Wow...there are some real deals and some real busts in the foreclosure market. I have viewed about 10-15 foreclosures in the last 3 weeks and every one of them was interesting and had its' own story. Most of the story is told by the black mold, torn wallpaper, busted windows, broken cabinets and missing AC units. One was even covered with what could only be explained as bullet holes. Okay, I must say, none of these homes were listed for more than $100,000 so you can begin to imagine the setting.
There were a few properties that had great potential. With a little cosmetic work and several weekends of hard work and sweat, one could probably make a good investment by buying these properties. Always check the foundation for cracks. If your investor is going to finance the property, the home cannot have black mold or bad stuctural damage.
Finding just the right home to buy, fix up and hopefully even flip is the challenge.
