Newbie's First REO Purchase

Congratulations!!!! Lakeside on your first purchase. Keep us informed on how it goes.

Brian

That's so awesome! Please tell us more about the tale of the inspection and how it involved the bank. Can you also tell us little about your financing methods because we would really appreciate your success story. Thanks a million...by the way you are on your way to a million.

Can't wait to hear how it goes. Please keep us updated. God Bless!

quick question, when you had the inspection done did you have to pay for that. And another question was what is the fmv there and how much equity do you have in to the house before any tlc

thanks

Sy

Congratulations on your first accepted offer. You are on your way. God Bless.

Sandra

I actually haven't had the inspection done yet. When the water was turned on this past week, leaks were discovered so the water was turned back off. When I heard this my heart sank...I didn't think the bank would repair anything since they came down in price for me. The bank is now in the process of going leak by leak to have things fixed while staying within their allowable limit (YEAH!). So far so good, so I'm waiting for the OK to have my inspector go in. I'm actually wondering if the inspection on my part will be necessary at that point. Also, Ohio Edison has stated that according to their records the electric has been off for 2 yrs. which requires them to inspect the property before the electric is turned on. My realtor told me that she is trying to find out who the inspector for Ohio Edison is & when they will inspect the property. As far as my financing I'm lucky...I have a relative who has allowed me to borrow the money for this deal. The property is 17 yrs old & needs carpeting, paint, appliances & the yard cleaned up. Everything is hiding the house. I'm hoping to take the equity out of this house once it's updated to pay my relative & have a down payment for another property. I plan on renting it out for now when the updatng is done. I'm buying the house for $34,500 & hope if appraises for at lease $75,000 which is on the low end of what other homes similar in size & age, etc. are up for sale for in the same neighborhood which is a private lake community that has a community club house & pool.
Thank you everyone for your encouragement!! I'll keep you updated!

Donna

My fingers are crossed for you Donna, but I think you've already made your own luck! Congratulations for taking action so quickly!

My suggestion for whenever you buy a property is to pay to have an inspection done. It is always worth the money. They may not find any other issues, and that is peace of mind worth having, and if you happened to decide to sell instead of renting it then you can share that inspection report with the potential buyers. However, if the inspection finds something more, and especially if it's serious, it could be more than what you want to take on, or can afford, to fix.

All the best to you. Please keep us up-to-date on your experiences!

All the best,
Nancy D.

How exciting to get what sounds like a great first deal done. Keep us updated on the final details. Congratulations

Isn't just amazing on how much you learn about what is possible out there. I hope the bank not only fixes any problems that your property has and they also give you yet another deep discount. Stick it to them because they are the man and we are the, fill in the blank.

Congratulations once again, now let the profits roll in.

Awesome! It's go to know you are on your way...keep us posted with how it all turns out. Keep going...

Joseph Arredondo

Keep up the good work. Please do keep us posted. I'd love to hear how it all works out!

Congratulations on your first purchase and great fast start.
Sandra C.

I just received an e-mail from my realtor that we are waiting on the sheriff's deed so we had to extend the contract to Sept. 18th. The bank is still in the process of doing repairs to the water lines & is in the process of scheduling the electric inspection. Hopefully everything will be done soon so my inspector can go in. I'm going to take Nancy D's advice and still have my inspector check everything. Still excited!!

Donna

I currently own a house that I am having a hard time selling. I have read Dean's new book and am looking for some creative ways to sell it or lease purchase it. I also have a piece of property at the beach without a house on it that I am also trying to sell through a real estate agent. I am looking to get more involved with Dean's program as I have just come back from vacation. I am already encouraged by the book and all the relevant information and look forward to great success in the future. Thanks for all you do and what I know you will do in the future.

Jay Anderson

Where is your properties located?

Your on your way. Looking forward to hear all the details.

Lea
SPR Properties, LLC

I am new to the site and everyone that has placed comments and replied to comments you guys rock. Keep up the commments I for one look forward to the commients instead of the evening news.

Thanks

Ken

Hey Lakeside

Congradulations. I'm just wispering in your ear about the carpet thing. Since your are thinking about renting. If you are allowing pets. They can destroy carpeting. Especially with an irresponcable pet owner. You will all ways be replacing carpeting. I also don't know what part of the country you are from but, carpeting is bad for people who have asthma, and alergies. I have always used that as a deciding factor when I rent.

I know of a landlord that as the renters moved he got rid of the carpet and tiled the apartment.

Just something to think about.

enjoy your first
Naycat

Congratulations. I wish you the best with this and your future deals. Thank you for sharing your story.

Congratulations on your first deal. I tsounds like you may have some nice equity in this property. That can give you severl exit startegies and options. You can either sell the home for a profit or rent it and refinance it to get some equity for another purchase. In real estate leverage can be a key to acquire additional properties as long as you cash flow each property you will be well on your way. Good luck with all your real estate deals. Believe and Achieve! - Joe

Way to go guys !!

REOs are what I am looking at right now too. The only trouble is some of them need a lot of rehab. But they still provide a great way to make money !!

Keep at it ..

Randy

wish you best of luck, wish I could start out that quick. In time

Congratulations! Do you have any updates from the last few days? Be sure to let us know when you do! Good luck to you as things progress!
-Mike Hutchins

Congratulaions on your first deal and many more.

whurndon

H&H PROPERTY SOLUTIONS LLC

This is my first time here and your story is very encouraging. I just finished reading Dean's "Profit From Real Estate Right Now", book. I am very excited to get started. It's just that- I am excited but not quite sure where to start. I know of a real estate agent that worked with me to get my house. I like her and want very badly to get her looking for the 100 properties and sorting 25. But she knows my financial situation and where I work. It's feeling a little "to close to home" kind of thing. Does anyone have any advice out there.
I don't have good credit anymore since I lost have my income and been behind in my own affairs myself.
very nervous about stepping out and putting my toes in the water. Any and all advice is welcome- would even joint venture with folks.

thanks,
Becky

does anyone know how to even start to get your first property do you have to have a real estate agent

Way to go, Donna,

It is an excellent recommendation to get the home inspection after the bank fixes the leaks. You can never tell what other problems may be discovered, even for a relatively newer house. Any new problems can be the subject of a further-reduced offer, especially if you provide an estimate for what it will cost to fix. Or, if serious, you may want to withdraw the offer.

Regarding getting the house refinanced (so you can pay off the relative), be aware that some lenders won't lend a full amount based on an appraisal, for a recent purchase, if it was purchased at a very low price. Just shop around and find a lender that will.

I hope all goes smoothly, and you're on your way to success.

cactusbob

I wish you much success.

I'm still waiting for my first REO purchase to be completed. The bank is still in the process of repairing water line leaks so I can have my inspection done...which works out great for me. I just didn't think the whole process would take this long. I'm hoping the scheduled close date of 9/18 still holds since it has been postponed once already. Right now I feel like I'm in limbo...I can't move on to another property until this deal is completed. I'll keep everyone posted...keep your fingers crossed for me!

I AM EXCITED FOR YOU GOOD LUCK AND KEEP US POSTED.