Hello..my first forum topic, haven't found answer anywhere else.
I have been researching my specific city that I currently own 3 rentals with a fine tooth comb. All listings, FSBO, and especially foreclosures. I know all the foreclosures that have happened, are coming up and are now listed REO's. I looked at 5 last Sunday. Found a few potentials and am waiting to see if I can get a loan, or if a family member will be fund me.
It turns out that one of them was a former home of my fathers (he is also one of family members considering funding me) and I told him I went through it and some things. It didn't even have a price as it was so fresh on the market. (The realtor who was showing me homes mentioned she found out about one more on this street but only had a lock box so we had to drive up and down street. Turns out, I knew which one it was as I had been following all the foreclosures so we were able to see it. She was rather impressed I was a step ahead of her.
She emails 2 days later with price which is very attractive. It goes to top of my list.
My father drives by I guess out of curiousity and sees price now that is has a sign, calls me shocked at price and asks all these questions and says he is thinking about it for Joe, my stepbrother. (WHAT..ARE YOU KIDDING ME?!?). Lesson learned, mouth shut.
So, I am seriously considering license if for only this specific situation. Plus, the prevalence of the REO's..we all have read they are difficult to assign.
I would love all of your opinions, ESPECIALLY REALTORS.
1. WHAT ALL WOULD I GAIN?
2. WHAT WOULD I LOSE? are there any issues with not being able to be involved with a broker as it relates to investing side
3. IF I PURSUED IT, WHAT IS LEAST EXPENSIVE AND FASTEST WAY TO GET ER DONE?
As for my family, I didn't want to get into it yesterday..I needed to cool off and will call him today. Truth be told, I know of a steal that would be more appropriate for my stepbrother b/c its a handyman special but it is another REO so..not sure I could benefit from all work and reasearch. Not that I am greedy and don't want to help family but he doesn't work for me for free...
THANKS FOR READING THIS. I AM SO GRATEFUL FOR THIS SITE AND HOPE THIS QUESTION HELPS SOMEONE ELSE!
"Whether you think you can or can't, you are probably right" Henry Ford