Real Estate Investors?

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[R]DeVore

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Jul 12, 2006
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Michigan, USA
www.cre8tiv-vision.com
I've been thinking of working on getting into real estate, and was looking through

http://www.treas.gov/

and found this property for auction on sept. 5th

http://www.treas.gov/auctions/irs/defl_real_1638.htm

and this one

http://www.treas.gov/auctions/irs/obmo_real_1639.htm

anyone near utah could jump on this one.

http://www.treas.gov/auctions/irs/maut_real_1646.htm 40acres undeveloped land - opening bid: 2K

Just wondering how many people here deal with real estate, and how this property looks to you?

Ive been trying to find information on Tax Sales, and Foreclosures ect. but havent been able to find much info on it.
 


Ask away, I've done some RE stuff. This probably isn't the best time to be buying in most place. I'd wait 3-5 years and hit up Florida and California.

Best bets long term are buy places that need work. Rehab them over a 2-3 yr period and rent them out (or live in it for tax purposes) then sell it. Rinse and repeat.

Foreclosures aren't for newbies, you generally don't get to inspect, have to pay 100% at auction and may even have some back-owed taxes on it. Be careful.
 
Find someone near you who is already in the business and get them to mentor you. Watch them work through a couple of deals, and then maybe they help you find a property that you are ready for. There are so many things that can go wrong with buying a property through an auction. And holding a piece of land and quickly become a big liability rather than the asset you dream of. Never buy anything you can have an inspector look at.

My dad has been successful at flipping residential properties rather than holding them as investments. His girlfriend is a real estate agent so she can show him listings before they are offically listed so he can have the first crack at them. He is extremely picky at the ones he selects, works the numbers over and over before he jumps in, but then he does practically all the work himself and completely renovates them. He likes to have his work done and have the property back on the market in 3 months.
 
engaged said:
Ask away, I've done some RE stuff. This probably isn't the best time to be buying in most place. I'd wait 3-5 years and hit up Florida and California.
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Wrong. Buying in down markets is exactly what smart real estate brokers do.

[R]DeVore, do not buy that land unless you are confident you can build something and market it well.
Marketing will be very important, and you cant do SEO on it :) so you'll need to hire someone that can do it for you.
 
chrislingle said:
come down to Austin, we be selling houses like crazy! market here is booming and will for some time!
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The only thing is property tax out here is killer, around 3%.
 
stanley said:
Wrong. Buying in down markets is exactly what smart real estate brokers do.
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Exactly, and in Ca and Fl they are certainly not down markets yet, they are going lower. Unsold inventory is up HUGE! Wait until people have their 3 and 5 year ARMs come to terms and their payments skyrocket and they have to REFI at much higher interest rates than 3-5 years ago.

In 3-5 more years Ca and Fl will be at a more reasonable level and probably a lot of foreclosures. Cash will be king.

Right now properties there are still over valued. My parents have made a killing in the Ca market the past 15 years, but are watching on the sidelines now, as are most of their RE pals.
 
I am selling my last rehabbed house as we speak,, I try and do 5 a yr,, here is some pics i took of my latest project,, 2400 sq ft, 3 br 2 ba, lr, dr, den, kit. office on the 6th green of a golf course,.... picked it up for 66k,,, put 34k in rehab and it appraised for 159k... you do the math. I aim for no less than 20k profit out of each house.

www.jpaul6.photosite.com

pictures on the left are the before,, right is after... i did most of the work myself.

Also I dont buy this bad market good market bullshit.. If you buy a house low enough you can sell it regardless and make a killing. The above house was bout for 30 something cents on the dollar. If i have 100k in a house thats worth 160k I can sell it for a 30k profit and leave the prospective buyers an incentive to buy. Not to many people want jump on a deal if they can buy a home and have 10k + in equity in it from day one.

The only way a real estate market will bite you in your ass is if you dont know what the hell your doing and pay to much for a home or leave money on the table.

Bad market my ass
 
engaged said:
Foreclosures aren't for newbies, you generally don't get to inspect, have to pay 100% at auction and may even have some back-owed taxes on it. Be careful.
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What auction have you been going to,, surely not legit ones. Every auction held at a courthouse does not require 100% of the purchase that day. You simply give them 10% down and balance due in 30 days.

Most courthouse auctions are not the place to find good deals. I have been to several and if the home is worth 200k and the mortgages and back taxes equal 100k,, the mortgage companies by law get first crack at the note.

open the bid at 1k
first bid made by Chase manhattan for 1k,
2nd bid by chase manhattan for 105k
now everyone else gets to fire away.

If you want to get into RE, go for REO's.... thats the money
 
Not two weeks, sorry but 2 Years.

Well, real estate takes a while to deflate. However, there are SOME hot regions in the country still so if you live in one of those areas, you should be fine. The rest of the country--stay in the sidelines if you don't want to get burned by the bubble burst.



Mill said:
haha you people dont have a fukn clue/// your worseless i tell you, worseless
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