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Old 12-27-2014, 02:43 PM  
BigRichard BigRichard is online now
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Buying and flipping foreclosures
Anyone done this before? Where is the best place to look for auctions? Anyone had any bad experiences doing this? Lost money?
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Old 12-27-2014, 03:57 PM   #31
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Old 12-27-2014, 04:05 PM   #32
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Old 12-27-2014, 04:06 PM   #33
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Interesting
you would need to disassemble them - do other things such as download breakdowns of said machines - via Epson or Panasonic or IBM's site or whatever. But really anything - cars may seem to be a stretch for the large start up required but there are ways around that through financing the start ups and paying that off.

I mean really you could do it with other things - boat parts? - appliance parts - hell a junkyard - SO many ways to make money from a junkyard, used tires, etc etc.... metal, weekly sales to used tires salespeople/shop owners.
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Old 12-27-2014, 04:07 PM   #34
Bowser Bowser is online now
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My neighborhood has gone straight to shit. Next door neighbors just up and left their place last spring, and the house has sat empty going on now a year. I would love it if one of you enterprising types would come flip that place and sell it.
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Old 12-27-2014, 04:08 PM   #35
Simply Red Simply Red is offline
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My main gripe with owning a junkyard would be the land required.
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Old 12-27-2014, 04:09 PM   #36
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My neighborhood has gone straight to shit. Next door neighbors just up and left their place last spring, and the house has sat empty going on now a year. I would love it if one of you enterprising types would come flip that place and sell it.
place is loaded w/ squirrels by now.
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Old 12-27-2014, 04:10 PM   #37
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place is loaded w/ squirrels by now.
Or worse....

(no squatters yet. I think)
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Old 12-27-2014, 04:11 PM   #38
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discontinued items fetch big money on Ebay I tend to notice. I'm on Ebay all of the time. I sell on Ebay unfortunately. No it's not that bad, but there is definitely a bad apple in there from time to time.
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Old 12-27-2014, 04:14 PM   #39
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I also think if you could get the right customer/collector channel - you could do well selling pawn star type of items - but that's an awfully risky business IMO - I think I'd have my customers lined up - prior to my hunt.

Discontinued clothing items get some serious bread - for example - right now - ebay up 'Adidas vintage trefoil tee' - then observe their price (in most cases) - very expensive.

Edit: I'm seeing a lot of fakes for cheap - but normally the retro version fetches around $50 (routinely)
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Old 12-27-2014, 04:16 PM   #40
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You should pm inmem, he's great at flipping but admittedly, you'll probably flop
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Old 12-27-2014, 04:19 PM   #41
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You should pm inmem, he's great at flipping but admittedly, you'll probably flop
He flip flopped after the Seattle game - I'll never forget - so did Clay'nal.
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Old 12-27-2014, 04:29 PM   #42
Ming the Merciless Ming the Merciless is offline
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Flipping foreclosures can be rough, and sometimes you need the entire amount in cash (100%)

AND you have to know how to esitimate all the costs properly AND predict the market if its going up or down....

There is a way where you dont have to take any of those risks....and it might be a better option....,

It may be better (depending on where you live) to look for beat up duplex or rental units (like 2-4 unit small buildings) with bad tenants or where the landlord wants to sell but is hanging on and where the rents are low.

You can buy the unit with 30% down, get a standard 30 year fixed loan at a very low interest rate (as long as it is 4 units or less)

You can kick out the bad tenants, remodel them 1 at a time, and raise the rents up to market....and either make money every month & pay down your principal and write off a shit load of depreciation...

Or sell it for a profit once you have fixed it all up and raised the rents and made it look nice.

Flipping is a little more risky...

I have bought places on auction and I have bought places on short sale and via regular purchase....

Theres no 'quick' way to make 'easy' money IMO.

The best investment (real estate wise) can be figured out fairly easily:

1) if it costs less to buy it right now, than you could build it for....its probably a good deal.

2) if you can put down 30% and market rents (after a fix up) cover your bills and put a little money in your pocket even...its probably a good deal

3) theres other ways too like comps....GRM (is the GRM 10 or less).....CAP rate (is the cap rate decent)....cash-on-cash return....etc

but basically if you run all these numbers and you get a lot of yesses...its probably a good deal... if you get a couple no's , then maybe not.

This is my area of expertise...not so much SFR but multi unit residential
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Old 12-27-2014, 05:33 PM   #43
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I have done several and am currently working two deals. First thing to do is assemble a team:

A private money lender
1 or more good realtors that have worked for investors
General contractor or set of handymen

Deals are harder to come by than couple years ago. That's where the realtors come in.

I look for properties in the $70k range that need $30k rehab and sell for $140k.

Farm areas that go for your end price and see how quick they are selling. Stay away from areas that have no sales in last 6 months.

Be prepared to refi out to long term financing in case it doesn't sell. Make sure it will cash flow or come close when rented.
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Old 12-27-2014, 06:00 PM   #44
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Anyone done this before? Where is the best place to look for auctions? Anyone had any bad experiences doing this? Lost money?
I lost 7 figures+ in 2008. Still stings.
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Old 12-27-2014, 06:21 PM   #45
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Takes a lot of research to make it work. You really need to have your numbers for materials etc in order when you're looking at properties. Research the areas. My old boss stays buying houses in a large 55+ community. He knows almost exactly how much for materials etc as he's done a lot of homes in there. Gotta have your shot together or you will likely lose.
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