I've made it a goal to learn the HUD homes side of real estate investing. I have watched videos on youtube, talked with realtors and read whatever I can get my hands on. We are not looking at these properties to buy and hold for now. We are looking to flip these houses. Goal is to build up our equity so we can invest into multi-family units and possibly commercial. We have 9 units of mostly SFH but see more growth potential in multi-family. I feel my knowledge of estimating renovation costs is pretty good (as we have done some flips) and have a good support for second opinions. I go to these houses, after I see all that needs to be done to them there I find there is no room for profit. Our numbers are projected so we make $20K per house (knowing that "unknowns" happen and that $20K can become $10K pretty quick). Several would make decent buy and hold SFH rentals but that isn't what I am looking for. Is there any HUD house flippers out there that would take me under their wing??? Would love any advice.
I'm seeing the same with HUD listings now - basically anything that is a decent value and maybe a potential fix and flip is going to O/O only. The listings that get to the "extended" period for investors don't make sense numbers wise for a flip. Maybe a buy and hold.
Wish I could help more but the foreclosure listings just keep getting more sparse in my area and I don't see anything improving in terms of finding potential properties any time soon. With that said, keep trying and something is bound to show up.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!