Rookie Needs Guidance - Posted by Bella

Posted by JoeKaiser on December 29, 2000 at 18:48:37:

I’ve never been able to figure out how to make money with VA repos, and I’m guessing you won’t be able to either. So let me shave a year or two off the learning curve for you and just let you know that what you should have done here (and will do next time around) is go knock on that GI’s door and see if he’ll just deed the thing to you.

They look a lot better at $112 plus back payment (to say nothing of the 7.25% loan that probably got foreclosed away), than at $173k.


Rookie Needs Guidance - Posted by Bella

Posted by Bella on December 29, 2000 at 13:47:00:

Total rookie here, looking into my first deals and need guidance on “what next” with the following potential deal –

The property: A VA Foreclosure, been in their inventory for at least 2 months, no offers

FMV ~$165k (quick turn value ~$150k)

VA’s loan amount: $112k

Property needs about $8 - $10k in fixup (paint, landscape, cleanup)

Their proposed deal: Asking price $165k, closing costs of around $8k, assume 8% mortgage.

I obviously want to use OPM, so what next? A Mortgage Broker to look for Hard Money? Or is this even a deal at all?

All guidance / suggestions greatly appreciated! Thank you!