Buying under fair market value? - Landlord Forum thread 325870

Buying under fair market value? by John Farmer (Florida) on October 18, 2014 @18:48

What is the best strategy to getting the most under fair market value? Even if I could get 90%, that would be good.

Keeping in mind that this would include cost of repairs if I buy a "fixer upper."

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Re: Buying under fair market value? by Anonymous on October 18, 2014 @20:06	[ Reply ]

buy foreclosure property. They are still below market in some areas.

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Re: Buying under fair market value? by Anonymous on October 18, 2014 @22:15	[ Reply ]

Well, a lot of Florida is still suffering the foreclosure problem. So go take your pick, and make your offer.

Re: Buying under fair market value? by Anonymous on October 18, 2014 @22:16	[ Reply ]

You need to walk the walk, not talk the walk. These are two different things....

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Re: Buying under fair market value? by Anonymous on October 19, 2014 @01:06	[ Reply ]

So Florida allows foreclosures to be scooped up with bonified loan money from a bank? What will they come up with next?

short sales by J (FL) on October 19, 2014 @08:08	[ Reply ]

For the last couple years I've seen far more short sales available in my area of Florida than REOs...I've had a feeling for awhile now that the days of scooping up REOs are over for the average investor...although the big wholesalers who have connections with the asset managers at the banks will continue to get them... You CAN orchestrate a short sale yourself and cut out the realtor commission/realtor...however this is a lot of work...it requires direct marketing to those in default, and understanding the specific lender's negotiation process and requirements. You need to know exactly what you're doing if you go this route.

Re: short sales

Re: Buying under fair market value? by Garry (Iowa) on October 19, 2014 @10:37	[ Reply ]

John, you are not much of an INVESTOR if you think buying a property for 10% under fair market value is a "good" investment. A first time home buyer that was going to live in it,would consider it a "good" buy. But a true investor wouldn't pay more than 75% of the FMV for a property that only needed a little cleanup and painting, and would be ready to market in less than 30 days. And if it needed a lot of work, an INVESTOR would only pay 50% or less of the FMV for it. And it takes YEARS of daily hands-on experience to become a "good" handyman, not just a few months. So, go buy a property this winter, fix it up, and either rent it or sell it, and then post to this forum next summer, and tell us how you did.

Re: Buying under fair market value?