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re: What % of your investment assets = hard assets (ex, Real Estate)
Posted on 8/11/13 at 11:29 am to raw dog
Posted on 8/11/13 at 11:29 am to raw dog
quote:
How did you buy the house for so cheap?
Having knowledge of the local real estate market. I bet I looked at 12 before I found this one. The struggle was finding a solid house in a solid neighborhood. In Birmingham you can buy houses all day for less than $15,000 but you have to worry about getting shot. I'm less than 2 minutes from Mountain Brook, one of the wealthiest suburbs in America.
HUD Homes are always available to owner occupants before investors. There are not a lot of people who qualify for loans that are shopping in the $50,000 price range. They are looking for something more expensive. It's a niche I've been exploiting for years.
The entire process has taken me about 8 months. Mostly due to incompetence at HUD, Wells Fargo and my contractors.
This post was edited on 8/11/13 at 11:31 am
1
Posted on 8/11/13 at 11:33 am to I Love Bama
So these homes have previously been foreclosed on and are available at a discount price for potential occupants only?
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