Unbelievable deals everywhere.

[Dhappy]

I closed on the two houses for 23k and 30k I posted about. I should have them rented soon. I also do alot of my own marketing to find deals. I had a landlord call me the other day from such marketing and he was retiring and moving away. He had only one rental left to sell after being a landlord for 30+ years. He is 66 years old and said he was tired of this shit (his words). After going back and fourth on the price I bought it and did a fast close on friday for 15k cash. It is a 2/1 and will rent out for $600 a month and only needs 2k in fix up (carpet and paint). It is in a good average working class area with little to no crime. There is nothing like a real motivated seller to make your day.

 

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[GLC65]

I closed on the two houses for 23k and 30k I posted about. I should have them rented soon. I also do alot of my own marketing to find deals. I had a landlord call me the other day from such marketing and he was retiring and moving away. He had only one rental left to sell after being a landlord for 30+ years. He is 66 years old and said he was tired of this shit (his words). After going back and fourth on the price I bought it and did a fast close on friday for 15k cash. It is a 2/1 and will rent out for $600 a month and only needs 2k in fix up (carpet and paint). It is in a good average working class area with little to no crime. There is nothing like a real motivated seller to make your day.

Where do you find $15K to $30K homes? What are the replacement costs? Rents?

 

[G_Alexander]

I closed on the two houses for 23k and 30k I posted about. I should have them rented soon. I also do alot of my own marketing to find deals. I had a landlord call me the other day from such marketing and he was retiring and moving away. He had only one rental left to sell after being a landlord for 30+ years. He is 66 years old and said he was tired of this shit (his words). After going back and fourth on the price I bought it and did a fast close on friday for 15k cash. It is a 2/1 and will rent out for $600 a month and only needs 2k in fix up (carpet and paint). It is in a good average working class area with little to no crime. There is nothing like a real motivated seller to make your day.

Congratulations on the motivated seller deal, sounds like a good day.

I am also wondering where you found these deals. I am in the market for a quadruplex, but I wouldn't mind looking into a few SFHs. What market are you located in?

Thanks,

-Alex

 

[Russ H]

Here's where he lives.

Took me less than 30 seconds to find that info.

GLC65, he answered your rents question in his OP. He's answered your other question (replacement cost) in prior posts.

DHappy has not specifically said he's buying RE in West FL, but I don't know how he'd be managing SFH's otherwise.

-Russ H.

 

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[Dhappy]

I'm in the tampa bay area.

 

[hatterasguy]

There are some good deals out there. Money is harder to make, but it can still be made.

 

[G_Alexander]

Here's where he lives.

Took me less than 30 seconds to find that info.

GLC65, he answered your rents question in his OP. He's answered your other question (replacement cost) in prior posts.

DHappy has not specifically said he's buying RE in West FL, but I don't know how he'd be managing SFH's otherwise.

-Russ H.

Thanks for pointing out my incompetence!

He was online at the time so I thought I would just ask here. Didn't mean to waste thread space.

I wasn't thinking like an internet ninja like I usually do :coco:.

-Alex

 

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[andviv]

There are some good deals out there.

Hey hatteras... what do you know about that market?

 

[phlgirl]

I would have to agree. The deals out there now are better than I have ever seen. In JAX, we are now seeing REO properties in a more up-scale market, at the same prices we were paying for a step-down property last year. Our previous rental neighborhoods average $750 - 900 for rents, while these homes are $900-1200 and are larger in size and 'bonus' features. At times, it makes me crazy that we are not currently able to add these properties to our portfolio. Instead, we are focused on making our leads available to other investors.

We have also been spending a good bit of time in Philly. The numbers there are even starting to make sense again - which is really exciting. When we left (3 years ago), nothing came even close to positive cash-flow. Now, we are seeing properties which are REALLY close. We beleive once we are able to tap into the REO/bank network in Philly, we will be able to acheive postive cash flow there as well.

 

[MJ DeMarco]

Homes are now below their "book value" -- meaning, you can buy a home for $100K and the replacement / rebuild value greater than purchase price. What is startling is the discounts below replacement value ... 20, 30, 40%. You can't build a 3000 square foot house on 1/2 an acre for $95K ... but in this (my) market, they are out there. I find myself on Craiglist daily just looking ... it is very distracting!

 

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[phlgirl]

You are absolutely right, MJ. Many homes in the JAX market are now well below replacement cost. In PHL, although I have not done extensive recently, I would have to beleive it is even more likely so (due to much higher building costs).

This is causing mayhem in the construction industry. My husband used to own a construction company and has many friends/colleagues who are still employed (self or W2) in that insdustry (both residential and commercial). Many of them have lost their jobs or are wondering how much longer it will be. Those that own their own business are making drastic cutbacks and trying to re-invent their business strategy.

 

[hatterasguy]

Hey hatteras... what do you know about that market?

Which market?

 

[hatterasguy]

You are absolutely right, MJ. Many homes in the JAX market are now well below replacement cost. In PHL, although I have not done extensive recently, I would have to beleive it is even more likely so (due to much higher building costs).

This is causing mayhem in the construction industry. My husband used to own a construction company and has many friends/colleagues who are still employed (self or W2) in that insdustry (both residential and commercial). Many of them have lost their jobs or are wondering how much longer it will be. Those that own their own business are making drastic cutbacks and trying to re-invent their business strategy.

Yeah tell me about it. All I can say is thank God I live in CT, where you can still make money on a new house.

Out west in the land of $100k, 3ksf houses forget about it, just give up for the next couple of years.

 

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[andviv]

Which market?

Your post was there just after the OP said his properties were in the Tampa area. I thought you were making a statement about that area in particular.

 

[hatterasguy]

No, I was talking about the coast of CT where I live. From what I have been hearing about FL it seems there are some great deals down there.

 

[cfittowin]

U.S. global pathway cities like Seattle and San Franciso are still hot spots to invest in. These major markets provide shelter and long-term returns. Additionally, these enhanced urban environments, which remain attractive for the quality of life experience. To touch on some other markets, New York, stumbles over Wall Street's breakdown, D.C. and L.A. hold their own, while places in southern Cal like Orange County tank in mortgage and housing misery. Texas markets are strengthening spurred by the energy industry. FL housing markets are in utter disarray while Phoenix and Vegas get blown out while midwest factory towns lose even more ground. Only Chicago manages to hang in there and rate modestly for investing purposes.

I constantly study different markets and trends as my ultimate goal is to invest in property nationally.

 

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