3rd deal done

6 Replies

Happy to share with BP that my 3rd deal is done for an REO 2-family house in Jersey City. The good thing is the whole house has been renovated except for the basement .

Cost -270K 

Rehab for basement estimate -$15000 

Expected rent -$1650- 3 BR/1 bath unit 

                         $2300-3 BR /2 full bath with basement 

Detached garages available .

This is an attached house . Wanted to share another great idea I saw in the adjacent house. The owner had put in a staircase on the outside of the detached garage, from the backyard and put up a little garden with seating etc, on top of the garage! Beautiful ! 

Congratulations!

Could you share some information on how you got started -- for example, how do you look for your REO opportunities? And if you are willing to share, which sources you have found best for this information?

Thank you and much continued success!

Thank you all for the encouragement . 

John -I tried subscribing to the Foreclosure websites , but did not find any leads I could work on . I just went the conventional way -The first 2 REOs I bought was through my agent .

This one was something I got through the mls. There are plenty of foreclosed properties that come across these days on the regular listings. I just went to the open house they had -I made sure I went early and built a rapport with the agent. One valuable piece of advice she gave me was -"If the house sells by a $100 more, you should not regret your offer. Make your offer the best that makes sense for you financially. And thats what I did -I went up from my initial offer I was about to make -$265K -to $271.And sure enough, the agent told me after the closing that her next best offer was $265k! The bank appraisal came in at  $375k

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