For you foreclosure veterans - Posted by jim in indy

Posted by Mark on December 31, 2000 at 16:34:14:

What r comps in the area,rents ? mst times hud will have min bids

For you foreclosure veterans - Posted by jim in indy

Posted by jim in indy on December 31, 2000 at 13:39:43:

I am a new investor, looking into HUD foreclosures that may need minor rehab for flipping to other investors, or to possibly hold and rent or L/O. My question is: if property is a 90k retail, and HUD has it listed for 78k, what should I bid? It needs approximately 5-7k for rehab.

Re: For you foreclosure veterans - Posted by David Alexander

Posted by David Alexander on December 31, 2000 at 22:00:22:

Depends on your area… the experience with HUD I have is that you need to bid on way too many properties to get one… at least in Dallas.

Recently there was property on the HUD list here we bid on during the week before Christmas, hoping it would slide by and we might have a chance on winning. It was listed at 68k needed about 4k in repair, they had the worth listed at 97k, we figured with Owner Financing we could get 110-115k. The winning bid was 112k.

That’s been my continual experience with HUD… I have bought one property from them in my neck of the woods, that’s it… with way too many bids to count. The only one we bought was for 53k, needed 2500 and sold it for 80k. I can think of better uses of my time.

David Alexander