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I just watched a news program like 60 minutes where an investor in Detroit bought 100 houses in bulk for $140,000.00. $1400 a pop and he said he is doing this all over the country.
Does anyone have an idea how to aproach HUD or a bank to buy in bulk. I have bought one at a time and would like to find an approach to buy 10 or 20 houses in an area where the bottom has fallen out of the market and there are vacant houses.
Thanks in advance and good luck to all.
PatSounds like the investor PAID TOO MUCH!
In Detroit $1000 houses are a dime a dozen. Just look on EBAY– starting and ending bid is usually closer to $500. I’ve seen MANY houses sell on Ebay for $300.
What they don’t tell you is that you also have to pay the back taxes and/or utility bills which could be another $1500
Still a cheap house — but not necessarily a good deal. Cheap does not mean good
In Jackson Mississippi, you can find houses less than $10,000 all day long. But you can’t sell them now that the subprime market has gone away. If you rent them, you will have very high turn over. And while it is vacant, you better have someone at the house 24/7 with a gun or the copper and HVAC and everythign else will walk away.
So, is $10,000 a good deal under those circumstances?
Jackson stats are something like 60% of all homes sold are lost to foreclosure within 2 years.
To buy REO’s in bulk, you need to talk to an REO Asset manager at a bank or mortgage company
But just because you can buy 100 houses for $100,000 does NOT make it a good deal!!!!
HUD will not sell in bulk. Their properties must go through the auction process.
You can also find bank owned houses at
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