All Forum Posts by: Martin S.

its Charlotte, NC they are building like crazy all around the city. I'd like 2 houses there at least. and another 2+ in Sarasota, FL (if I can stop missing the good deals)...

dont even try to say washington dc. i wouldn't want to live there for free, i wouldn't want to own anything there for free. i wouldn't want to live anywhere near that insane traffic for anything. i forgot to plan my trip to avoid rush hour traffic there, but luckily the trip i did plan avoided it anyway. phewww

no way, georgia was one of the worst states to drive through. I've stayed in the particular city and drove during rush hours and there was absolutely no traffic (the roads were soooooooooo smooth, at 70mph you couldn't tell the car was moving), and there are like 50 alternative routes into the city anyway. Incomes are also amazing there, $76k-$98k average income in the particular neighborhoods I was looking at. The median income in those parts are definitely above $70k, actually almost any part of the city has income over $70k...

The only hard part is getting this builder to help me finish picking all the optional stuff and getting the deal under contract. I want to know how much each and every little thing costs, I want to know all the options available, and he seems lazy or like I'm just supposed to stick with the standard plan and let them decide what to do (then why tell me that I have options...?)... Does it normally take a few days, or even a week or 2 to finally close the deal on a new constuction or am I being too picky and wasting his time? lol

I fell in love with a particular state, which I drove by on my way to Florida from NYC. I was looking at some bank owned foreclosures, which were ok but not great, and then I decided to drive into a new constuction community and was blown away, at $200k I could have a brand new 3,000 sqft 3 bed with game room, great room, living room, dining room, .5 acres, community pool, basketball, tennis, soccer only $45 HOA. 30 minutes from the center of the major city in that state. Why would I pay $140k for a 1,400sqft 30+ year old home when I can have a house thats twice as big in a better neighborhood and get much better tenants and rent. Makes sense right?

I dont usually hear about real estate investors going after new constuction that much, usually they focus on foreclosures, short sales or wholesalers, from what I gather from reading everywhere. Wouldn't new constuction, especially in this situation be a much better deal, especially since I wont have any repair costs for at least 10 years (warranty)...?

its says the total payment is due 4pm of the sale date (so the auction date is the actual sale date, right?). I guess I will have to do an ach or wire transfer in that case.

the property I'm looking at is actually in FL, I live in NYC....

also, I noticed that in the majority of auctions, the plaintiff (Bank) would bid pretty high and end up listing the property on mls within a month, then lower the prices well below what they won it for. Why would they do that? Why couldn't they just bid a reasonable amount and hope to unload the property at auction instead of dealing with selling it later on?

I am interested in a property that will be auctioned in a week on one of the realforeclosure.com counties. I know I need to have 5% of my maximum bid there, but when do I need to pay the remainder? I am out of state and its impossible for me to get there within a day. I have looked at some older auctions and looked up the deed transfers, and the deeds were transferred like 20 days later... Anyone have any real experience with these auctions, and can answer my question of when I need to pay the remainder???

I'm in the same boat. Around $100k to invest and its hard to find properties that can do the 1% minimum. I had one in my sights the other day and its in contract according to my agent. =(

Actually there is another property that would be 1%+ but its been on the market for a while, makes me wonder what could be wrong with it, other than the fact that its in the 1% fema flood zone, but I'd be fine with that...

In NYC, you should be happy with breakeven. But you wont even find that anymore. At auctions people are just STUPID.

I contacted my agent and she said that it already was in contract... =O

The property was only listed for 6 days so far. Ughh, do short-sales really go into contract that fast?

Thank you for the reply.

I actually just found a second house I would buy near that first house, its also a short sale, slightly bigger sqft, but slightly smaller lot size. How do I make offers on multiple listings without getting into a bind when I get multiple accepted offers and can only do 1 or 2 at most at the moment. I'd really love to make 10s of offers, but don't know if I'm supposed to add a deposit or a check or something with my offers? What do I do to get out of other offers once I have an accepted offer?

Ohh and recent sales in the area are close to the asking price of the short sale, will that help?