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Author Topic: Who is buying up foreclosures ??  (Read 1230 times)
Chevron427
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« on: March 13, 2009, 09:02:28 PM »

It looks like theres a lot of cheap houses in the USA right now, is anyone buying up for when it all turns around?
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Migs
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« Reply #1 on: March 14, 2009, 08:24:16 AM »

I would love to.  However I don't have the funds and FHA will only loan to you if you have less than 4 or 5 properties.  I'm trying to find clients since there are some great deals.  However, there are still a ton of people that can't qualify for a loan.  I'm in the process of finishing up a flip with a friend.  The good thing about being a realotr is that I can check the mls site, do all my own paperwork and use my commision as part of the downpayment or use it to start demo, etc. 
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Butterbean
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« Reply #2 on: March 15, 2009, 11:03:18 AM »

I would love to.  However I don't have the funds and FHA will only loan to you if you have less than 4 or 5 properties.  I'm trying to find clients since there are some great deals.  However, there are still a ton of people that can't qualify for a loan.  I'm in the process of finishing up a flip with a friend.  The good thing about being a realotr is that I can check the mls site, do all my own paperwork and use my commision as part of the downpayment or use it to start demo, etc. 
Migs please post some before and after pics of your flip!
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« Reply #3 on: March 15, 2009, 11:39:46 AM »

I would love to.  However I don't have the funds and FHA will only loan to you if you have less than 4 or 5 properties.  I'm trying to find clients since there are some great deals.  However, there are still a ton of people that can't qualify for a loan.  I'm in the process of finishing up a flip with a friend.  The good thing about being a realotr is that I can check the mls site, do all my own paperwork and use my commision as part of the downpayment or use it to start demo, etc. 

migs, are there any decent deals in miami? if so, can you show me some
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Migs
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« Reply #4 on: March 15, 2009, 08:55:47 PM »

Migs please post some before and after pics of your flip!

as soon as it is done I will post pics.
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Migs
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« Reply #5 on: March 15, 2009, 09:00:29 PM »

migs, are there any decent deals in miami? if so, can you show me some

There are some good deals in miami, especially since it has been hit extremely hard buy the economy/foreclosure wave.  California, Miami and Nevada are the 3 worst.  With that being said are you looking for a house or condo?  Also what part of miami are you looking at?  North beach/hollywood or south beach,etc.  I am actually in Atlanta but know the area since my father lives down there and i used to spend my summers down there.  What kind of price range are you looking at?  I can try to help you as much as I can and put you in touch with real people down there to show you the properties etc.
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Chevron427
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« Reply #6 on: March 15, 2009, 11:39:45 PM »

Alot of Aussies are buying up big over there, I guess for as little as a few thousand $ you cant really go wrong, the land alone is worth more or should be in the future.
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elite_lifter
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« Reply #7 on: March 19, 2009, 07:56:46 PM »

I would love to.  However I don't have the funds and FHA will only loan to you if you have less than 4 or 5 properties.  I'm trying to find clients since there are some great deals.  However, there are still a ton of people that can't qualify for a loan.  I'm in the process of finishing up a flip with a friend.  The good thing about being a realotr is that I can check the mls site, do all my own paperwork and use my commision as part of the downpayment or use it to start demo, etc. 
Not much good about being a realtor at present.
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Migs
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« Reply #8 on: March 19, 2009, 08:44:17 PM »

yup kinda sucks right now.  Funny thing though, the clients i run into keep thinking that they can qualify to get a house even though they have horrible credit and repo's etc.  One person said that it will be ok since the president will help them get a home.  needless to say I don't have any clinets at the moment, lol.  I could have done what some realtors i know did and sell them houses they couldn't afford.  I lost a good deal of clients by not sowing them homes out of their range.  I worked out a lot of numbers for them.  They ended up going to another realtor and got a house.  They are also all in either in bankruptcy or foreclosure.  I have had some people call me up and say they were sorry for not listening and what they could do.  Hine sight being what it is, I should have sould them the house and pocketed my check.  Screw ethics, daddy needs to get an oil change.  kidding..sorta  Undecided
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elite_lifter
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« Reply #9 on: March 19, 2009, 09:28:19 PM »

yup kinda sucks right now.  Funny thing though, the clients i run into keep thinking that they can qualify to get a house even though they have horrible credit and repo's etc.  One person said that it will be ok since the president will help them get a home.  needless to say I don't have any clinets at the moment, lol.  I could have done what some realtors i know did and sell them houses they couldn't afford.  I lost a good deal of clients by not sowing them homes out of their range.  I worked out a lot of numbers for them.  They ended up going to another realtor and got a house.  They are also all in either in bankruptcy or foreclosure.  I have had some people call me up and say they were sorry for not listening and what they could do.  Hine sight being what it is, I should have sould them the house and pocketed my check.  Screw ethics, daddy needs to get an oil change.  kidding..sorta  Undecided
I've had my RE license for six years and haven't done shit with it. Maybe in the future. Undecided
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body88
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« Reply #10 on: March 23, 2009, 05:52:27 PM »

There are some good deals in miami, especially since it has been hit extremely hard buy the economy/foreclosure wave.  California, Miami and Nevada are the 3 worst.  With that being said are you looking for a house or condo?  Also what part of miami are you looking at?  North beach/hollywood or south beach,etc.  I am actually in Atlanta but know the area since my father lives down there and i used to spend my summers down there.  What kind of price range are you looking at?  I can try to help you as much as I can and put you in touch with real people down there to show you the properties etc.


What kind of property do you have in South Beach?  What area?  Anything close to Collins?
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Migs
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« Reply #11 on: March 25, 2009, 05:25:46 PM »

sorry just saw this.  I can run a check, but what did you have in mind?  Condo or house.  bed/baths, condition, price range, amenitites.
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