Rather than answer your question directly, Lee, let me challenge you to figure out the answer yourself: What do you think the purpose of sending photos is? If you think it’s to make sure the banker understands the deplorable condition the house is in and that it obviously needs repairs, you are right on. The banker already probably has his own set of photos, but it doesn’t hurt to send in some more. Maybe he’s forgotten the condition. If you send him photos of a property in rent ready condition, my first question would be “why?” Isn’t that almost like saying, "Hey, thanks Mr. Banker for not only selling this house cheaply, but also for fixing it up so nicely for me!“I have never heard of a bank selling repo property in nice condition, at least cheaply, too.” My advice to you is don’t send any photos on fixed up property, and keep your mouth shut. It could be the bank doesn’t even know someone is fixing them up so nicely, and if they knew, they would ask more for them.
I have read your posts for the last few years & I’m assuming these properties are in & around Atlanta. I’m in Alabama, about 90 minutes southwest, & have been looking at the tremendous amount of home/duplex properties in Atlanta that seem dirt cheap.
I’ve sold off almost all my local rentals & don’t have any desire to get back into managing properties. Any tips on finding a decent PM in the Atlanta area?
Thank you for sharing that. I would not have thought that one could buy at those properties anywhere in CA, even the warzones of LA, Fresno, and Oakland. When I think of a ‘lowball’ offer, I am thinking of something like $200,000 on a house listed at $300,000.
Re: Lowball Offers & Site Unseen Properties? - Posted by michaela-CA
Posted by michaela-CA on February 27, 2009 at 13:26:21:
Tim,
I just started with my first one and so far she seems very gung ho, but only time will tell. I got her through referral, so I don’t really have any suggestions for you.
Re: Lowball Offers & Site Unseen Properties? - Posted by Kristine-CA
Posted by Kristine-CA on February 28, 2009 at 10:16:42:
You absolutely can get CA properties at those prices. The Central
Valley cities have lots inner city props under $50K. Also rural desert
towns are even cheaper. Get yourself on Realtor.com. I have some I’ll
sell you right now.
They’ll cash flow, etc. But landlording in these markets is lots of work.
Tough tenant pool, rough neighborhoods, and geriatric housing that
limps along, even with infusions of cash. My farm city Section-8 pays
$900+ for a BDR, so the numbers pan out. But the number of
investors who want to do the buy and hold thing is few, to be sure.
The old-timers that were doing it before this boom are still doing it.
They are waiting, with their arms crossed, for the worst of the REOs to
be sold off for pennies on the dollar, just like they were in the late 90s.