Originally Posted by Hatya
With all of my experience in residential construction and real estate development Im actually surprised that I dont have any books relating to this. I pretty much learned it all hands on, and I have an enormous amount of friends/peers in the industry i can count on for good advice.
Since the new construction market is DEAD i just bought my first repo home and remodeled it, and got it rented out back on July 1st. Im thinking about picking up another one soon.
So while i cant offer any books, I will say that if you have any questions I'd be glad to lend my advice.
As for the "its who you know" comment. This is true to some extent. But right now the market is so flooded with repo'd homes that I believe that anyone can find a profitable buy right now. One of the biggest factors will be your ability to pay cash. Bank loans are the biggest stumbling blocks atm.
I agree with the "anyone can find a profitable buy right now"...I actually just passed on a 16 unit place because it didn't make me the min I require to do a deal (whereas 3 years ago I would of taken 75% of the profit they were offering)
And 2nd the "cash is king" right now. I'm actually refiing a place right now to pull out some cash so I can use it for all cash deals in the coming 6-12 months. (refis are still going through cause I've had this place for 3+ years and been running it in the black since month 1...not too mention I'm still leaving 40% equity in the place after the rei