I had toyed around with real estate since the age of 21. It just morphed into a career after realizing I could never make this type of income anywhere else. I went full time at age 24 and I am now 8 years into it.
where the hell do investors/flippers/wannabe rental owners find distressed homes for under grand? like how do they find a listing or is there a listing for that kind of stuff?I started out buying rentals. 8 years ago I got my sales licence, two years after that I got my brokers licence. I now own a brokerage company that specializes in REO's. With the economy in its current shape we are slammed.
I am not familiar with your market, but I currently have over 30 properties listed under 10K.where the hell do investors/flippers/wannabe rental owners find distressed homes for under grand? like how do they find a listing or is there a listing for that kind of stuff?
I see property transfers listed in the local paper all the time and there is always some shotgun house in a bad area sold from some bank or mortgage company that i've never heard of, to some mom and pop sounding investment properties inc. or something along those lines.
Then i write the address of the property down and within a few weeks sometimes a couple months the property is then listed for sale for anywhere from 20-30 to maybe even 50-60 grand and listed as some work done but more needed great for a fixer upper.
i always think "hell i can do alot of fix-up work myself and with friends. How can i get some run down house dirt cheap and then throw a few grand of materials in it and fix it myself and then flip it for 20x what i paid for it and/or rent it for 500-600 a month and recoup my investment with under 2 years of renting it."
i just never see listing for houses under 5000, hell even 10,000 is hard. Yet the paper is always got transfers listed for next to nothing.