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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15
Rene' De Bla…, , San Diego, CA
Tue May 8, 2012
Have you considered a HOMEPATH property? http://www.homepath.com 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 County.

Hope this helps!


Rene Joseph De Blanco
http://www.kinecta.org/jdeblanco
jdeblanco@kinecta.org - Tue Apr 24, 2012
0 votes
Jerry Schrei…, Home Buyer, San Diego, CA
Fri May 4, 2012
Thank you so much to everyone who offered great constructive advice and areas to start. My goal right now is to start researching these areas and get contractors in place. Then I'll start looking at properties and submitting offers. I used to work for an investor, so mainly I just needed the areas to start, because I wasn't working in this County when I did that. But the advice I received was heard and appreciated. I was a little taken aback by some of the the self-promotion without any advice attached to it. Thank you everyone. I'll call a couple of you to talk when I'm at that point.
0 votes
Great point, Jerry! Good luck to you.
Flag Fri May 4, 2012
Kari Shea, Agent, San Diego, CA
Fri May 4, 2012
Hi Jerry,

We would recommend you take the advice offered about investing with an experienced group. Understanding the costs involved with rehab and the future sales prices are an art and a skill. We have worked with a couple of groups, the average rate of return is about.10%.

Best og luck,

Mark & Kari Shea
Shea Real Estate
0 votes
Cindy Davis, Agent, San Diego, CA
Thu May 3, 2012
You and everyone else!!! This is going on throughout San Diego. It is a learned skill.

If youw to slug it out alone, I recommend going to trustee sales. Ask a title company, like chicago title, if they have a schedule of truistee sales.

My honest recommendation though is to try to join forces with companies that are already doing this and see if you can invest with them. There are many investment groups in town who have this down to a science and have the teams in place.

Good luck.
0 votes
Chris Sanders, Agent, San Diego, CA
Thu May 3, 2012
Hi Jerry,

I think I can safely say that there is a wealth of talent available to help you! You should have no trouble in moving forward with your plans!

Chris
0 votes
Jerry Heard, Agent, San Diego, CA
Thu May 3, 2012
Jerry
I have worked with flippers and it does take some skill. First you must not fall in love with any property. It is strictly an investment. Secondly you must have a renovation budget and a contingency for unexpected problems that will arise during the rehab. You need to have a competent renovation team or have most of the skills yourself.
When you sell the property, you want to do so quickly so it is best to price it a bit below the market value to get traffic and offers. You do not have to price it drastically low just a bit lower than the competition.
There are good opportunities throughout San Diego, so I would not rule out anyone area. However you should pick a location that is convenient for you to go to each day as the work being done.
Sometimes the TV shows make it look easier than it really is. I like the show The Property Ladder because the host gives good advice to the people and this show also shows more of the problems that can crop up.
So taking all of that into consideration, I would be glad to help you in this venture and help you be profitable. I have built many homes over the years and also am very familiar with many of the areas in San Diego County.
Contact me when you have some time to discuss your new venture and we can determine the best way to proceed.

I am never too busy for your referrals

Jerry Heard
Your Broker
The San Diego Property Shop
http://www.TheSanDiegoPropertyShop.com
jerry.sdps@cox.net
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes
Joon Fuller, Agent, Del Mar, CA
Thu May 3, 2012
Hi Jerry,
I have a couple of investors I represent in the purchase of REOs and then sell the properties after the rehab. There is a process that is unique and challenging especially in estimating ARV (After Rehab Value) or sell price. Trying to estimate any future value is often difficult...wouldn't you say?

I have been guiding and patrnering with them over a year now. I'm constantly in the look out for great REO deals which is relatively scarced right now. Consequently I found a great property in Clairemont area, listed at $315K. I already have done my analysis including rehab costs and ARV. Unfortunately both of the investors I work with already have someone working with them on the property. So a great property but no buyer to represent at the moment...calling around, though.

Please call me if you're interested in the property or simply would like to meet and learn how to get started on this adventure.
Thanks,

Joon Fuller
Keller Williams Realty
619.279.2524
Joon@joonfuller.com
0 votes
Michael Alex, Agent, San Diego, CA
Thu May 3, 2012
Hi Jerry,

Feel free to contact me.I do work with investors. I can explain everything on the phone and email, before and after pictures reciepts,profits,etc.Metro San Diego is the best place to profit.150,000 to 200,000 dollars in profits from one house. I'm a straight forward trusworthy agent with trustworthy contractor.

Talk to you soon,

Michael Alex
REAL ESTATE CONSULTANT
cell. 619.581.9348 | fax. 619.521.0100
email. AskMichaelAlex@prusd.com
2365 Northside Dr Suite #200
San Diego, CA 92108
0 votes
Debbie Bulke…, , San Diego, CA
Thu May 3, 2012
Hi Jerry,

I am helping another client in North County do the same thing, so I could definitely help you in south county without a conflict of interest. Some good areas to consider are Chula Vista, Clairemont, and Mira Mesa just to begin with. Contact me to create a plan for your venture.
Thanks,
Debbie Bulkeley
http://www.DebbieBRealty.com
0 votes
Michael Fran…, Agent, Borrego Springs, CA
Thu May 3, 2012
Hi Jerry,
El Cajon, spring valley, La Mesa, all have property in this range and are being flipped. Give me a call and I can set you up with some.
Mike Frankfather
Prudential California Realty
760-265-1948
0 votes
Chris Sanders, Agent, San Diego, CA
Thu May 3, 2012
Hi Jerry,

I am a California real estate broker working with investors. I would love to talk to you more about your goals and assist you in reaching them. I am also an advanced CIAS (Certified Investor Agent Specialist) and I have many tools available to assist you. Please shoot me an email at mail@ChrisSandersHomes.com, or call me at 858.458.4335 or 877.432.CDPE (2373). I look forward to further discussing this with you!

Chris
0 votes
Kevin Sander…, Agent, San Diego, CA
Thu May 3, 2012
Now is a great time to do this. I am representing several investors flipping properties right now and would love to send you some leads. For this price range, anywhere along the 8 freeway might be a good place to look. Especially out toward East County.

Kevin Sanderlin
Keller Williams Realy
Cell 858-212-4702
ksanderlin@kw.com
0 votes
Wolf Realty…, Agent, Del Mar, CA
Thu May 3, 2012
This is very competitive. I would look in Santee, Mira Mesa and the likes.
Robert Wolf
http://www.wolfrealestategroup.com
0 votes
Jerry Schrei…, Home Buyer, San Diego, CA
Thu May 3, 2012
I'm thinking in San Diego County. I used to live in Escondido, but now I live in San Diego, so I'll probably want to stay in the lower half of the county, but I'll go up to North County for good opportunities. I can do rehabs, so the homes don't have to be in ready-to-sell condition.
0 votes
Irina Karan, Agent, Aventura, FL
Thu May 3, 2012
Hi Jerry,

There are a lot of great opportunities in Miami, FL, for doing same.

Irina Karan
CDPE - Certified Distressed Property Expert
Beachfront Realty, Inc.
IrinaKaran@google.com
0 votes
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