Rehabs
What type of properties do you guys usually rehab? More specifically REO's or non-REO's? The reason I ask is because Cincinnati seems to be full of bank owned properties so finding one doesn't seem to be much of a problem. Are REO's a good place to start out in rehabbing?
REO's can certainly be a good source of rehab properties. Just run the numbers and do a thorough check on what the leins are on the property. Usually their are leins associated with these properties. Ensure the property are going to be sold with CLEAN title!
Make sure the numbers work!!
REO's are somewhat motivated sellers, you know!
Good Luck!
[addsig]
I've noticed that most REO's in my local market, the bank wants retail for them, even if they need repairs. Not a good choice around here at all...[ Edited by jam200 on Date 07/06/2004 ]
I purchased three REO s this year. All were with a realtors. I get the comps in the area and make sure I buy the property at least 50% of what the comps say. sometimes I hire a building inspector to make sure there isn't something drastic wrong. Make sure you have a good title co. to get you a clean title.
Now one thing to remember if the bank wants so much Low ball them.. What the heck.. I have done that to quite a few banks and whoopee they took the bids.. But it just depends upon the market and the location that you are in...
[addsig]
If a house has gone through foreclosure and is now an REO, wouldn't the junior liens have been wiped clean?
Thanks,
lcboone