Here’s some breaking news for you guys- as of yesterday, the Gov has released the ‘No Flipping Rule’ on FHAs! Yup- that’s right! In order to spur more buying activity and property values, they are allowing investors to purchase foreclosed homes and flip them immediately! This will be in effect for 1 year. The previous ruling from 2003 said if you purchased a foreclosed home, you had to wait 90 days before securing it with FHA financing. Not anymore- they’re trying to get the glut of inventory sucked up and off the market now. Here’s the article from CNN.
Sorry guys- been a long time. I’ve been SLAMMED with these REO Listings from Countrywide. I’ve sold 8 in the last 3 weeks, all with multiple offers ABOVE asking price, all within the first 3-4 days on market. Yes, the below $250k priced homes are flying off the market. We’re down to a 6 month inventory from a 14 month supply months ago in this price range, and it’s considered to be at a ‘balance market’ level. I’m not kidding- the below $250k REOs are flying right now- if they’re priced right. Email me if you want the best deals. I’ll try to update my market charts this week for you guys…
Here’s another rehab deal for someone to pick up, fix and flip, or hold as a rental! There’s plenty of equity to make it a smokin’ deal! Medium rehab required- check out the video walk thru!
2215 W Roeser Rd, Phoenix, AZ 85041 Price: $88,000
5/2/2cg 1408 s/f built in 1995
work needed: $15k to $20k max.
Check out comps below recent sold at $160k to $170k
Earnest: $2,500k
coe: 5/31
Area comparables from Cyberhomes.com
1. 2204 W ALTA VISTA RD
PHOENIX, AZ 85041 APN: 105-86-520 Assessed Value: $16,120 Lot Size: 8,297 sf Cov Parking: 2 - Garage
FCVR: 1.054 Full Cash Value: $161,200 Year Built: 2004 Fixtures: 8 Pool: No
Last Sale: $169,900on 03/28/2008($118.48/sf) Living Area: 1,434 sf Rooms: 6 Stories: 1
2. 2816 W PECAN RD
PHOENIX, AZ 85041 APN: 105-46-539 Assessed Value: $16,060 Lot Size: 7,024 sf Cov Parking: 2 - Garage
FCVR: 1.015 Full Cash Value: $160,600 Year Built: 2005 Fixtures: 6 Pool: No
Last Sale: $163,000on 04/23/2008($117.10/sf) Living Area: 1,392 sf Rooms: 6 Stories: 1
3. 6013 S 16TH LN
PHOENIX, AZ 85041 APN: 105-84-583 Assessed Value: $16,330 Lot Size: 7,746 sf Cov Parking: 2 - Garage
FCVR: 1.041 Full Cash Value: $163,300 Year Built: 2003 Fixtures: 6 Pool: No
Last Sale: $170,000on 05/07/2008($130.97/sf) Living Area: 1,298 sf Rooms: 5 Stories: 1
I know it’s been a long time since I posted last- been soo busy, I can’t keep up! I came across this and thought it was hilarious! Gotta love Realtors…
Well, much like the Builder-Implode site, here’s a sister site for Lenders, www.BankImplode.com. Same thing- has information on ‘Imploded’ banks, and ones that are in serious jeopardy of imploding. From their site, here’s a list…
Writedown Rundown & General Distress:
Name - ($) writedowns so far (does not include loss reserve increases or remaining exposure)
So, I just came across this site today- www.builder-implode.com. It’s funny, but also very interesting. They’ve got some decent information in there. They have a list of builders who have ‘imploded’, as well as a list of ones on the verge of ‘imploding’. According to the site, here’s the Top List of ones to come. Anyone interested in some Discounted Builder Inventory???
Sorry it’s been soo long since I last posted, life has been very crazy, to say the least. We just got home from the hospital yesterday with my first child! She was born on Sunday, April 6th at 5:09am. She weighed in at 6lbs 5 ounces and 19 inches. It’s been truly a blessing and an amazing experience, to say the least. The lack of sleep has DEFINITELY taken it’s toll on us- the 3 nights we were there in the hospital, and the first night home last night was just BRUTAL. Those of you with kids can relate, I’m sure. I’ll post some pictures when I get them downloaded. I have a TON of emails and articles/information to go over and post, so hopefully over the next week I can try to get caught up on it all. I thank you for your patience, and you’ll be hearing much more from me as soon as things calm down.
Well, today is the big day for the auction, or is it? For those of you who really care, Jackson has worked out an arrangement with BofA to bump the foreclosure sale to May 14th. From what I understand, he owes $24Mil in arrears on a $273Mil note for the place. Either some rich psycho-fan will pony up the money, or he’ll end up losing it to the foreclosure sale. I just want to see what BofA ends up doing with the place. I mean really, what is Bank of America going to do with Neverland Ranch? How much are they going to sell it for as an REO?
I’m sure that’s some valuable land it’s sitting on- maybe a commercial developer will come along and do something with it. We’ll see. Here’s a great clip from TMZ on the thing- it’s the most entertaining clip I could find.
Well, if you haven’t been following the trends lately, there’s been wars brewing in the Cell Phone industry. Many carriers are now offering unlimited minutes for $99. AT&T offered this plan a few years ago, and would bring it out once or twice a year for a short, 2 week promotion to boost sales. They have now brought it back for a longer time trying to fight against other carries who now offer the same plan. For $99/mo you get unlimited minutes, anywhere in the country. That includes long distance, internet, etc. If you’re a serious investor, or someone who uses your phone a TON, this is the way to go. I routinely hit 5,000 minutes a month when I’ve got a ton of business going. I’ll probably be dropping my land line soon as it makes no sense for me to have one with these new plans out.
I’ve been with AT&T (Cingluar) for 5 years now, and have had great experience with them. I know that Verizon is offering the same plan, and have a feeling T-Moble will be jumping in shortly. You don’t need to worry about going over, or saving your roll over minutes with this thing- it’s all good. Just a little FYI for you guys who might be needing the new plan. I’m not sure how long they’ll be available, but I’m hoping that within this year, they’ll drop the rate down even more. However, I wouldn’t wait and see, as they could do away with it all together. I’d jump on the promotion now, and snag a great unlimited minutes plan while you can.
Well, if you haven’t been following the trends lately, there’s been wars brewing in the Cell Phone industry. Many carriers are now offering unlimited minutes for $99. AT&T offered this plan a few years ago, and would bring it out once or twice a year for a short, 2 week promotion to boost sales. They have now brought it back for a longer time trying to fight against other carries who now offer the same plan. For $99/mo you get unlimited minutes, anywhere in the country. That includes long distance, internet, etc. If you’re a serious investor, or someone who uses your phone a TON, this is the way to go. I routinely hit 5,000 minutes a month when I’ve got a ton of business going. I’ll probably be dropping my land line soon as it makes no sense for me to have one with these new plans out.
