Posted by JT-IN on February 24, 2009 at 15:41:59:
M:
It is certainly refreshing to know that you aren’t just sitting around letting that wooden leg dry rot… or be eaten by sub-terrainian termites.
While the wrastlin biz will be worse for wear without you, the neighborhoods hit hard by foreclosures will surely benefit. That is definitely a case of turning lemons into lemonade if I ever heard one… I must be excused now, as I have a tear welling up on me…
More later, when the emotions pass.
JT
List you last three Deals Here - Posted by Kenneth Hocking
Posted by Kenneth Hocking on February 22, 2009 at 20:37:51:
Anyone actually doing Deals? or Just policing the Boards?
Re: List you last three Deals Here - Posted by Sailor
Posted by Sailor on February 25, 2009 at 13:39:47:
I am long since (supposedly) retired, & never do a lot of deals in short periods. It’s just that I’ve been doing them a long time. The deal I had last month fell out of escrow & I posted then about HUD being unwilling to credit for major repairs uncovered during inspection.
I limit my purchases to a particular neighborhood where all my rentals, including my MHP, are located. I’m only doing short sales & REOs these days, as other sellers are not realistic. These days I only invest in what I call “evergreens,” which are properties that w/provide decent affordable family homes for decades to come for my estate. They can be easily managed by a family member, & w/ensure that my children w/not have to eat dog food in their old age. One property has been placed in an education trust for the great-grandchildren.
This month’s project has been to take my one vacancy & convert it to a completely furnished unit suitable for emergency housing. This has involved not only outfitting the kitchen, but slipcovering the upholstered pieces for practicality. (I’ll try to post pics later). I’ve been hitting all the thrift shops & the process has been fun. I’ve had items given to me, have done a lot of sewing, buying used, & even bartering. This week I’ve given tours to the heads of 2 different agencies, & plan to notify other local agencies of the availability of this unit. I like the idea of being able to offer a family in need temporary refuge that w/be more comfortable than a motel room. If someone can afford rent, good, but if not, I’m still OK.
I have plenty of more projects in mind, but just this minute I have my mind on some upcoming family events, so if I don’t stumble across another property soon I’ve got plenty of wedding outfits & diapers to make (different granddaughters). I’m also trying to get my foundation set up & the needs are greater than ever. There’s plenty to keep me busy if I never buy another property (but that’s unlikely, as I’m very project-oriented, & besides, I got a new cordless drill for Christmas).
Re: List you last three Deals Here - Posted by Celeste-fl
Posted by Celeste-fl on February 24, 2009 at 03:16:36:
Jan- Bought a 2/1 for 7k in a good area,needs 1k in fix up and will rent for $535 a month.
Feb- bought a 3/1 for 23k,needs 4k in fix up and will rent for $800 a month in a good area. I also bought a 3/2 for 31k in a good area with no fix up needed and will also rent for $800 a month.
Feb-Bought a 2/1 for 15k in a good area. It needs 2k in fix up and will rent for $550 a month.
Re: List you last three Deals Here - Posted by Doer
Posted by Doer on February 23, 2009 at 21:02:01:
A few months ago a $600k commercial lot with an ugly house for $300k all cash
Same day. A $600k residential lot for $399k cash
A couple weeks ago. A $850k house from bank via short sale for $425k.
Last 3 deals? Ok here’s my last 4 months - Posted by Rick Hall
Posted by Rick Hall on February 23, 2009 at 19:24:16:
It’s actually my last 6 properties, but I’ll count it as 3!
November 08…
Got a call from homeowner (got my name through my networking channels) wanted to just get rid of house… bad area, cosmetically horrible, mechanically very sound house. Did short on old mortgage in collections… took 3k to release lien. Sold to another investor I know who owned property in the area. Made 2k… should have bought myself and flipped or rented, but was busy at the time, passed on to a friend and made 2k for my time. I partially did this because I have never “wholesaled” a property, and wanted to add it to my RE resume!!!
December 08…
Picked up 4 properties at local tax sale…
Bought a 2-unit…marginal area…needs about 7k rehab…could sell for about 45k when rehabbed…will pull $1000/mo rent total!
Bought brick SFH…marginal area…needs 10k, worth 45k rehabbed…will rent for 625/mo
Bought another SFH… good area… needs 20k in rehab, but will easily sell for 60k, rent for $650
Bought 5 acre lot in the country on a big river… personal use… will hold and use as a place to take the kids fishing and camping… probably could sell for 20k now…
Paid 10k TOTAL for all 4 properties…
Jan 2009…
Bought SFH at foreclosure auction, good neighborhood, same block as previously mentioned SFH from tax sale… paid 18k… put 6k into it, just finished the rehab… easily sell for 60k… going to hold and rent for $650/mo…
I don’t know about you all, but I’m loving this market… Banks and 0% interest credit cards are still giving me money! I’m just using it wisely as possible and buying every good deal in sight, and there are PLENTY of good deals over my way!
Rick Hall
Ive been helping Rich… - Posted by brandoncbsre
Posted by brandoncbsre on February 23, 2009 at 18:42:47:
…police the board!
I am getting ready to close a sale next week on a foreclosure I bought Sept 2008 for $40,500. I am clearing between $12,500-$13,000 after a light rehab.
I hope to do 3-4 foreclosure rehab flips this year.
Re: List you last three Deals Here - Posted by Drew (VA)
Posted by Drew (VA) on February 23, 2009 at 17:14:44:
Wholesale deal in Dec, 300K Arv, under contract for $181,250, wholesaled it for 195k.
Sub 2, contingent on selling, finishing that up this week. Sub2 140k sold at 185k with $7,500 down.
Rehab, ARV 145k, bought for 69k, 15k in work.
So far s’okay.
Gotta be a Homerun - Posted by DJ-nyc
Posted by DJ-nyc on February 23, 2009 at 14:38:57:
In this market - It gotta be a home run for me.
I’m looking for a 4 unit buy and hold…
last purchase 10/07. Short Sale buy/hold - 3Family.
DJ-nyc
Re: List you last three Deals Here - Posted by ken in sc
Posted by ken in sc on February 23, 2009 at 11:58:52:
last three I purchased:
31.5K for a 90K house that needs 18-20 in repairs. Bought from FNMA.
36.5K for a house worth 95-100K, again needs about 20 in repairs. Forclosure sale.
55K for a FNMA owned house worth 125K. Need about 25K in work.
Starting rehab to have these on the market for spring.
Re: List you last three Deals Here - Posted by lukeNC
Posted by lukeNC on February 23, 2009 at 11:38:14:
settled with title insurance company b/c of a missed judgment i bought.
bought another judgment and am about to auction off 3 valuable lots.
Various short sale deals, closed 2 in january made around $4k each.
I’ve got another title deal I’m expecting to settle on and some more short sales to work.
Doing Deals - Posted by Natalie-VA
Posted by Natalie-VA on February 23, 2009 at 08:43:48:
deal #1 - bought in October - rehabbed - selling this Friday
deal #2 - bought in October - light cleanup - selling this Friday
deal #3 - bought in October 07 - rented for one year - installed new HVAC - selling this Friday
Dinner is on me Friday night.
–Natalie
Re: List you last three Deals Here - Posted by michaela-CA
Posted by michaela-CA on February 23, 2009 at 08:43:23:
bought duplex for 17K. With new furnaces I’ll have about another 8k in rehab in it. Just put renter into one side for $ 450/month.
Bought 5/2 for 10K. Expect to put about 6-7K in rehab into it. Rent about 750/800
Bought Duplex for 10K. Takes about 10-12 for fix-up. Rent about 400 each side.
Would love to buy more, but am expecting some more cash infusion this week or next.
Michaela
Re: List you last three Deals Here - Posted by Levi
Posted by Levi on February 23, 2009 at 08:29:49:
Filling vacants and dealing with slow pays is my focus right now. I havent stumbled over any can’t-pass deals lately. Have a couple bird dog checks coming my way.
Re: List you last three Deals Here - Posted by JB
Posted by JB on February 23, 2009 at 08:26:41:
I am working a probate deal.
Owner died, 2 heirs, $35k on mortgage. They want $15k and I can take over mortgage.
I offered $8k and we settled on $12K.
So $12k out of pocket & I’ll own a $125k house with a $35k mortgage with PITI of $450 in a rentable area of about $875.
Heirs are trying to get reinstatement figures for me.
Policing the Boards - Posted by Rich-CA
Posted by Rich-CA on February 23, 2009 at 07:17:45:
Cash is tight and things are a bit rocky right now. Anyone else?
Re: List you last three Deals Here - Posted by Kristine-CA
Posted by Kristine-CA on February 25, 2009 at 22:17:30:
Tye: very interested in your emergency unit. What agencies place people
after emergencies? Is the goal to have the agency refer them and then you
work out a suitable agreement (rent/terms) with the family in need? Or
do any of the referring agencies need housing vendors and would pay you
directly? Thanks, Kristine
Re: List you last three Deals Here - Posted by Jack
Posted by Jack on February 24, 2009 at 11:29:43:
Like JT said, very good numbers. Are these mobiles? I didn’t think there was anything in FL near that cheap.
Celeste, You ARE the MAN… - Posted by JT-IN
Posted by JT-IN on February 24, 2009 at 09:48:59:
And I mean that in a good way. 
I count that as 83K invested and 32K in gross income, which is a 39% yield. (not accting for taxes and ins). You are still likely @ 35% after T&I. That is more than RESPECTABLE.
I would list my last 3 or 4 deals buy they are measured as puts and calls. The volitility of the stock market is outstanding for a traders mentality.
comin’ out of the woodwork - Posted by Natalie-VA
Posted by Natalie-VA on February 24, 2009 at 07:14:08:
Look at those Virginia Beach guys speaking up all of the sudden! I forgot to mention that I only had two remaining seats open. Looks like Drew and Max got them. I’ll let you know where and when.
–Natalie