more risk with a disgruntled previous owner?
The previous owner in a foreclosure has little to no say, they have legally had their property removed from their hands because of not paying their bills.
Foreclosures usually sell for well under market value because they have been uninhibited for awhile. They often times need work, and often times that work has made them uninhabitable and unable to obtain insurance which means they won't qualify for a mortgage. No mortgage means a much a much smaller buyer pool. But many foreclosures just aren't move in ready and need $5000 of work like paint, new carpet, and a good cleaning that most buyers simply don't want to deal with.
Posted on 1/6/17 at 3:12 pm to Sho Nuff
quote:
Yeah, I'm going Sat to inspect a foreclosure I found in the paper. Will be reading the paper daily. I need to do more of the county/bank lookups. Thanks.
Posted on 1/9/17 at 9:16 pm to Fat Bastard
How do I make an offer on a property that has a listing agent if I don't have an agent? Our previous offers have been delivered through an agent but we don't have one in this case.
Posted on 1/9/17 at 10:09 pm to poochie
Get an agent that you are friends with to make the offer.
Do not let listing agent double up on negotiations, it does not work out well.
Do not let listing agent double up on negotiations, it does not work out well.
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