I heard of something that sounded like a great business to start.....

aceduecetrey · Jun 5, 2008

Everyone is looking for new businesses here right, well I heard someone mention one to me today and I thought it sounded great. I will not be doing it myself as I would not be qualified, but for those who are, I thought of you....

Fixing up foreclosures for banks. A guy said that he knew someone who was making a killing and I could definitly see why.

I have to run for a bit, but figured I would start the topic and check back later.....

Doug · Jun 5, 2008

Sure, if the bank is so-minded. I think you'd need a bank run by someone with that attitude.

Sounds like a good thing to me, and something banks will need to do going forward.

Doug · Jun 5, 2008

basically you'd need a contractor's license, and specialize in remodeling.

slick69 · Jun 5, 2008

I thought a contractor just bid on these just like he would bid on anything else. From what I've seen the banks are very cheap and just go for the lowest bid.

Very high end homes are the only ones that contactors are making any money on around where I live.

Doug · Jun 5, 2008

slick69 said:
I thought a contractor just bid on these just like he would bid on anything else. From what I've seen the banks are very cheap and just go for the lowest bid.

Very high end homes are the only ones that contactors are making any money on around where I live.

I agree, just bid it out.

Maybe the bank has a guy that says this house needs interior painting, new carpet, sheetrock repair, new tile, etc... or it won't sell.... then get bids.

ProPokerPlayer · Jun 5, 2008

Thats how i got started right after Jimmy Obama..ooops i mean Jimmy Carter finished his economic improvement package that brought Gas lines and 22% interest rates as well as taxes so high homes began being foreclosed left and right. There was actually a plywood shortage for awhile because we used so much here boarding up foreclosed homes. I would go into peoples houses and literally last nights dishes were still in the sink. I would load up their washer and dryer and anything else of value and sell it right off my truck..
However it sounds like your led to believe the banks want to improve the properties before they sold them and in my experiance that isnt the case. They would pay me to have truckloads of cheap sand brought in to fill in swimming pools because they didnt want the increased insurance responsibilities. I eventually bought 1 of the houses, the owners owed 33,00o when they left and it was worth 55,000 at 1 time.the bank sold it to me for 28k..
They only want to recoup as much of their losses as possible, they cared nothing about increasing the value. After tax cuts brought the interest rates down and the economy improved THEN developers started buying them to fix them up...
A little known fact is the majority of the houses being foreclosed on today are not from homeowners but investors who got these balloon notes expecting to sell them before the balloon hit...

Doug · Jun 5, 2008

ProPokerPlayer said:
Thats how i got started right after Jimmy Obama..ooops i mean Jimmy Carter finished his economic improvement package that brought Gas lines and 22% interest rates as well as taxes so high homes began being foreclosed left and right. There was actually a plywood shortage for awhile because we used so much here boarding up foreclosed homes. I would go into peoples houses and literally last nights dishes were still in the sink. I would load up their washer and dryer and anything else of value and sell it right off my truck..
However it sounds like your led to believe the banks want to improve the properties before they sold them and in my experiance that isnt the case. They would pay me to have truckloads of cheap sand brought in to fill in swimming pools because they didnt want the increased insurance responsibilities. I eventually bought 1 of the houses, the owners owed 33,00o when they left and it was worth 55,000 at 1 time.the bank sold it to me for 28k..
They only want to recoup as much of their losses as possible, they cared nothing about increasing the value. After tax cuts brought the interest rates down and the economy improved THEN developers started buying them to fix them up...
A little known fact is the majority of the houses being foreclosed on today are not from homeowners but investors who got these balloon notes expecting to sell them before the balloon hit...

....................................................................................................

I don't really see banks getting into this, either. I'd think they'd sell as is. It would take a new way of thinking. They'd have to deal with all licensed contractors.

ParanoidAndroid · Jun 5, 2008

Banks arent in the business of owning homes. They'd much rather sell a distressed property right away (at a loss) than have to wait, manage a construction project, and then sell months later for a minimal gain.

Yes, some banks will do this. But most of your lenders out there will listen to any sale offer before even thinking about looking at contracting bids.

Mamon · Jun 5, 2008

It's probably at most a paint job!!! Plus the move out the trash and vacuum and mow the lawn. But still plenty of cash in it. Banks are not house flippers so no major stuff like redesign or new appliances...

Ruined and evicted people will leave the house as a shit hole!

Dawoofdaddy · Jun 5, 2008

Mamon, you are incorrect with your guess.

Many foreclosures are being completely stripped inside the home.

Things such as wiring, piping, doors, flooring, and entire staircases are being stripped from homes.

A staircase is worth alot of money on the resale market.

Plus, of course there is going to be vandalism issues such as broken windows.

Many of these homes have never been occupied, so the material still is like new.

Just this past Tuesday, I saw some new homes, in a very expensive neighborhood that had several broken windows, and Id also bet the inside of those homes have been stripped.

Mamon · Jun 5, 2008

DAWOOFDADDY said:
Mamon, you are incorrect with your guess.

Many foreclosures are being completely stripped inside the home.

Things such as wiring, piping, doors, flooring, and entire staircases are being stripped from homes.

A staircase is worth alot of money on the resale market.

Plus, of course there is going to be vandalism issues such as broken windows.

Just this past Tuesday, I saw some new homes, in a very expensive neighborhood that had several broken windows, and Id also bet the inside of those homes have been stripped.

Maybe, but I would think the majority is my thoery. Obviously if there is need for more then some white collar banker calls in the goon squad to cell block 6.

Buster · Jun 5, 2008

my buddy made a killing "watching" after foreclosed properties in the early 90's..he would go and mow grass and winterize house,and report things wrong..back then they did not tear them up though...he had no license or nothing like that and got about 250.00 per house...i went and helped him a couple of times and he split it with me..he got hooked up through his bank

aceduecetrey · Jun 6, 2008

Sorry guys, I had a no good **** sucker quit on me last night and had to go to the bar. I am having lunch with the guy who knows the guy tomorrow and will try to get some more info

I heard of something that sounded like a great business to start.....

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