[quote=bearishgurl]
Most all of these properties need more work than lenders will approve (esp for the FHA 203b program). The work isn’t that expensive if you can do most of it yourself (no structural problems) and have ways of getting some work done cheaper. These owners aren’t likely to get multiple offers above what someone off the street would privately offer them considering they would be saving the sales commission. As a principal or co-buyer, I would obviously have to disclose to them that I am a licensee in my or “our” offer to purchase.
These properties are DEFINITELY not ready to compete with the vast majority of listed properties on the MLS today and their owners won’t undergo any cleanup/rehab. A few of them have the owners stuff stored in them.
There are a LOT of houses all over SD County that may have a “porch swing” in front and furniture inside. This is no way means anyone lives there … or has even lived there in the last decade. If the owner bought it for $5K to $32K, it has been paid off for decades and its property taxes are $368 year, WHO CARES? Just store your stuff and turn off the utilities. Get your grandson out there in the front yard once a month with the weedwacker (to appease city/county officials). You have a nearly “free” indefinite storage unit. DONE :=D.[/quote]
So how are these houses compared to the ones being sold by the so-called “scumbag SS”? How much rehab and how long do you think it’s going to take FOR YOU to get the house ready to rent it out? I hope it doesn’t take “a truck” and nowhere near “a year-plus” to get the place ready. I hope you do own a truck and a lot more handy than me because it took me a whopping two weekends and another $400 for a contractor to finish the garage and have got tenants moved in in less than 3 weeks. Oh, and here’s the kicker, I don’t own a effing truck. Damn, those SS!
