Thinking about investing in HUD Properties

[Rashad S.]

Does anyone have any experience with invest in HUD Properties? I want to flip HUD homes. I just received my RE license and I think HUD may be a great option. I want to bid on homes every day and try to catch a good deal. What are you all's thoughts?

[Matt M.]

@Bryan L. HUD homes are on the MLS here in Denver. What I meant was every "deal" or short sale, or handyman special was getting bid up on the MLS. We found our HUD home on the MLS, & were only able to get it during the OO period. Even then, there were multiple bids. I ended up not taking a commission which made our offer improve. It also helped that the HUD appraisal didn't take into account the 100% finished basement, so unless you saw the property, you would never know it was there.

Our appraisal came in $10 short (yes $10 as I bid $10 over an even number). We had some great comps come in at $70k+ what we paid so far this year. So we are looking to refi & get rid of PMI, lower rate, etc.