REO Properties - Posted by Alex

Posted by Rich-CA on August 01, 2007 at 18:04:03:

I would say its a good way to start. Just don’t skip any inspections and double check things like plumbing, especially if its winterized.

For taxes, I usually call the county tax collector and ask. I have found them generally friendly and helpful.

REO Properties - Posted by Alex

Posted by Alex on August 01, 2007 at 11:43:23:

I am new to real estate and have not purchased my first property yet. I have great credit, a good amount of equiy on my HELOC and a good size cash reserve.

I am in Ohio and have found several REO properties in my area. Has anyone found that lenders are selling properties at “deal” levels? They must be bulging with inventory. I have researched other properties and have found examples that were sold for 50-60% under ARV.

Is this a good way to get started??? with REO properties?? I would like to hold the properties as rentals instead of flipping if I can convince my wife. But I may have to flip the first few.

Also, does anyone have a good resource as far as taxation goes and the various write-offs for expenses as a small business etc.

Thanks, Alex