All Forum Posts by: Brett Fredrickson

Cool, that answers my question. :groovy:

As far as "giving them away", I don't think anyone does this, do they? If so, where are they at? :D

I wasn't sure about how the HUD process would work for an investor. I would assume that HUD has more time and money invested in a property than the typical REO, because of the inspections, reports, etc... So, I would think that there would be less room for lower offers.

What is your typical accepted HUD offer below FMV?

Can you update the bank listing links on the REO page of the main site? The majority of them are dead links.

I want to put a feeler out there to see if anyone is interested in meeting up for lunch next week (7-23 to 7-27)?

I would love to meet some of the area investors to pick their brains and to start a little networking group.

Wow, great post, FloridaREOagent!

:welcome:

So, if you are bidding on a HUD home, do you look at it as an REO? What I mean by that, do you put your offer in at FMV minus cost of repairs and then subtract 30%?

Well, I was thinking of using it for two options.

First option would be for my mortgage business, I can have an 800 number on all of my marketing products that mentions refi's, purchases, or whatever, then have them call for more information on these products. I capture any leads that may want to find out more about refinancing.

Second option would be to have it on my default mailings that briefly describe the pre-forclosure process, short sales, and the benefits of not having a foreclosure, etc... Again have them call the number for more information. Calls are captured.

Here is a scenario that I am looking at:

1bd + Loft, 1ba 800 sqft, condo in a 12 unit, 3 level building.

It is an REO, listed @ $61,900. Needs about $5200 in repairs. Comps come in at about the $75,000 to $90,000 range. Average comparable rents are about $750/month. I figured that I could offer about $48,000 to make the deal work.

What do you think?

Pardon me if I am wrong, but I think that we are on the same page, Scott. I didn't necessarily mean that the Rehab loan was a hard money loan, and I guess that I could have been clearer when I said, "conventional". What I should have said was, "owner occupied, purchase, conventional loan."

Too many variables to answer this question with a precise answer.

But, you can automatically assume that rehab loans will be 1-2 points higher than a conventional loan.

PM Sent. 8)

:lol: Gotta love Scott's copy and paste ability. - Just messing with you Scott. :D

Basically, the loan would be tied to the church. Some lenders require personal guarantee's, but not all of them.

Documentation needed, in short, would be church financials.

life19, check your PM's.