OfflineBank REO. Bought for 92,500. FMV 160-170. 3BD/2BA. 1300 SQ. FT.
Nice neighborhood. Needs very little work (some landscaping and some tub caulking). Doesnt need carpet because tiled throughout. Odd that it doesnt even need paint but there you have it.
Would rent for 100+ a month positive with 60K+ built in equity.
Can be a medium to long term keeper or I am also considering LO to get my profit out in a year or so.
80% conventional mortgage with 20% equity from a re-finance so NMD.
This is my current strategy: lowball offers on foreclosures that will rent or LO for at least break even. I am looking for 60% of FMV max.
__________________
You seem to have a good strategy at hand I wish you much success. If you have any deals that you would like to post for others to consider look in the forum under MY DEALS and select your state. If you don't see it - ADD IT.
Happy Investing
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
I'm looking to do the same thing (rent or LO to sell when the market turns and take profit then). I have a property I'm looking at for $16K. It's condemned right now and I have gathered that nobody wants to touch it. I spoke with the city inspector and we agreed that about $25k would bring it to code. The place has an ARV of $60-65k. My plan for this one is to purchase and rehab it with a rehab loan (essentially NMD - reimbursed for repairs), then refi for ~$50k to get a profit from it, then LO (have two potential tenant/buyers lined up already) it out for 18-24 months and sell for another $10-20k profit. Of course, I need to get an offer in on it before it goes away and I lose it.
How's that sound to a "dis-interested" third party?