All Forum Posts by: Craig Hanlon

Eric thank you so much for your time and Input I will be analyzing further. Comic strip was great! Hopefully catch up with you again wish you luck In your journeys

sounds good Jordan and yes on primary property thanks

Thanks guys  appreciate your input. The asset was single family reo for 150k and needs 20k material(cash) and sweat equity. Comps are 200-210k

Maybe they are saying you can place bid prior to going on MLS. I believe once It has gone through foreclosure It is no longer auctioned off. It will be sold to person with highest bid. But at any rate that sounds high I would look online for REO's or talk with buyers agent to find you something. I only have experience with one property that I am looking at and It is through homepath. And part of that listing Is (called First look) where owner /occ has 30days to bid on property before someone looking for Investment property Is able to bid. So getting early preview would not help much but I do not know If all property's are listed on MLS. So If they had additional property's that you would get access too Is different but worth the price?

If your purchase earned you 20-30k In equity. Would you still consider purchase with a 6 percent return cash on cash. would be buy and hold property. just starting out here and not too much experience figuring out the number's. Many variables to consider Down payment amount. Length of loan. Interest rate. Taxes. Maybe just hold a couple of years? 

Was looking at a single family REO property that's Is cash sale. After looking into home equity loan & Heloc was told processing time was the same 4-6 weeks. The property was through home path and there are only couple days left on First look status. So I think I am going to miss opportunity (property) as I do not have cash In account. I do not like adjustable interest rate on HELOC and would rather have fixed loan 15yr 150k. But If this deal does not work out will have to make monthly payments and Interest until another opportunity comes along (not good). So then I am thinking HELOC then turn Into fixed rate after purchase. Would be great to here someone's experience.

What do you mean before they go to auction? From what I have read properties that have already gone through forcloser auctions and are not sold are then turned over to the bank and the liens and title are cleared. And there called REO properties real estate owned then there was something like the bank has the option to wholesale several properties and sell them to another company (discounted). Or sell them at highest bid as a cash sale. The properties I have seen where listed on the MLS and where through homepath.

I agree with Chris but not sure if living in one unit you can rent other without 1 year time constraint also would try to get legal advice?

That's great! I went and looked at first property an reo sale that I would buy and hold. Was a great learning experience and feel more confident even though first time. I am sure you feel the same good luck

Thank you for your welcome and your Input very cool