#foreclosurehome

[golexproperties]

Can I Sell My House Before Foreclosure?

Discover how to sell your home before foreclosure in Florida to avoid credit damage and financial pitfalls. Learn the benefits and essential steps to protect your property and future. Call [phone] for expert guidance at Golex Properties, Florida's Leading Home Buyer.

Read More: Can I Sell My House Before Foreclosure?

[twoguystakeonrealestate]

Foreclosure Acquisitions In Massachusetts Is Not Going Our Way | Acquire Property

Foreclosure Acquisitions In Massachusetts Is Not Going Our Way | Acquire Property I just wanted to talk about foreclosure auctions in Massachusetts, which is a non-judicial state. This means it doesn't have to actually go through the court process to foreclose on. What was happening before Covid was I was seeing probably about 30 to 40 auctions per week in my area, and now with the whole Covid, I mean this week alone with only two auctions. Because they're only allowed or only for closing right now on only vacant properties, and even then, they're still apprehensive about it. So I don't know it's been a prolonged month this is how we were actually acquiring a lot of property. So this has kind of really kind of hurt the acquisitions. Check out our YouTube video: https://youtu.be/XrtVYAzwF54 #foreclosurehome #foreclosedhome #foreclosureauction

[twoguystakeonrealestate]

Foreclosure Acquisitions In Massachusetts Is Not Going Our Way | Acquire Property

Foreclosure Acquisitions In Massachusetts Is Not Going Our Way | Acquire Property I just wanted to talk about foreclosure auctions in Massachusetts, which is a non-judicial state. This means it doesn't have to actually go through the court process to foreclose on. What was happening before Covid was I was seeing probably about 30 to 40 auctions per week in my area, and now with the whole Covid, I mean this week alone with only two auctions. Because they're only allowed or only for closing right now on only vacant properties, and even then, they're still apprehensive about it. So I don't know it's been a prolonged month this is how we were actually acquiring a lot of property. So this has kind of really kind of hurt the acquisitions. Check out our YouTube video: https://youtu.be/XrtVYAzwF54 #foreclosurehome #foreclosedhome #foreclosureauction

[wayfinderhomes-blog]

Salisbury Magnolia House - Foreclosure Home

The Salisbury Magnolia House is the first Wayfinder Homes fix and flip real estate investment project ever. It was a foreclosure home bought on online auction for way below market value. Read on for details on this project and some before and after photos.

Hunting for a Foreclosure Home

This was our first purchase of a home off of an online auction. The home had been a foreclosure home and bank-owned property that had been sitting on the market for a really long time. We watched it go on auction over and over and noticed the starting price was dropping each time. We eventually decided to take the plunge and put our bid in. Salisbury, NC is only now getting noticed in the investor world for its affordability and the number of available homes that can be purchased with less competition then around Charlotte, NC. 

The right numbers...

We initially thought about just flipping the home and we got it under contract for our asking price of $110,000 within 24 hrs of listing it. Our buyers were "pre-qualified" for financing and things were going really well until about a week later we were notified that the buyer's lender could not finance the deal when it came to underwriting. We put the home back on the market and got another full-price offer within a week. 

Failed contracts and deals...

Once again we were under contract and the same thing happened...I was listening to a couple of Bigger Pockets Podcasts and heard about the BRRRR method (Buy, Renovate, Rent, Refi, Repeat) and thought this property would actually be a perfect candidate to implement this type of method so we switched tactics. We were able to get the home rented out for $950 per month which significantly helped the refi go through quite smoothly and in the end we will be making more cash when we finally do sell vs. just flipping the home. 

The BRRRR Method...

The BRRRR method was perfect in this scenario because we were able to acquire the home for an affordable price, fix it up, and refi into a buy and hold loan with reasonable rates. We were also able to get some of our cash back out on the refi to start a second project. Using the BRRRR method helped to keep the mortgage low and allows us to cash flow monthly on the higher rent rates. 

Converting a flip to a rental...

We not only cash flow monthly, but we are also now able to avoid the high capital gains when we finally do decide to sell, we can take the tax benefits that are tied to buy and hold properties, and we are also building equity over time along with appreciation. Our current renters have since then renewed for another year and the home is currently renting for $1000 per month!

Before and after pictures...

  Foreclosure Home Auction Listing

  Before - Front of Home

  Before - Kitchen

  Before - Open Closet in Kitchen w/Water Heater

  Before - Living Room

  Before - Bedroom

  Before - Main and Only Bathroom

  Before - Bedroom

  Before - Entry Way and Living Room

  Before - Open Closet in Kitchen w/Water Heater

  Before - Coat Closet in Living Room

  Before - Coat Closet in Living Room

  Framing out new half bath

  Framing out new half bath

  New half bath framed and plumbed

  Kitchen Demo

  Load bearing wall before

  Kitchen demo and load bearing wall removed

  Load bearing wall framed out

  After - Front of Home

  After - Living Room

  After - Entry Way and Living Room

  After - Wall Removed Separating Kitchen and Living Room

  After - Closed Closet in Kitchen with Water Heater and Dining Area

  After - Closed Closet in Kitchen with Water Heater and Dining Area

  After - Coat Closet Transform to Half Bathroom and Open Concept

  After - Kitchen

  After - Kitchen

  After - Kitchen Sink and Counters

  After - Kitchen Sink and Counters

  After - Main Bathroom

  After - Bedroom

  After - Coat Closet Transform to Half Bathroom

The Numbers Breakdown

Here is a break down of the numbers for you geeks (like me) out there: Final auction purchase price - $42,500  Renovation budget - $35,000  Appraised ARV - $110,000  Read the full article