Posted by jose bagge on May 28, 2008 at 08:13:44 from (12.161.55.2):
I'd like some opinions on this, particularly those of you that have been the polar opposite of me politically on this post- Got a good guy that's worked for me for 5 years. he bought a house 3 years ago for $300k, mortgage about $1800 until ARM blew up to $3200/mnth. he lost the house in foreclosure-him, wife, two kids living in freinds basement because they can't even rent with his wrecked credit. Makes about 55k a year. I can buy basically the same house two blocks away for 120K in foreclosure, no money down w/ my credit rating PITI about 1100/month. Rents in the area are 1300-1500; I'd rent to him for 1300 w/ no deposit and salt away the positive cash flow for repairs, etc. My gain would primarily be depreciation as a rental plus any potential gain if the market turns back up- probably even work a lease-to-own deal with him. He's hugely interested, the deal will be easy to make...does this smack too much of "company store", even though I'm working the deal and not the company?
Bigger picture- foreclosures as flips are a loser in this market because sales suck- what about foreclosures as rentals, particularly to those who lost homes to foreclosures? There are hundreds of these homes out there in this area- and hundreds of folks looking for rentals in the same situation. This isn't 'section 8" stuff- these are nice homes in nice neighborhoods with good people who just took on lousy loans. I'm not interested in becoming a slum lord, but it seems likea good business move and good for some folks too.
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