I just read Dean's book and am really impressed with all the great info. My investment experience before reading Dean's book is owning 2 condos that just about break even.
Here is my question that I'd like to pose to other more experienced investors on this forum. I just received an email about a bulk REO package in a town a few hours from me. Basically, it's 18 houses (not all together, but located in different areas of town)
Each house has an average ARV of $70,000 giving the entire package a value of about $1,260,000. The entire package can be bought for under $200,000. This comes out to around 12 cents on the dollar. Each house is in varying levels of rehab condition and I haven't had a chance to visually inspect them yet.
I've never purchased an REO so I'm looking for any advice. I have access to enough capital to take the project down and part of me is saying go for it. I mean 18 houses for $200,000, seems like too good of a deal to pass up.
The other part of me is thinking. "This is crazy!" I have no idea what I'm doing! 18 houses! I haven't even seen the houses yet! I've never bought an REO before. How does this work!
If anyone has any advice, I'm all ears! Or maybe someone would like to partner up?
Real Estate (Single Family and Multi-unit)
Areas: Fort Lauderdale, Florida
Wish everyone success.