More Foreclosures

I really don't care anyway. I am just going to make 4 to 6 offers today. Got an REO under contract this weekend. GREAT numbers. 6 month turn around time.

It's a 950 Sq. Ft brick 2 bd, 1 bath house in the middle of a $750,000 neighborhood!!! The diamond in the rough. We are going to pop the top and expand backwards into the large back yard. Shooting for 2400 Sq Ft when done, making it a 4/2.
Bought it for $255,000. Estate sale.
Remodel/rehab $175,000
ARV $625,000 easy!
Doing an 50/50 equity split with my #1 PM guy who is a good friend (no money costs!)He funds, I run the project.

We should net $125,000.

I got at unlisted property from a realtor at my church this morning. I can assign this one for $10,000 easy or I can do a hard money loan and do it myself with a net of $30,000. 3 month turn around. I don't know which way I am going but will decide in the next 24 hours.

So I don't CARE what the government tells the banks they have to do. It was the government telling the banks they had to finance unqualified people that got us into this problem in the first place. LIBERAL government policy caused the bubble and the melt down!!!. Not the "nasty banks". When the gun was pointed at their heads they did what they were forced to do.

Oh well! Lets go make offers and turn off the news. We can learn all we need from sold, currently listed and under contract comps!!! Current market conditions where we are investing.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

Michael. I am actively looking here as well in a high income neighborhood, but have many of those small houses that cost similiar to the first you mentioned, but the turnaround is great!