mmmmm...beer 691 Posted October 29, 2006 Is cash the only way to buy a home that's been repoed? Say a HUD house? If I go to a bank and tell them I'm interested in purchasing the home to fix up and resell would they give me a loan? Orrr.... no? Then I can go to the HUD peoples and give them the check? Share this post Link to post Share on other sites
TylerRoseFan 16 Posted October 29, 2006 If you have a good business plan, they'll give you the $$$. Share this post Link to post Share on other sites
Sapronos04 0 Posted October 29, 2006 You can finance a HUD home...For you to buy it and fix it is good for everyone.. Share this post Link to post Share on other sites
mmmmm...beer 691 Posted October 29, 2006 What you guys think of something like this for a starter? I'm possibly going to attempt to get into the doing this on the side. It's no too far from my house. HUD Repo It says the value on the house AS-IS is 84k... they HUD people have the place @ 75,6k. Looking at the report it's pretty much all cosmetic stuff: New windows and flooring in this place would make a VAST difference. Refinishing the cupboards and putting in some new appliances would be huge to I think. My uncles owns a window/door business.. he can get me the windows/doors at cost. My old man owns a carpet/flooring business and can get me those for cost. Here's the link to the property report: PROPERTY REPORT with PICS Obviously I'm going to need to talk to a realtor and see what the houses in that area are selling for when they're not super dated like that one is... to see what it could potentially sell for if/when I fixed it up. What you think? Share this post Link to post Share on other sites
potts17 4 Posted October 29, 2006 Honestly that place looks like the suck. Nothing ascthetically (sp?) pleasing about the place. You will need new appliances, flooring, paint, plumbing fixtures, o/s a/c condensor and a lot of o/s work to make someone want to look at the place. Say you could buy it for 70,000, I can see a good 30,000 of work having to be done, just from the pictures, maybe more if the the foundation is bad, rook leaking etc. Unless houses are selling for 150,000 plus in that area, I wouldn't waste my time. Oh 1 quick thing to do to help the place look better immediately, take the stupid chain link fence out of the front yard. Just my $.02. Good luck. Share this post Link to post Share on other sites
De Novo 0 Posted October 30, 2006 It needs grass too. Share this post Link to post Share on other sites
Eagles Green 34 Posted October 30, 2006 2 words meth lab Share this post Link to post Share on other sites
mmmmm...beer 691 Posted October 30, 2006 Honestly that place looks like the suck. Nothing ascthetically (sp?) pleasing about the place. You will need new appliances, flooring, paint, plumbing fixtures, o/s a/c condensor and a lot of o/s work to make someone want to look at the place. Say you could buy it for 70,000, I can see a good 30,000 of work having to be done, just from the pictures, maybe more if the the foundation is bad, rook leaking etc. Unless houses are selling for 150,000 plus in that area, I wouldn't waste my time. Oh 1 quick thing to do to help the place look better immediately, take the stupid chain link fence out of the front yard. Just my $.02. Good luck. WTF are you thinking with 30k of work? The improvements your talking about are all cosmetic. A appliances, flooring, paint, plumbing fixtures? 30k? I'd do most of it myself... this would be my first one so I'm not worrying about making an ass load of money one it.. a few bucks that I can work on another. I drove by the neighborhood today... this house is one of the shabbier there. The others really look like they're taken care of. Obviously it's not Eagles Green's mansion.. but with a bit of cosmetics... I think it'd make some young couple a nice starter home. As far as the grass is concerned... around here.. if you plant and water it.. it will grow. Share this post Link to post Share on other sites
sheadtoo 1 Posted October 30, 2006 I just bought my first house this year and was going to go through HUD (long story but didn't go that route) and more than likly they will not sell to you if you are not going to live there. HUD's job is to get first time buyers and the low income bracket into a home. Just food for thought. Share this post Link to post Share on other sites
mmmmm...beer 691 Posted October 30, 2006 I just bought my first house this year and was going to go through HUD (long story but didn't go that route) and more than likly they will not sell to you if you are not going to live there. HUD's job is to get first time buyers and the low income bracket into a home. Just food for thought. It's a HUD repo... I'd get the money from a bank to pay them the repo money. Share this post Link to post Share on other sites
potts17 4 Posted October 30, 2006 $30,000 is just my opinion. I assume you will be putting new flooring, paint inside and out, landscaping, new light fixtures, plumbing fixtures, appliances, hvac, drywall in some spots, etc. I haven't been in the home obviously just going by your pictures. Again if you have any structural problems, mold in the walls, windows are the suck, bad plumbing, anything like that at all, you are looking at a money pit. I've been involved with a few flips and $30,000 suprisingly doesn't get you too far, even when you do all the work yourself. Put together a list of what you want to do, you'll be shocked how fast it adds up. I know we were. Example: you say in the area you are in, if you plant it and water it, it will grow. I assume you don't mean plant grass seed, that's going to take a little while to grow, I'm guessing you don't want to hang onto this property for a couple of months waiting for the grass to grow, so that means you have to put in sod, lot of extra money (compared to grass seed) plants/trees aren't cheap either. The home needs to be asthetically worthwhile for someone to even consider looking at. Just trying to help you out, all these shows on tv make it look so easy, if you get lucky it is. If you buy a money pit, you'll swear you'll never do it again. If you are doing the work yourself, be prepared to spend every night there and never feel like you are getting anything done. When it works it's great and the feeling you get when it sells is amazing, but do your research, if you aren't great with structural/mechanical problems, bring someone with you when you look at the house who is, that could save you a ton of money. Good luck. Share this post Link to post Share on other sites
spottedowl 1 Posted October 30, 2006 Hey beer! Buy the house and rent it to me. I would be willing to decorate the lawn with pink flamingos and assorted cars on blocks. I might be willing to protect the property with a couple of pit bulls to keep the drug dealers out. Eastern Oregon... here I come. Share this post Link to post Share on other sites
