I went to see a property today. when I asked the person who represented the property if there was anything wrong with the property, he gave me the standard we do not know anything about it answer. He said that he had several properties that his company was involved with and they were working on four other properties at the moment and that is why this one was up for sale. When i went out to see it i noticed that there was a crack in the outer brick wall that went from the window to the foundation. When I asked one of the investors I work with if he was familiar with such a phanaminon he asked if there were any big trees near the building. Which infact ther ewere several. He explained to me that what i was seeing was the result of the roots of the trees growing and cracking the foundation. The only way to repair this is to tear down the brick wall, dig up the foundation, dig up and remove the tree's roots and then rebuild.

The sickest part if the whole thing is that, they are even attempting to over charge for it. It is my beleif that people who rehab 50 properties a year, as they toled me that they did would know this. It is my beleif that they are hiding behind a line used by the banks that they " Seller acquired property through foreclosure and has no knowledge of defects affecting value or use."

It makes sense when an out of town bank uses that line, but when local investors use it, I find it a little hard to believe. They are just waiting for someone who does not recognize that problem to unload the property on.

Of course I have no way of proving this, it just adds up. So many dishonest people out there. you really have to be on your toes.

Yesterday I went out and looked at some properties in the Riverside area. I like Riverside because if it's youthful charm. I see a lot of young people living out there and the neighborhoods are very cute.

Finding a great deal of craftsman styles homes mixed with several other architectural designs, the charm really shines when the properties are taken care of. Most of the neighborhoods closer to the water are in good repair, and finding a property to flip would be challenging.

I still think the opportunity is out there, just that they do not last for long and you really have to have your finger on the pulse to get one of them. Now I just have to figure out how to get my finger on the pulse of this neighborhood.

I will probably find my self riding through there often and of course I will see what kind of activity is on the MLS. The auction sites might have some info as well. Now its learning by the roads and on the computer.

The interesting challenge for the investor is trying to figure out what people are going to be interested in buying or renting in the coming years or months. Being able to either move the property or get it rented. Many people are choosing to stay on the side lines while some are jumping in head first.

Many investors are back in the market looking at the REO's again. It would make sense to buy a fixer upper now and have it ready for a June July sale.

I just got a call from the realtor representing the property I am buying. They are diligently working away at the bank to OK the short sale offer I made and it looks like it is going to go through. Nothing definite yet but it looks good so far. My only concern is that this property has a septic problem that the previous owner threw in the towel on. Now it my be that the spread of the price I am paying compared to what he had already put in it is great enough to make the price of the septic worth it. but I really will not be able to know for certain until we start working on it. It also needs a new roof and I am sure a few other things that I can not yet see. but hey, that is the adventure, and I am ready to begin.

searching

I have been searching the MLS for properties with the intent of getting into either a fix and flip or a buy and hold and rent property. I have a pretty good idea of the locations that I feel I need to look in based on price and resale. Many of the properties that are listed as Foreclosures or REOs are in fairly poor condition. In most cases this would not be a problem as I intend on fixing most everything up anyway. I figure as long as mold has not set in and there were no major structural problems, than as long as it can be purchased at a good price, I can afford to fix it up.

I looked at a few places in several different neighborhoods in the Jacksonville area. Some are concrete block construction others are brick or wood. Most are on slabs but some are off grade. Each on has its advantages and disadvantages. With Florida being so humid, concrete block structures do not have the same climate problems or WDO problems a wood structure would have.

One investor I talked to had a page or two on his clip board and as he roamed the house he would check off pre-priced items. So by the end of his walk through he had a pretty good idea of what the project would cost. I have since adopted this policy.

What are some of the benefits that I bring to the table as a buyers representative.

1. First we need to evaluate the customers specific needs, desires. Working with the customer to find the property that fits all personal and financial requirements.

Since we all know that there is what we want and what we can afford and often times these are two different things it is a goos idea to know from the start what you can afford in todays economy.

2. Assist in establishing a relationship with an experienced lender. I have several lenders that I have worked with over time so I can help find the person who is the right fit for your situation.

3. Create property searches and auto searches on the Multiple Listing Service which will keep you up to date on the properties that fit you personal requirements.
If you are one who likes to run your own internet searches, I will set yo up with a Listing book account that will enable you to search on the MLS and change the parameters of your search as you go. Giving you as much flexability as we have to search properties.

4. Showings. Property showings. The showing always seems to be an interesting lesson in individual choice. Some customers like to be told everything that is going on around them and given a tour and some like to observe on thier own and just have me around to answer questions. I try to be sensative to the needs of the individual I am attending to a the time.

5. TBA