All Forum Posts by: Steve Hucke

@Stan

That's a fair question, but honestly just wanted opinions on whether to hold the property for a while or try and move it sooner.

Jeff K. This was a Fannie Mae auction. The previous homeowners were foreclosed on.

Also, how would any potential buyer or lending bank know how much I put into it or the condition before repairs?

I hadn't heard condo loans became harder to get. I will have to look into that.

thanks

Thanks for the responses. I think my ideal would be a three month hold and then flip. Of course if a significant market rebound were to happen over the next year or so, I could see holding it for a while to cash in on that. I paid cash so all of my investing money is tied up for a while.

Not that a price history is an indicator of present value, but this last sold in 2007 for for 91900. The price I got for it is what it originally sold for in 1983.

Hi all,
This is my first deal since getting back in the game after a 4 year break. I recently won an auction for a 2br condo from Fannie Mae. Purchase price was 37500. Conservative FMV is 62000 after about 2000 in upgrades.
If I held this as a rental, Monthly cash flow would be about 300. My original intention was to buy low and wait for the market to recover, but now I am thinking about a flip after the 3 months fannie makes me wait. What are your thoughts? Sell now or wait?

Jon, Thanks for the response. Chase and the seller have picked our contract over several others, but it is still early in the process. I plan on putting 20% down and pursue a conventional mortgage for the rest. I have been looking for months and not been able to find anything with a bigger gap between price and value. What % is standard to look for in a flip?

Ok, I have a short sale under contract. My initial thought was to always use it as a rental for a while until the market really turns around and then sell it. I think I am buying significantly under market as I have offered 116000 and I believe the value is 160000. It is under contract in my name, not an llc or not transferable to. I should be able to rent it out for 950 a month and mortgage would be about 840 PITI. It would need about 3000-8000 in work depending on how ambitious I want to be to get it in sales shape. Lien holder is CHASE. It is a cute SFR close to my home in a good area of St. Louis. What can you share about ideas or expectations on the short sale. Thanks in advance.