Archive for the ‘Ugly Houses’ Category
Mar
04
Posted under
Bank Owned,
Foreclosures,
Ugly Houses What makes a house ugly? Essentially, they are properties that are in need of some degree of repair – from minor cosmetic to full on rehabilitation.
Some ugly properties may lack such “amenities” as windows, doors, plumbing fixtures, flooring, cabinets, even entire air conditioning units and can become a popular hangout for drug addicts and vagrants. We have even seen instances where a disgruntled former homeowner has poured concrete down all the toilets!
Some cities can and do, fine property owners (typically banks) thousands for numerous code violations.
A particular ugly property in Sarasota, Florida was assessed $275,000 in outstanding fines from the city and $25,000 in code violation fines that the investor was able to have repealed to $375. He then purchased the property for $7,000 and resold it “wholesale” for $18,375 to another investor, who then sold the two-bedroom house for $30,000 to a “retail” (homeowner) buyer.
The key to success in this facet of real estate investing is to help people stuck in ugly houses or people who find themselves in ugly situations like foreclosure, divorce or job loss that need to move.
Using your local MLS and a highly qualified real estate agent is the fastest method of locating such properties. Some may be listed and some real gems may be in their private inventory: aka, “pre-listed”.
Before buying an ugly property, get it inspected by a certified inspector to reveal any hidden items that could lead to a HUGE evaporation of your investment dollar- making you an ugly investor.
You can access the entire Las Vegas MLS to find your next property at NO COST and with NO personal information needed at: HowToBuyABankHome.com
Feb
16
Posted under
Foreclosures,
Real Estate Investors,
Short Sales,
Ugly Houses When you are first starting out with investing in short sales and foreclosures, you should always look for ugly or bad houses that need a lot of work. These properties are much cheaper to purchase, although they will take some work to improve. You should start out by looking for properties that need some work, such as clean up, painting, and in some cases new carpet. You don’t want to buy something too run down, as it could cost a fortune to repair.
If you think of yourself as a handyman and feel that you can do the repairs yourself, you can save a lot of money. On the other hand, if you need to hire someone, you should always make sure that the individual or company that you hire is qualified to do the repairs. If you aren’t comfortable with doing any of the repairs, you should inquire about a subcontractor or company that will do it for a reasonable price, or perhaps a share of the money once you have resold the property.
If the property you are thinking to purchase and resell has any type of structural problems, you should always get an estimate from a reliable contractor before you make the purchase. If you decide to stay in the business, you’ll learn a lot more over the years, although you should always hire a contractor when you first start out. Once you get all of the estimates together, you can make that final decision on how much of an offer you want to put on the property.
After you have a team together and successfully renovated and resold several properties, you’ll begin to feel quite a bit more confident with buying homes that need repairs. All it takes is time and practice – and you’ll be buying properties that the average investor wouldn’t think twice about. This can be a huge advantage when you are looking for properties to buy and resell, as there will be less competition to worry about. You’ll also be able to get a lower price when buying the property, simply because you can use the cost of the repairs to your advantage.
Once you are able to do repairs on properties, including structural problems, you’ll have a huge advantage in the market. You’ll be able to buy virtually any property, including those that other investors choose to ignore. Doing so can be very profitable for you, especially if it is in a well known and well desired neighborhood. After you have done the repairs, you can resell it for a much higher price than you paid.
When you start looking for property that you can repair and resale, you should always take your time and buy the right ones. You won’t have the money, time, experience, or support to buy the bigger ones at first, which means you won’t have any room for mistakes. Once you have purchased and resold a few smaller properties, you’ll eventually be able to work your way up to the bigger ones – which is where the big profits will come into play.
Always keep in mind that when you first start out, you’ll need to take things slow. You can expect profits to come overnight, as it will take you some time to learn. Once you have been at it a few years and have several properties to your credit, you’ll be ready to tackle anything. At that point – you’ll make a lot of money in a career that is truly exciting.
To find free access to all short sale and foreclosure properties in Henderson, please visit our website. HowToBuyABankHome.com
Feb
05
Posted under
Bank Owned,
Short Sales,
Ugly Houses That’s right. With more than 3,000 bank owned closings in three years, some of these sproperties are just plain…ugly.
But, hey. If you’re handy with a hammer and paint brush and looking to add to or create a real estat inveetment portfolio, MERIT Realty is THE place to start; and finish.
We’ve not only spent years establishing solid relationships with some of the countries premier asset managers and disposition companies, we have our own in-house asset managers, BPO department and short sale negotiators.
Any closer and you could shake hands.
It’s those type of relationships that allow our clients to succeed and the banks to give us additional inventory which we in turn market successfully.
If you’re in the market, use this site, HowToBuyABankHome.com to search not only our internal inventory, but that of every company in Las Vegas. It’s free and no registration is required.
When you find something you like, call me and let’s get you on the path to real estate wealth.
Viait me at: HowToBuyABankHome.com