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.
Brandon:
You learn the things you want to deal with and the things you want to avoid! In NW Tennessee, I have sold a half dozen REO's at $15,000 or so. All of them would need gutting out and starting from the 2x4's out!! Not exactly my expertise.
But I will jump in when I know that cleaning out the flower beds and repainting the interior will bring a buyer!!
Investors love stuff like this, especially if the ARV"s are great. You can always find contractors that will do the work. So, if you dont have investors I would suggest you find some and get them down there....