Follow Me Flipping Grand Rapids Foreclosures (part 2)
Posted by ericmedem | Posted in Wholesaling Real Estate | Posted on -05-2008
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About the author: Eric Medemar specializes in Grand Rapids Foreclosures, Grand Rapids Real Estate Investing and Grand Rapids HUD homes. Eric currently owns 32 properties, and has already surpassed the six figure mark wholesaling and flipping properties in 2007. Currently Eric is workign on the Best Real Estate Bird Dog program the world has ever seen Oh and one of Erics finer points is not english, punctuation, or grammar.
Ok so taking photos is not one of my finer points, I was holding up traffic and had to snap a quick photo for my insurance agent.
I first encountered this property 2 or 3 years ago when I was out showing homes to another Grand Rapids Investor. I think it was listed for around $85,000 at the time. My investor and I both agreed that the name of this home should be the drunk house. Not just because you would have to be drunk to buy it for $85k (it was worth maybe $80k) but more so because when you walked into one of the units everything was remarkebly crooked. It litterally felt like you were drunk and the big 3 unit was coming down around you. The Home is a 3 unit with 2 one bedroom units on the main level, and a large 2 bedroom upstairs.
Fast forward 2 or 3 years later and I get a call from the realtor telling me I should get an offer out on it. At the time I had 7 others that I was working on, so I wasnt in overly in a hurry to buy. The home had gone into forclosure for roughly $85k and at the time they were asking $49,000 (i think), anyway I sent a offer for $40,000 over and after a few days of not hearing anything I called the realtor. He informed me that an out of town buyer had purchased it sight unseen.
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Now Im all for buying homes but you have to be somewhat careful especially with giant drunken 3 units. After about 2 months I get a call from the realtor the guy had lost financing and backed out. He wanted me to right another offer. He didnt share with me why the other guy backed out, so I figured I had better spend at least 10 minutes in this one before making another offer, to find out what I missed on my original 3-4 minute inspection.
www.TheForeclosureCollege.com Get started investing today.
As I walked down the steps I spotted the route of the problem………to be cont
