All Forum Posts by: Michael Mims

Hi,

You have to take into account three items when trying to gauge vacancy. Location, Rent amount, and condition of property. Under say $700/month price might be all that matters. $1400/month location and condition are going to play huge factors. Also pet policy and credit worthiness issues could affect time on market.

Hi,

I am confused. You borrowed 170k sold the house for 201. Paid 11% closing costs, made 9k in five months and this was a huge success. I mean it's great that you had no money tied up, and if you can do three or four a month seems like a good plan. I just don't understand taking on that much risk for so little return.

As has been said. Look through the windows. Check the doors. Yes you are trespassing. You will have to balance the risk vs the reward. Look at the old listings of the house. Any interior photos? Anyone in the REO process in not going to help you. Not in their job description and no upside if something goes wrong. That being said i have never bought a occupied house from the foreclosure sale. That is not worth the hassle to me. Good luck and act like you belong at the house. Don't sneak around with a maglight and a giant screwdriver.

Marion County REIA

https://mcreia.net/?fbclid=IwAR1I46sY5Y9vdemAmQslzUu3fueoFkou7kp7VRHLa6DDmEkwuyxhzKapjHY

Hi,

I am a Realtor, but my main focus is fix and flips. I also have a small handyman business. We did fifthteen flips in 2018. I haven't tried to get enough deals to be a wholesaler.

34472, 34474

From my limited experience In Marion, there are no investors to drive the rental market. Most of the investors are focusing on Indy. I had a friend of the family connection, plus the price of the homes in the area is what made me try it. I think if you had the time to build up a few units it would be worthwhile. But I only had the one house i was trying to work the owner finance angle. I had ten to one calls to rent the house verses owner finance. For the house i bought you would be in at 29k. 3/2. rent min $650 thats some good cash flow. Im sticking with the flix and flips in Florida where I'm located.

But i am still going to make money on selling the house with a realtor. So it was still not a bad deal.

I ended up listing the house will a realtor in Marion. It was listed at 48900 and under contract at 46 in two days.  Just waiting for it to close now. I used Suzy Mack. She is the broker-owner for the Talk to Tucker franchise in Marion.

Hi,

I tried to sell a house owner financed in Marion, In. $55k $5k down 650 a month. I got maybe six people interested. But i had twenty calls to rent at the same price. Marion and Anderson are close in demographics. So i think rentals should be good. I'm in florida so not at easy for me to have one rental 14 hrs away. Make sure you have a good team in place. I don't think you will get much appreciation but the cash flow could be awesome. 

In the ocala area it's mainly investors looking for deals. I have called most of them to find out if they have any deals they want to sell. Most of the time if they answer the phone, and that's a big if. They have no houses to wholesale.