Atlanta Foreclosure Flippers – Save On the Move!

November 25, 2008 at 4:08 am | Posted in 1 | 1 Comment

So you found that diamond in the rough.  That foreclosed home that’s just a fresh coat of paint away from your next successful flip.  Now its time to pull up that spreadsheet and see what’s going to cost what.  Where are you going to save money, and where is it worth it to spend a little extra?

If you are among the hardcore flippers that choose to live in the home they are attempting to flip, something often overlooked is the cost of moving from house (your current residence) to foreclosed home (your future fortune) to house (or next foreclosed home depending on your level of dedication to the business of flipping houses).  Shopping around for movers is easy enough, but it becomes a whole lot easier when its all in one place.  Atlanta Flippers are in luck.  Find price comparisons of Atlanta movers at LocalPrice.com.  This site compares pricing and other information of top moving services in Atlanta.  The following information is compared:

  • Hourly Rates
  • Qualifications
  • What’s Included In Hourly Rates
  • Business Description
  • Estimates
  • Availability
  • Types of Moving Services Offered
  • Fees For Extra Heavy Items
  • Payments
  • Affiliations

LocalPrice.com has plans to expand beyond Atlanta, but for now all you Atlanta flippers, be sure to take full advantage of this comparison of Atlanta movers before you move to your next foreclosed home.

Southeast Michigan Braces for Increased Foreclosures with Crash of Big 3 Automakers

November 23, 2008 at 2:19 am | Posted in Foreclosures | Leave a comment
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Detroit is bracing for a collosal blow to their economy and very way of live.  Cars are being sold at an annual rate of 10.9 million, which is down from 16 million at the same time last year (Automotive News Data Center).  This drop in auto sales has brought the big 3 automakers (General Motors, Chryslar, and Ford) to the brink of bankrupcy.  Should the big three go under hundreds of thousands of jobs could be lost.  This will undoubtably impact the number of foreclosed homes in the areas.  In one Michigan county about 10,000 homes in are in foreclosure, and that number is expected to increase by 10 percent to 15 percent next year as the local auto industry continues to downsize.

4,000 Foreclosed Homes in the U.S. Sold for Under $1,000 in 2006

May 16, 2007 at 1:28 pm | Posted in Foreclosures, House Flipping, Real Estate Investing | 49 Comments

I just read a rather encouraging article on ForeclosureFetcher.com  that pointed out some of the incredibly low prices on foreclosed houses throughout the nation.  After checking out some of the foreclosure listings under 5K mentioned in this article I was able to turn a handsome profit on a foreclosed home in Macon, GA I purchased for just $4,900.  In this foreclosure flippers humble opinion, you really can’t go wrong with buying anything under 5K.  Here is the link to this article.  Check it out and see for yourself. http://www.foreclosurefetcher.com/foreclosure-info/Houses-for-sale-for-$5,000-or-less-across-America 

The Predator: Foreclosure Flipping Infomercials

March 29, 2007 at 9:17 pm | Posted in Buying a House, Flip That House, Flip this House, Foreclosures, House Flipping, Real Estate Investing, Real Estate Marketplace, Selling a House | 7 Comments

The Prey: Uninformed Average Joe or Jane trying to get rich quick.

The Bait: Attractive people and numbers too good to be true. 

The Catch: It’s just not that easy.

We’ve all seen them, those real estate informercials with the older professional looking guy and the good looking man & woman asking stupid obviously scripted questions about buying and selling houses.  The professional provides example after example of houses that were bought low and sold high.  “Is it really that easy.” “Yes Bob, it really is that easy”…yada yada yada.  Well I say its time we stop letting these vultures prey on ignorant, minimum wage, sleepless, people with promises of riches.  PAY ATTENTION & PASS IT ON: REAL ESTATE INVESTING IS NOT EASY.  It takes a lot of research and understanding of the market and the buying and selling process.  Only if you are willing to invest your time into learning about foreclosures, and other types of real estate, should you attempt the business of foreclosure flipping.  Many foreclosed properties are sold at courthouses on a weekly basis, but there is a reason you don’t see any average joe bidding on the homes.  Typically you will see professional investors at these auctions because it requires a lot of experience to know what to bid. You’ll almost never get to check out the inside of the foreclosed home before the auction, so you will not know what condition it truly is in. You also need to research whether the previous owner has any debt, because it is possible that by buying a house at auction you could incurr this debt.  If you are planning on living in the home while you fix it up to sell, be careful what you buy.  The foreclosures can be next to uninhabitable before they receive repairs.  Also, be prepaired to pay at least 10% of the bid the day of the auction, as well as financing a mortgage within 30 days.  Most banks will not help you when foreclosed property is involved.

There is a whole lot that you need to think about before dialing that 800 number. Most of which is not even mentioned above.  You do not want to find yourself in an even worse financial situation.  With all this said of course I still encourage any business entrepreneur to chase that ultimate flip.  Just, BE CAREFUL, and fully research everything you are getting yourself into.  Good luck!

                                                                   

Foreclosure Flipping Quote of the Week

March 20, 2007 at 9:12 pm | Posted in Flip That House, Flip this House, Foreclosures, House Flipping, Real Estate Investing, Real Estate Marketplace | 2 Comments

“I’d rather be called a vulture than a shark,” he added. “A vulture only goes after dead food. The shark goes after the living.” – John Bittel, Property Investor, Stafford, NJ. (http://www.app.com/apps/pbcs.dll/article?AID=/20070319/NEWS/703190314/1001/DWEK01)

Cheers To A Local Boy Joining the Real Estate Elite!

January 16, 2007 at 9:21 pm | Posted in Buying a House, Flip That House, Flip this House, Foreclosures, House Flipping, HUD Homes, Pre-foreclosures, Real Estate Investing, Real Estate Marketplace, Selling a House | 1 Comment

It has been a while since my last post.  I’ve finally cleared up my schedule, so hopefully this will become more of a regular thing again.  I’d like to mark my return with a press release that gives me pride to be part of the real estate market….

I always like to applaud those who strive for excellence in their field of choice, especially if that field is Real Estate…

Atlanta, GA (PRWeb) January 14, 2007 Atlanta Realtor Earns Prestigious REALTOR e-PRO® Certification
Rick Duda of Duda Realty Services and Keller Williams Realty Cityside has successfully completed the REALTOR e-PRO course to become one of a select few real estate professionals to earn the prestigious certification offered through the National Association of REALTORS.® Fewer than 1% of the one million Realtors in the United States have this designation and fewer than 1,000 have it in the state of Georgia.

Atlanta, GA (PRWeb) January 15, 2007 The REALTOR e-PRO certification course is an educational program unlike any other professional certification or designation course available because it is specifically designed to provide real estate professionals with the technology tools needed to assist consumers in the purchase or sale of a home.

With more than 87% of consumers beginning their real estate research on the Internet in 2006, e-PRO certified agents have the experience and expertise to meet the demands of today’s buyer and seller.

“The real estate industry has undergone a fundamental change over the past several years,” said Rick Duda of Duda Realty Services and Keller Williams Realty Cityside. “A majority of consumers are taking the time to conduct their own research prior to contacting an agent. In turn, real estate professionals must be knowledgeable of how technology can assist them in serving the needs of the buying and selling public. After having been featured on Flip This House, I work with many Atlanta real estate investors rehabbing and flipping houses and these extremely busy clients appreciate my real time responses to their questions and concerns. We also employ and implement the technology and skills for Homes Designed To Sell, our staging and interior design affiliate. In addition, my first time home buyers in Atlanta are very internet savvy and appreciate how we keep them abreast instantly with new homes that become available on the market or price reductions.”

The exclusive REALTOR e-PRO certification certifies real estate agents and brokers as Internet professionals. Because of its innovative design, students are able to complete the course at their own pace, when and where they want, via any Internet connection. The course is designed to help REALTORS stay at the leading edge of technology and identify, evaluate and implement new Internet business models.

Once completed, the e-PRO certified real estate professional joins the ranks of a special community of highly skilled and continuously trained professionals who provide high quality and innovative online-based real estate services. Consumers can identify the e-PRO through the exclusive e-PRO Internet Professional logo.

“The Dream” Dominates House Flipping In Houston, TX

December 11, 2006 at 9:43 pm | Posted in Buying a House, Flip That House, Flip this House, Foreclosures, House Flipping, Real Estate Investing, Real Estate Marketplace, Selling a House | 11 Comments

Scouring the internet for interesting, amuzing, or helpful articles about real estate flipping is, more often than not, a rather futile effort.  The majority of foreclosure articles simply state and re-state boring real estate market statistics.  I can only read so many times that California tops the nation in foreclosed homes, foreclosures are at an all time high…yadda, yadda, yadda.  Rarely do articles have much substance, and often it is clear that they are the lame efforts of real estate websites to build link popularity in order to promote their websites….Well guess what!  I found a tid bit of celebrity real estate gossip that breaks through all that monotonous clutter. 

 After 17 seasons of dominating the hardwood floors playing professional basketball for the Houston Rockets, “Hakeem the Dream” Olajuwon is now making a name for himself as a real estate flipper.  While I myself am a self-proclaimed Foreclosure Flipper, I still like to pay attention to the big guns in the real estate market who could more accurately be reffered to as Mansion Flippers.  And that is exactly what Olajuwon is.  “He buys high and sells higher,” according to David L. Cook, executive vice president with the commercial real estate firm Cushman & Wakfield, who has represented the all-star on several occasions.  According to the Chicago Tribune he has been able to make as much money in real estate in the past 10 years as he did playing in the NBA for 17 years.  Olajuwons real estate flipping mostly takes place in and around Houston, TX.  From is 25 total transactions it is estimated that his profits exceed $100 million.  When asked why does not invest his money in the stock market he replied, “I like real estate because I know its real.”  Olajuwon is also fortunate enough to only use cash in his transactions.  It is against Islamic law to use any form of credit or pay interest, so in this case his risk is greatly minimized….Olympic Gold Medal winner, NBA leader in blocked shots, leads real estate market in cash-only transactions… If only we could all be so lucky.

“The Dreeeeaaaaaaammm Fliiippper,…I believe that you can get me through the niiiiiite.”

CALLING ALL FORECLOSURE / HOUSE FLIPPERS!!!!

December 7, 2006 at 7:17 pm | Posted in Buying a House, Flip That House, Flip this House, Foreclosures, House Flipping, Real Estate Investing, Real Estate Marketplace, Selling a House | 2 Comments

A friendly reader has recently given me a fantastic tip on a potential real estate investment in Philadelphia.  I would be all over this one if I wasn’t currently working on several other projects.  So in an attempt to begin a quasi-House Flipping social network I am putting this one up for grabs.  I hope all fellow home flippers interested feel moved to post any comments and initiate a dialogue between real estate investors that could be helpful to many.  The following is what the Foreclosure Flipper reader said about the property:

 

“This woman is in and out of foreclosure (ck. the civil dockets) and has been trying to sell since May.  They are the loudest, most annoying people on the street and everyone would love the opportunity to buy them out, but no one can afford to.  Check it out. Gut it, flip and sell it to a yuppie for 3x the price. It’s the nicest street in the area, and full of fabulous people save for this house of rednecks.” 

Here are the property’s stats:

List Price: $185,900  Heating:Gas List Date: 11/25/2006 Exterior: Stucco Bedrooms: 3 Electric: 100 – 150 Amps Baths: 1.5 Year Built: Approx. 1950 Square Ft: 1009  Stories:Lot Size: .03 Acres Type: Row home Annual Taxes: $1,394 Parking: Street Status:Active Location: 458 Ripka St. Philadelphia, PA 19128

Map: http://maps.yahoo.com/py/maps.py?BFCat=&Pyt=Tmap&newFL=Use+Address+Below&addr=458+Ripka+Street&csz=Philadelphia,+PA&country=&Get%A0Map=Get+Map  Living: 14 x 14
Kitchen: 10 x 9
Dining: 14 x 14
Master Bed: 14 x 13
2nd Bed: 10.5 x 9
3RD Bed 12 x 9.5
 

Additional Information:  Front yard has a porch, rear is a fenced yard. Entrance into a living room entry. Living room has a newer Berber carpet. Kitchen, new steal refrigerator, d/w, stove. Beautiful cabinets. Definitely a cook pleaser! Master bath has ceramic tile and a sky light. Basement partially finished with a half bath. 

So, if you can stomach doing business with a few loud mouth Rednecks, then I hope you will take advantage of this tip and let us all know how it goes. Happy Flipping! J

Contact Info: Scott Harrity
                       Assist 2 Sell Realty Sellers ‘N Buyers

                      (484)235-7283
                      (484)235-7283 OFFICE
                      (484)2357290 FAX
                      EMAIL: scott@gr8savings.com

Flip This House vs. Flip That House

December 4, 2006 at 8:34 pm | Posted in Buying a House, Flip That House, Flip this House, Foreclosures, House Flipping, HUD Homes, Real Estate Investing, Selling a House | 4 Comments

As a self-proclaimed “Foreclosure Flipper” naturally I am drawn to television shows entitled “Flip this House” or “Flip That House.”  I have only actually seen the show “Flip this House” on A&E, but recently I have seen the title “Flip That House” popping up around the internet and tv guide.  My first inclination was that it was a typo, however, I have recently discovered otherwise. 

Definitions: Flip This House (Wikipedia) –

Flip This House is a television series which airs on the A&E (Arts and Entertainment) television network. In Season one, the series followed the activities surrounding the Trademark Real Estate Company based in Charleston, South Carolina. Each episode spotlighted the purchase and renovation of a single unit. All episodes included listing the price of the purchase, the cost of renovation, and the market value (including potential profit) of that finished house.

Due to creative differences with Richard Davis, the founder of Trademark, A&E chose different real estate companies for season two. One team comes from San Antonio and the other is based in Atlanta.

Davis plans to take the series to A&E’s competitor TLC (The Learning Channel).[1] In July, 2006, Trademark Properties and Richard Davis filed a lawsuit against A&E alleging breach of contract and fraud. 

Flip That House (Wikipedia) –

Flip That House is an anthology series created by the Discovery Home Channel and now also airing on TLC. Each episode shows a different individual (or group of people) in the process of flipping a house. All episodes show:

  1. Initial cost of purchase
  2. Initial budget and work schedule
  3. “Flip Tips”
  4. Final estimated sell price from a professional Real Estate agent
  5. Actual budget, work schedule, and possible profit

Most episodes take place in the Southern California (Los Angeles) area.

The second season of “Flip That House” premieres August 19, 2006 on TLC.

And so THAT is the difference…

Interest Only Loans = More Foreclosed Homes (Great Explanatory YouTube Video)

December 1, 2006 at 8:31 pm | Posted in Buying a House, Flip this House, Foreclosures, House Flipping, HUD Homes, Pre-foreclosures, Real Estate Investing, Real Estate Marketplace, Selling a House | 2 Comments

Damn…people be diggin’ there own graves.

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