Jerry Schrei…, Home Buyer in San Diego, CA

I want to buy REO's with cash and flip them.

Asked by Jerry Schreiber, San Diego, CA Thu May 3, 2012

What are some good areas to do this in? I want to pay up to $375K and will do this multiple times. Thank you.

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Derek Rotzinger’s answer
You really need a Realtor that will devote time to search for you. You can find properties in several different areas but you need to know what to look for. I have been looking for a motivated investor so maybe we can work together. Give me a call 858 344 5731
0 votes Thank Flag Link Wed May 16, 2012
Over the past few years I have done lots of flips. For awhile San Diego County was the land of milk and honey,right now the majority of flippers in this price point have moved on to other county's. While it still can be done, you will need to look at areas like Spring Valley, Jamul,etc. Since there are way less to buy you are competing with all the other flippers in this price range. A little bit of needle in the haystack story.

Unless you are in the construction business you will also need a reasonable-reliable contractor. Most of the flippers have a crew put together and use the exact materials on each flip so very little has to be figured out.
0 votes Thank Flag Link Fri Nov 21, 2014
Santee, Escondido, 92114,92105,Spring Valley and El Cajon to name a few - but there are other areas. You need to be careful with your rehab costs and very careful selecting properties. I have a program that analyzes the return on investment and market profitability. Also, I know how to find the properties and get the offer accepted.
FYI, you must have proof of funds that are no later than 30 days old and you must use the same name on all supporting documents - same name on deposit check, proof of funds and purchase agreement.
It's a very competitive market and you need to be ready to make an offer very fast - sometimes the same day it hits the market.
Please contact me ASAP to get started.
Janet McCarthy
0 votes Thank Flag Link Thu May 10, 2012
Have you considered a HOMEPATH property? The best part of a HOMEPATH home is you can put as little as 10% down (as an investor), AND there is NO mortgage insurance. These are foreclosed homes owned by Fannie Mae.

Kinecta Federal Credit Union (a not-for-profit direct lender) is one of few HOMEPATH lenders in the country, with a presence in San Diego.

Hope this helps!

Rene Joseph De Blanco
0 votes Thank Flag Link Tue May 8, 2012
Maybe I should clarify. I have a sum of money and will buy one property. I'm sure there will be some fix ups to do, so I'll do them then list it for sale. I'll use the profit toward another property. I'll probably only do one at a time to start out.
0 votes Thank Flag Link Thu May 3, 2012
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