Bought this for 35K yesterday! - Reply to Topic

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Topic Review (Newest First)

  • 05-22-2013, 01:55 AM
    southfl561
    what a steal. that scene seem like FLA?
  • 03-28-2013, 03:37 PM
    .G.
    Man, we can't even get units the size of my bedroom for under 250k here. no fair
  • 03-28-2013, 03:44 AM
    911
    I've been wondering a lot about cheap properties in FL as I have been down there many times. I got a few questions for anybody that knows more about this:

    1. Why so cheap
    2. Long term investment to get a few of these and rent them out?
    3. Will these go up eventually?
    4. Anybody making bank 1mill+ off of this
  • 02-13-2013, 04:00 PM
    Aaron
    Quote Originally Posted by G-FLo View Post
    I found this home , 49442 Sandra Dr, Shelby Twp, MI 48315 :: Sine and Monaghan Realtors

    I have yet to see it inside as it just came on the market . I was looking at a differnt home to purchase in the neighborhood with the wife and somhow this came up on our radar without my agent even knowing it was on the market .. They are asking 285k cash for it . The taxes seem too low for such a big home . The home Im looking at is more expensive then this and almost half the size . Seller stating if you want the home finished he will sell for 550k , records state home was built in 99 but it seems newer . If I had the cash I would def look into this as its in a very beautiful neighborhood , but right now I can only afford to put down 20% on a home Im looking to buy .. How would one go about getting a loan with say $100K in the bank to buy this house outright cash . Do you think a credit union would give that type of loan ?
    That depends on how finished the house actually is. Most banks won't lend if there's no finished kitchen, or if the house is in a substantially unfinished state. Banks would consider 203k or renovation/construction loans, but the seller won't. I didn't notice the taxes, but they're probably not based on finished value.
  • 02-13-2013, 05:32 AM
    G-FLo
    I found this home , 49442 Sandra Dr, Shelby Twp, MI 48315 :: Sine and Monaghan Realtors

    I have yet to see it inside as it just came on the market . I was looking at a differnt home to purchase in the neighborhood with the wife and somhow this came up on our radar without my agent even knowing it was on the market .. They are asking 285k cash for it . The taxes seem too low for such a big home . The home Im looking at is more expensive then this and almost half the size . Seller stating if you want the home finished he will sell for 550k , records state home was built in 99 but it seems newer . If I had the cash I would def look into this as its in a very beautiful neighborhood , but right now I can only afford to put down 20% on a home Im looking to buy .. How would one go about getting a loan with say $100K in the bank to buy this house outright cash . Do you think a credit union would give that type of loan ?
  • 02-11-2013, 07:14 PM
    Aaron
    Zillow is horrible up hear too. I WISH it was accurate lol. I know a lot of active tax lien investors in DC, but as you mentioned, it's too far for you. You really do end up with properties for pennies on the dollar.
  • 02-11-2013, 04:59 PM
    123456
    Quote Originally Posted by Aaron View Post
    That's insane lol. I only buy them in Baltimore; and I only buy liens on properties I've seen. Some people rely on the public tax assessments, but they're notoriously off in Baltimore. That house was assessed for 50k. I've seen houses assessed for 200k that can't sell for 20. You have to be very careful.

    I don't use an agency, I'm an attorney with my own practice that focuses on foreclosures so I have a pretty good idea on the fees and expenses involved. Once in a while you get hit with unexpected water bills or environmental citations.
    I like Real Estate, Homes for Sale, Recent Sales, Apartment Rentals - Zillow , you look at the address's history and the prices it sold for, and get a fair idea. Tax assessment is too risky, unless you multiply it by 20% to be on the safe side. Being an attorney certainly helps cut down fees. I live in Nova, not many houses here like that unless you go to the boonies. Baltimore and DC too far for me to travel and flip.
  • 02-11-2013, 02:43 PM
    Aaron
    Quote Originally Posted by 123456 View Post
    Yeah, you have to be very careful with the fees. Because sometimes it ends up more than the cost of the house, and won't even leave any money for flipping budget let alone making profit. What service do you use? My friends bids online sight unseen, he is crazy lol.
    That's insane lol. I only buy them in Baltimore; and I only buy liens on properties I've seen. Some people rely on the public tax assessments, but they're notoriously off in Baltimore. That house was assessed for 50k. I've seen houses assessed for 200k that can't sell for 20. You have to be very careful.

    I don't use an agency, I'm an attorney with my own practice that focuses on foreclosures so I have a pretty good idea on the fees and expenses involved. Once in a while you get hit with unexpected water bills or environmental citations.
  • 02-11-2013, 07:25 AM
    G-FLo
    Quote Originally Posted by MBZGuy View Post
    Good deal man $35k unreal of a deal, you are gonna make a nice profit
    that was back in 09 things have changed drastically in todays market
  • 02-11-2013, 07:02 AM
    MBZGuy
    Good deal man $35k unreal of a deal, you are gonna make a nice profit
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