All Forum Posts by: Andy Beis

Glad it all worked out for you! Nothing should ruin a vacation in the keys!!

I guess it would depend on what you goals are. I'm a fan of house hacking but to get $2000 +- on an investment of $310k doesn't seem like a great return on your money.  What would be the cost to add the extra units and how much do you feel that they would bring in additional rent ? How quickly would you be able to bring them on line? Are there any zoning issues that you would have to over come to make that happen?

I've had good luck with Hudson and Marshall (on line auction) as well as several HUD homes. All the ones we go after need work and usually have been on the market for a bit. I think a lot depends on the area you are looking in but don't give up! There are deals out there. If you could find a knowledgable agent that specialized in REO that may help give you some more specific insight to your market.

WOW!! Looks great! I'm sure it will not be on the market for long !! 

I believe it's all a matter of location. We purchased one in the Florida Keys and rent it out. It preforms well. Will it have the same up side as a stick home from an appreciation stance no but it can still make sense.  I think the work better in rental setting than flips but it all depends on your market.

Good tenants are always a plus but if your property  is priced below the market and nice you should always be able to attract a great renter. I wouldn't worry about it. If some how you have issues renting it back out you could alway reduce the rent to make it more attractive. Aside from any vacancy issue I can't see any negative. Good luck!

I haven't had any luck in my area with Auction.com. They have historically been overpriced for the market. Several times I've watched and or BID on homes that would run to high numbers only to not sell. The fact that they will BID on behalf of the bank until the reserve is meet kind of defeats the bennifit of an auction in my opinion. Also their buyers fees seem high to me. I've had much better luck with other companies as well as just making an offer through the regular process.

In my town there are groups on facebook that are dedicated to homes for rent. This has worked well for us as an option in addition to cragislist. Hope that helps!

I'm afraid Joel Owens is 100% right. The auction company will bid on the sellers behalf until the reserve price is met. I've seen several in my area go through this process until they eventually sell. I personally haven't had any luck with them. My best advice would be to try and find the listing agent and see if they can get an offer into the bank for you. Just an aside I have had better luck with companies  like www.hudsonandmarshall.com on properties that are absolute sales(highest bidder wins no buyers surcharge etc). My advise it to be persistent but don't fall in love with any one property! Best to keep your options open and keep looking for the right kind of deal!

The foreclosed sales in my town are the same. The bank usually wants to satisfy the loan amount which is rarely a good value in the market. Let's face it ... If your house was worth more than you owed against it you probably wouldn't have had it foreclosed on in the first place ! There are deals to be had but in my area they are few and fare between there. The properties usually get listed in a few months and always brings significantly less than the banks bid. I think the best plan is to be educated as to the value make the deal when you can and if not wait for the deal to come back around. At some point the house will be put on the money it's just a matter of when!