NOVICE - Need Advice On Purchasing REO's And Forclosures
Hello all,
I am new to property investing and I must say this forum is quite impressive with a weatlh of knowledge. My question is this: I am new to this and would like someone to steer me in the right direction as to what would my first steps be to finding preforclosure properties and REO properties in the Chicacoland area. In researching about this and trying out different service websites to find these properties, the main problem i have come accross is that whenever i do find a property listed in these service sites, its usually too late and the property is already sold. Do i need to get an inside connection with a realtor or broker somehow? I am open to all advice.
Hi, I am brand new too. I just stumbled upon this web site a few days before you, and it has been a great help. I have tried just one property, bought it for 90k, totally rehabbed it and sold it for 170k-about 30k in to it for material and I did all the work. 9 weeks at 16 hours a day. So I know it works. I think there are no easy pills, you just have to hunt and look and be the first one out of bed everyday looking. I think a good realtor that you can establish a relationship with is a good thing. Also, I just last week started calling people who advertise "We buy Houses". It seems they are just buying and trying to flip quick to investors like us. But, if you get a reputable guy, he is taking a lot of the guesswork out of it, because he is not going to buy a distressed property with major problems in case he gets stuck holding it. At least that is what I am hoping.
Hi,
I am a wholesaler ... one of the "We Buy Houses" guys. I have a number of REO and pre-foreclosure properties, mostly concentrated in the South Side of Chicago. There is plenty of rehab activity going on in that area, so I know investors are making money there. The strategy that I see most successful is to rehab and put a Section 8 tenant in to guarantee rental income for a long term hold. Section 8 pays great rates in the South Side. I have several bird dog sources to get me property addresses of vacant, abandoned and "ugly" homes and I track down the owner. Since I am a wholesaler, I buy at a low price and ususally sell these properties to rehabbers/investors anywhere between 70 to 80% of "as it sits" value. I only deal with cash buyers who can close in 2 weeks. 815.439.7400
I work for a data company that has a preforeclosure database (nationwide). I am also an affiliate of a hard money lender so I can direct you to a good source for leads and money. Send me a private message if interested.
Quote:
On 2004-12-01 10:01, medrano wrote:
Hi,
I am a wholesaler ... one of the "We Buy Houses" guys. I have a number of REO and pre-foreclosure properties, mostly concentrated in the South Side of Chicago. There is plenty of rehab activity going on in that area, so I know investors are making money there. The strategy that I see most successful is to rehab and put a Section 8 tenant in to guarantee rental income for a long term hold. Section 8 pays great rates in the South Side. I have several bird dog sources to get me property addresses of vacant, abandoned and "ugly" homes and I track down the owner. Since I am a wholesaler, I buy at a low price and ususally sell these properties to rehabbers/investors anywhere between 70 to 80% of "as it sits" value. I only deal with cash buyers who can close in 2 weeks. 815.439.7400
Hi Medrano
I come across properties on the south side of Chicago and Bolingbrook.
If you would like you can send me an email to see what we can work out.
MROPTIONS
Quote:
On 2004-12-01 10:01, medrano wrote:
... I have several bird dog sources to get me property addresses of vacant, abandoned and "ugly" homes and I track down the owner.....
How, and how much, do you compensate your bird dogs?
Thank you.