We purchased a distressed REO property in a good neighborhood that has an ARV of $130,000. Purchased for 75,000. Rehab was 20K. We put on the market with a realtor and within 1 day we had an offer on the property. The buyer had an inspection done and inspection said we needed a new roof. Ultimately we paid for the shingles to be torn off and put new shingles on. A few days before closing the buyers lost his job and they backed out of the contract. So…we put back on the market and 2 weeks later we had another offer and we accepted. By the time realtor fees and closing costs etc were taken out we still walked away with quick $11,000 profit!! Best looking house in a good Neighborhood!!!

Zillow Buys Trulia for $3.5 Billion
The real estate agent community is coming unglued with this announcement. They view it as another threat to their existence and the local MLS system. It really isn’t, as neither of these sites have direct access to MLS data, so the real estate community will still have the most accurate and up-to-date listing data out there.

S & P Case-Shiller Home Price Index Shows Slow Improvement
The S & P Case-Shiller Home Price Index is the most widely-watched indicator of home price movement. The index posted a 9.3 percent increase in the May monthly data year-over-year. This was down from a 10.8 percent increase in April.

Altos Says Ignore the Naysayers – Housing to Boom in 2015

There is a group of significant tax law changes taking effect or already in place from recent rulings. They aren’t all related to investments, but we all have more things going on than real estate investment. This is a quick overview, so check with your accountant if you see something that could apply to your financial situation.
1. No more bankruptcy exemption for inherited IRAs – The Supreme Court unanimously held that inherited IRAs do not qualify for a bankruptcy exemption. Creditors can now go after those funds because the court rules that the exemption is specifically for “retirement” funds, and that status disappears with death and inheritance.