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FortWayne
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2011 Jul 10, 5:53am
If it was easy money why would they give it to your friend instead of doing it themselves?
Truthplease
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2011 Jul 10, 6:01am
I was wondering about that also... Maybe the perception of a mogul of real estate agents gaming the foreclosure business would be bad PR? Maybe it is a wider strategy to get houses sold and keep the housing sales numbers up on those fancy charts I always see? Maybe somebody has to do the dirty work and they are happy making 3% on the loan and don't want to get their hands dirty?
I don't know. I just told him to save his money so he could purchase the foreclosures outright. I would rather get a flat flee going for the service they provide. He is taking all the risk in this case. He could take a loss.
Done!
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2011 Jul 10, 6:14am
He says they make anywhere from 10K to 40K in the resale and haven't waited more than 4 months to sell a house
They would make more getting paid as a construction worker to work on those houses.
Truthplease
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2011 Jul 10, 6:18am
TOT. I guess that is probably true. He didn't tell me what the overhead was for fixing up those foreclosures. He might be pulling very little full profit. I guess it all depends on how deep of a discount you can get the property for at the auction and how much repair it may need. I was just wondering if he should be cautious of anything.
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Do you think there is something wrong with this or is this turning unusable property into something someone can live in for the betterment of the community?
I know a friend who lives in Washington State. His wife is a realtor who knows a group of realtors who back people in the purchase of foreclosed homes. This group of real estate people tell my friend and others which foreclosed houses could turn the best profit. The realtor group then gives my friend an advance for the house and all he has to do is pay back the money with a 3 percent advisement fee. Then my friend refurbishes the house and his wife puts it back on the market. He says they make anywhere from 10K to 40K in the resale and haven't waited more than 4 months to sell a house. I guess they are getting deep discounts on these properties that go up for auction.
I told him I didn't see a problem with it as long as they weren't gaming the auction. They are turning useless property into something someone could live in. However, it does make me uneasy since I have seen so many of these groups of people doing shady things over the years.
#housing