So.... housing to drop further?
- Thread starter stmadeveloper
- Start date
Those are not even the nice ones. I love the days when we would put a Manufactured Home on a lot and profit $50K. Lot's of buyers who thought like you do above. But trust me, those above are not nice ones - they are the super cheap ones.
If in CA - I pull from Foreclosure Radar for courthouse auctions. By far the best source I have ever found.
I paid $3.84 for vpower yesterday. Almost at $4, cant wait to be like Europe.
Last year estimated 1 million foreclosures (record)
Foreclosures in 2011 estimated up to 1.2 million. (record busting again)
[ame="http://www.youtube.com/watch?v=Or12Gk-7tcM"]YouTube - 2011 to Top 2010 Record on Foreclosures[/ame]
Last year estimated 1 million foreclosures (record)
Foreclosures in 2011 estimated up to 1.2 million. (record busting again)
[ame="http://www.youtube.com/watch?v=Or12Gk-7tcM"]YouTube - 2011 to Top 2010 Record on Foreclosures[/ame]
rising oil price - means economy is on the way up! remember the time when it was $150 a barrel a few years ago?
Hold you asses boys ... welcome to the double dip.
I'm in real estate foreclosures in my FT job... the housing market is FAR from recovered.
Also there is: http://www.auction.com and http://www.rowellauctions.com
they all do online real estate auctions online.
I'm in real estate foreclosures in my FT job... the housing market is FAR from recovered.
Also there is: http://www.auction.com and http://www.rowellauctions.com
they all do online real estate auctions online.
Hav3n, some guy locally is selling a 4 unit aparment around me for 125k just raised from 99k WTF?
anyway it was built in the 20's its' brick, and fully rented, 12k profit each year, i am pretty interested, would u say its not the time to buy?
anyway it was built in the 20's its' brick, and fully rented, 12k profit each year, i am pretty interested, would u say its not the time to buy?
Buy (the right properties) if you can. Leverage it out and take out the money at today's low rates.
4 units @ what rent if $12K annual is profit. In other words what are expenses, vacany ets. If 2 units are vacant are you still covering debt service?
1920's properties can be great or a nightmare - any deferred maintenance? Asbestos, lead, etc? You can't even re-paint inside without a special lead certified contractor anymore.
Anyhow, good luck.
4 units @ what rent if $12K annual is profit. In other words what are expenses, vacany ets. If 2 units are vacant are you still covering debt service?
1920's properties can be great or a nightmare - any deferred maintenance? Asbestos, lead, etc? You can't even re-paint inside without a special lead certified contractor anymore.
Anyhow, good luck.
rent is 600 to 575. most expenses are gas heat, and taxes. revenue is 27K after expenses 14K is left...
The conservative investors say that you should think of Vacancy + Maintenance + Taxes + Problems(evictions etc) = 50% rent over the long term. So using the numbers above the question is how much of those expenses include utilities. Because the 50% rule does not account for utilities.
The next question is - the type of neighborhood. The worse the neighborhood the more you are going to want a property manager.
Knowing about the deferred maintenance is critical. Especially the big stuff, the A/C's, Roof, Mold?
If you are not familiar with rentals, etc - I would go over to Bigger Pockets and see what those pro's advice - you will likely find someone in your area that can give you specific advice. That's where I go if I am doing something over my head, new, or I am buying rentals/investments in others states.
But I like the idea of having multiple units when 2 units pay debt service. Makes it nice in case something goes vacant.
