Last sold in 2004 for $334K... We bid $80K... Looks like I have about >$20K of work to do, and then it will be a nice 4bd home to rent out... the fireplace is what sold the frau... I liked the sunroom myself... I also took my son over for a walkthrough with my frau, so he could see what I will be asking him to help with... He was saying "OK Dad, this wall looks like two weekends... and this one looks like two weekends"... as he's walking around the house outside with me, he's looking at how much of his spring and summertime will be taken up with helping me outside around the place... With any luck, it'll sale through like the last ones have that we got... the ones we didn't get, the folks paid all cash... I ain't that kinda baller.
I hope this is a "all cash" bid. In the SF Bay Area almost all the cheap homes are snapped up by investors with CASH. Good Luck
Seems a good business to get into. I wish I had a mentor locally and the time/money to get going with this kind of thing
I bought a bank owned HUD home back in February this year. I was actually not the highest bidder. However, I was the highest bidder that was actually going to live in the house which gave me the advantage. The bidding process was strange. The first house I bid on, although there were plenty of bids, it didn't get sold. Another house I found, the selling price was too low to get a bank to write me a mortgage. The house I got sold in '98 for $196k. I got it for $66k including a $6k repair escrow.
For your sake, NEVER go to California. If you think 80k is a lot for a house, for about five times that you can get a toolshed (a small toolshed) for that in CA.
Any business could be good if you plan well and follow the plan, and change the plan to meet whatever obstacles you encounter... and remember to use the skills of others to save you money in the long run... I can't tell you I was happy to walk away from some of the bids without my good faith coins, but I knew after my guys inspected to back away from a money-hole more than once in these last couple of years... I lost about $2000 every time I backed out of the sales... however, each of my rentals generate $500-$1000 net per month, and that is after the note/taxes/insurance is paid. I think the best advice I have really is for YOU to make sure YOU hire an honest and very competent inspector to give YOU a report... The two I use have been why I am in the black... even though I only call them in to look at something I have made an offer on, and I have to pay them out-of-pocket, they really let me know how much it is going to cost me to own it, before I put my name on the line for more coins than we have, or put someone in it...
What drives up the costs out here Bra... immigrants with coins... that's also why we natives here LOVE Prop 13... we can now retire and stay where we bought to live... immigrants coming out here because... ummm... well, because it's California... newcomers with money is what drives the prices...
The frau and I completed some verisign forms today... looks like they want to lend us the money if we borrow enough of it...
There is a lot of flippers in the Sacramento area buying run down houses and renovate or better say rebuilt them for a big profit. These are not individuals but corporations doing this kind of business. They have inside info and usually get the first bid in with cash right at the day it is listed, For example, they buy a house at $60K, put in $20K-30K of repair, then sell them at $150K. They can make a profit at least 30-40% in 2- 3 months.
I do live in CA, I was astonished at how cheap. I purchased my first house at 19, for $56K, ----> 20 years later I picked up a used car for the same amount.
The bank is dragging their feet in accepting our offer... so it went stale... we didn't renew our offer on this one, cause we are accepted on another one even closer to my home... Still gots ta get one more before the end of this year.
