thebiglebowski Posted February 23, 2008 Share Posted February 23, 2008 But I am a new college grad who is looking to buy a house pretty soon. Every so often when I am talking to someone about buying houses they will say something like "My brother got a good hookup with a bank and bought 5 houses for $20,000 each that he sold for $100,000 each," or something like that. Has anyone ever had an experience with buying a house for less than 50% of what an appraisal would say its worth, and if so how? Did you cut some super secret backroom deal or did you just have to look a little farther than the Yahoo! Real Estate page? Quote Link to comment Share on other sites More sharing options...
impact Posted February 23, 2008 Share Posted February 23, 2008 what did you major in? Quote Link to comment Share on other sites More sharing options...
flood Posted February 23, 2008 Share Posted February 23, 2008 its sketchy foreclosures... usually need alot of work to be flipped. it can be done tho. Quote Link to comment Share on other sites More sharing options...
steventangent Posted February 23, 2008 Share Posted February 23, 2008 SMITEZ FOR BUYING TO FLIP Quote Link to comment Share on other sites More sharing options...
rschoene Posted February 23, 2008 Share Posted February 23, 2008 Yes I have some experience doing this with a buddy of mine. We found a foreclosure pretty cheap and made some good money off of it. Here is the deal though we put in new windows, updated the kitchen and bathroom (a lot of plumbing involved), built a nice deck, repainted the whole house and did a lot landscaping. If you have time and the skill set to do this sort of thing, you can make out pretty decently. Another friend of mine bought a foreclosure and paid someone to do a lot of the work and really did not come out to far ahead. How I found out about the house, I have a friend who works real estate and he filled me in on this house and he got me in contact with the company who technically owned it. My advice just be careful and think things through and start off small. If you are not the type who likes manual labor or does not have a lot of money to throw around then buy a townhouse or something. of that nature. With used houses something always comes up. Quote Link to comment Share on other sites More sharing options...
rschoene Posted February 23, 2008 Share Posted February 23, 2008 Last piece of advice, look into the foreclosure laws, when I bought mine, I did not have the option of getting an inspection. I was confident in being able to get anything done, but my buddy did not have an inspection either and when we went to redo his roof, everything was rotting on down to the joices??. SO beware of this. Quote Link to comment Share on other sites More sharing options...
thebiglebowski Posted February 23, 2008 Author Share Posted February 23, 2008 what did you major in? Industrial engineering. I have worked for General Motors as a production supervisor on an engine assembly line for the past 5 weeks. I guess I was unclear in my original comment. I am not buying a house to fix up and flip. I want to buy a place to get out of my parent's basement. I'm just trying to get the most I can for my buck. My dad is a handyman who can help me fix something up, but I can't get into anything that is TOO big of a project. Quote Link to comment Share on other sites More sharing options...
scottheisel Posted February 24, 2008 Share Posted February 24, 2008 http://www.frazierhouses.com Quote Link to comment Share on other sites More sharing options...
fraziermart Posted February 24, 2008 Share Posted February 24, 2008 Hmm... Quote Link to comment Share on other sites More sharing options...
ps Posted February 24, 2008 Share Posted February 24, 2008 Definitely now is the time to buy. The economy is in the shithouse, rates are low and going lower, and house prices are dropping. One piece of advice I'll give you that I should have followed: make sure you love the location. That is the most important thing, trust me. Everything else can be fixed or remodeled. Location cannot. good luck!! Quote Link to comment Share on other sites More sharing options...
dante3000 Posted February 25, 2008 Share Posted February 25, 2008 My current condo with my wife is a foreclosure. We bought it, and had it appraised at over $75,000 what we paid for it. Since then we painted and recarpted. It's easily worth more now, but we're not selling for at least 5 years. However, it's hard to find foreclosures that need so little work. Quote Link to comment Share on other sites More sharing options...
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