New to Real Estate · Iowa City, IA · Member since 2020 · 30 posts · 13 votes
I recently purchased a duplex and am excited to start planning for a second deal. Currently in research mode... My goal is another multifamily. I'm also intrigued by the BRRRR method and plan to learn more about this strategy. I had a chat with someone about purchasing a foreclosure property together in the future and rehabbing it. Does anyone have any experience or insight on purchasing a foreclosure in Iowa City/Coralville area? Thanks in advance! :)
Yes, it would be based on a list of improvements provided by the borrower. I don't know the timeline. I think it varies by investor. Some investors have a banker that gets it out right away, others go thru in house committee before it reaches us. We could likely do it prior to sale, if we are able to get into the property, or even without getting into the property. But in either case, we would be looking at an after rehab value.
@Mark Reiland I think you'd be able to offer great insight on this from a unique perspective. :) To my understanding, some buyers won't be able to get appraisals done when they seal the deal. For foreclosures you've appraised, do you usually appraise the house after purchase then? Or do you appraised foreclosures that have been flipped?
@Mark Reiland How does appraising as if improved look like? Would I present the appraiser with a list of repairs we plan to make? If usually done after the foreclosure sale, is that period within a week of sale? Month? Or potentially further out? Thanks Mark!
Yes, it would be based on a list of improvements provided by the borrower. I don't know the timeline. I think it varies by investor. Some investors have a banker that gets it out right away, others go thru in house committee before it reaches us. We could likely do it prior to sale, if we are able to get into the property, or even without getting into the property. But in either case, we would be looking at an after rehab value.
Definitely interested in that part of IA to buy and hold some multi family properties. Guys please let me know if you can share anything about Iowa City, Cedar Rapids & Davenport areas.