Hands On Real Estate Investing

It’s Foreclosure Saturday! We have a standing appointment every Saturday to meet with our Real Estate Broker and look at foreclosures. We believe the real estate market is poised to take off and we want to be on-board the rocket ship! Therefore, we are always looking. When you think of foreclosures, you probably think of properties in poor condition, and sometimes they are … In this case, we are viewing a 3 bedroom 2 bath ground floor condominium that is in good condition. It needs cleaning, paint, and minor repairs. When we entered the condominium, the first thing we noticed was the jacuzzi on the patio!

Chasing Foreclosures! The Jacuzzi Condo! Viewed a #foreclosure with a #jacuzzi #jacuzzitub on the #patio #patiolife Wonder if we should get rid of it if we win the #bid & #rent out the #condominium? Overall the #property is in good condition Just needs #cleaning #paint #painting & minor #repairs Always looking for good #rentals #rentalproperty #rentalproperties #investmentproperty #investmentproperties #realestateinvestment #realestateinvestments #realestateinvestor #realestate #realestateagent #realestatebroker #realestatetips #realestateadvice #jacuzzitime #jacuzziwithaview

A post shared by handsonrealestateinvesting (@handsonrealestateinvesting) on Sep 18, 2017 at 10:24am PDT

Since we plan to rent out the condominium, we are concerned about liability if the tenants have children. A 3 bedroom 2 bath property will attract families that most likely have children.

Chasing Foreclosures! The Jacuzzi Condo! Viewed a #bankowned #foreclosure that is in good condition 3 #bedroom 2 #bathroom on #groundfloor. #kitchen #kitchendesign has #fullsize #stainlesssteel #appliances & white #cabinetry #cabinets Just needs #cleaning #paint #painting & minor #repairs . #foreclosures #realestate #realestateinvestments #realestateinvesting #realestateinvestor #wealth #wealthbuilding #wealthbuilder #realestatetips #realestatelife #handsonrealestateinvesting

A post shared by handsonrealestateinvesting (@handsonrealestateinvesting) on Sep 12, 2017 at 9:53am PDT

The kitchen has full-size, stainless steel appliances: refrigerator, stove/oven, and dishwasher. However, the stove/oven is too large for the space so 2 of the kitchen cabinets on the left, do not open all of the way.

Chasing Foreclosures! The Jacuzzi Condo! Viewed a 3 #bedroom 2 #bathroom ground floor #condominium that is in good condition The #kitchendesign has a #passthrough & #upgraded #lightfixture #lightfixtures The #galleykitchen is small but there is a separate #diningroom Always looking for good #realestate #rentalproperty #tentalproperties #realestateinvestment #realestateinvestments #investmentproperty #investmentproperties #realestateinvesting #realestateinvestor #invest #investing #investor #handsonrealestateinvesting

A post shared by handsonrealestateinvesting (@handsonrealestateinvesting) on Sep 18, 2017 at 10:05am PDT

The 2 full bathrooms are in excellent condition. They are very clean and have upgraded vanities and fixtures!

Chasing Foreclosures! The Jacuzzi Condo! Viewed a #bankowned #foreclosure with 3 bedrooms & 2 full #bathrooms. Both bathrooms are in excellent condition! Attractive #vanity #vanitymirror & upgraded #fixtures Property just needs #cleaning #paint & minor #repairs #realestate #realestateinvesting #realestateinvestments #realestateagent #realestatetips #realestateadvice #realestateinvestor #foreclosures #realestatebrokers #realestatelife #handsonrealestateinvesting

A post shared by handsonrealestateinvesting (@handsonrealestateinvesting) on Sep 12, 2017 at 7:08pm PDT

The stickers on the HVAC indicate that they are originals, therefore we know the HVAC will need to be replaced soon.

Chasing Foreclosures! The Jacuzzi Condo! Viewed a 3 bedroom 2 bath ground floor condominium #foreclosure that needs cleaning & minor repairs. Based on the #HVAC stickers we believe #hvacsystem is the original so we assume we will have to replace if we win the #bid. Will subtract $10k from #offerprice at #foreclosureauction #foreclosurespecialist #realestateinvestor #realestateadvice #realestate #realestatetips #realestateinvesting #realestateagent #hvaclife #hvacservice #hvactech

A post shared by handsonrealestateinvesting (@handsonrealestateinvesting) on Nov 1, 2017 at 6:45pm PDT

We submitted a bid for 10% below asking price, and the bank counter-offered at 2% below asking price. At this time, we are weighing all factors … Check back for updates!

UPDATE: We decided not to counter-offer the seller’s 2% discount off the asking price. We waited 3 weeks, and the bank has now lowered the asking price by $10,000! Our real estate broker says the real estate market is “tired” after an active Spring and Summer. Therefore, we are going to wait a few more weeks to see if the bank will come down even more …

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The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.