Archive | August, 2009

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Flipping in Today’s Real Estate Market

Posted on 28 August 2009 by Carl Martens

flipping housesMany Realtors will tell you that our current real estate market is not one which people should enter if they plan to flip homes.  Is this really true though?  Perhaps, it isn’t as desirable a market to flip as opposed to a Seller’s market, but as you will see below there are people that have been successful and reaped the rewards from flipping in a failing market.

St. Charles, Illinois resident, Josh Blank has invested in nearby towns of Elgin, Aurora and Naperville.  Homes in these cities can be bought for as little as $50,000 to $60,000 and rented out for as much as $1,200 a month.

The homes Blank typically seeks are those with at least three bedrooms, one bath, and measuring 1,000 square feet.  When purchasing the intention is to flip the homes, however does not rule out renting the properties if the opportunity presents itself.

“I’m getting some for 30 cents on the dollar. They’re almost too good to flip. I can sell them for a quick buck today, but it’s hard to sell a house that cash flows $400 to $500 a month when you can make that the rest of your life.”

Just recently, Blank purchased a home in Naperville for $200,000 and sold it for $425,000.    He wrote a check for $7,000 to purchase another house and plans to hold it because he can get $900 a month in rent for the home.

“I’m trying to buy as much inventory as I can right now,” Blank said. “I can get a house for half of what it sold for three years ago.”

Blank typically brokers or sells an average of 150 deals a year. However, this year he expects to close on almost 200 deals, 15 of which he bought for himself.

“I’d say 10 percent of the deals I do a year I’m the sole owner,” he said. “The other 90 percent I broker or wholesale to an investor or joint venture with them. The vast majority I do someone else profits more than I do. But my income allows me to go out and do the houses I want to do myself.”

When looking for property to buy, Blank aims for a purchase price of 60 cents on the dollar or less. Once he controls the property his contractors come in for rehab. The rest of his investment team include a property management company, attorneys, an accountant, and a partnership with a local community bank which has given him a guidance line of $1.6 million to spend on anything involving real estate.

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Metro Atlanta Ranks 35th in Foreclosures

Posted on 21 August 2009 by Carl Martens

According to RealtyTrac’s Midyear 2009 Metropolitan Foreclosure Market Report, metro Atlanta ranked 35th for its rate of foreclosures at the halfway point of 2009.

Metro Atlanta had a foreclosure rate of 2.02 percent which translates to one in every 49 houses during the first half of 2009…a total of 42,799 foreclosure filings – default notices, auction sale notices, and bank repossessions.  Compared to the first half of 2008 the foreclosure filings jumped a total of 11.5 percent.

The 10 metros with the highest foreclosure rates, in order, were Las Vegas; Cape Coral-Fort Myers, Fla.; Merced, Calif.; Riverside-San Bernardino-Ontario, Calif.; Stockton, Calif.; Modesto, Calif.; Bakersfield, Calif.; Vallejo-Fairfield, Calif.; Phoenix-Mesa-Scottsdale, Ariz.; and Orlando-Kissimmee, Fla.

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797 Cobb County Homes to be Auctioned

Posted on 01 August 2009 by Aaron Hofmann

797  Cobb County properties are slated to be auctioned in Marietta on August 4, 2009. This is a reduction of 41% from the record number slated for last month.

Prior to homes being foreclosed, legal notices must be published for four consecutive Fridays before a property can be sold at auction. Not all of the 797 properties will necessarily end up at auction and the banks will typically only sell a small percentage if the price isn’t right and will in turn market the property for sale through real estate agents.

The most alarming issue is that most of these homes slated for auction were not previously listed for sale. Homeowners have many options to avoid foreclosure including loan modification, short sales, etc. Prior to foreclosure, homeowners can be proactive in finding a solution and it’s important to understand that there are solutions and foreclosure should be viewed as the last resort.

Foreclosures can have long-lasting effects on homeowners and it’s important to understand why you want to avoid foreclosure. Foreclosures not only impact your credit score, but can impact security clearances, job applications, etc.

ShortSalesCentral.com is your Atlanta resource for distressed homeowners to learn more about foreclosure and many of their options to avoid foreclosure. For many homeowners, this involves a “short sale” where you work with the bank to sell your home for less than what you owe on it.

It is a win-win for both the homeowner and the bank as there are benefits for both parties. For short sales to be successful, homeowners must be proactive and honest with themselves if they are behind on their payments or know they will soon miss a payment as you don’t want to wait until the last minute.

So please take some time to review the resources we have provided you on this site. You have options to avoiding foreclosure and the most important thing beyond realizing that is to take action. Contact us today to see if we can be of assistance.

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