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Joe, Home Buyer in Humboldt Park, Chicago...

I would like to start to buy HUD homes as investment property , is their a class or something i can take to help me with the process?

Asked by Joe, Humboldt Park, Chicago, IL Tue Jul 30, 2013

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Hello Joe:
I'm a local lender and real estate investor. I have purchased distressed HUD homes in the past and can be cumbersome in choosing as I personally have rehabbed many in our area.

I would like to see if I could discuss financing options as well as what our modern day lender is looking to finance (if in fact you’re in seek of financing). I very familiar with many rules that would be necessary to procure a loan.

In coordination with any one of the excellent realtors below which could be of assistance to you.
My firm is Draper & Kramer, DBA 1AM Mortgage
Feel free to reach out as I'm a licensed Mortgage Originator here in IL
630-669-8263
0 votes Thank Flag Link Fri Aug 9, 2013
make sure you find a Realtor who has taken classes on working with HUD properties and or does a lot of them. They have their own rules. You do need to work with someone with knowledge of how to get your offers accepted.
0 votes Thank Flag Link Wed Jul 31, 2013
Most of the HUD homes have a 30 day owner occupant only bidding period, then they open to investors if they are still available. Certain other foreclosures do not have this waiting period. You Realtor can give you more details...
0 votes Thank Flag Link Wed Jul 31, 2013
Joe,
First you do need to work with a registered HUD Real Estate Agent, because anyone else will not be able to submit offers on HUD homes.
Second, you should find an agent who is familiar with the type of investing that you want to do: are you looking to buy, fix up and sell, or are you looking to hold it as a rental?
Third, while HUD homes can be good deals, there are lots of other good non-HUD opportunities out there, including just 10% down for investors and even rehab financing for investors on specific bank owned properties.

Mike Hagen
Goodwill Realty
630-248-2292
0 votes Thank Flag Link Tue Jul 30, 2013
Hi Joe

Start working with a HUD registered agent, or if you want to learn the basics talk to your
bank they may have free classes on Buying a home.

Buying a Foreclosed home is a different "game"

Good luck.

Perry
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Tue Jul 30, 2013
Hello Joe, the best start would be finding a HUD registered agent to work with. If you need help, our team has been helping investors acquire HUD properties for over 5 years, and have a very good understanding of their process. With some recent adjustments to their overall transaction process, they can be a bit tricky, but also great investments. Call us if you'd like more info.
0 votes Thank Flag Link Tue Jul 30, 2013
Joe
Their process is pretty straight forward. If your real estate agent has dealt with them before it is no big deal. If not, ask around for someone who can follow tbeir guidelines.

Geoff Ommen
Broker Baird Warner
847-271-2622
Geoff.ommen@bairdwarner.com
0 votes Thank Flag Link Tue Jul 30, 2013
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