Real estate owned

A couple of months ago secretary of HUD Dr. Ben Carson was asked about REO And many people at the time including me believe he confused it with the cookie, Oreo i now believe he confused it with another real estate acronym which stands for other real estate owned.

Now I don’t expect Dr. Carson to know much of what about his position because he was actually thrown in to the position that he had no qualifications for and is actually more qualified to lead health and human services then leading real estate, but that’s besides the point, so let’s get into REO rates Pertaining to the benefits and possible struggles.

Real estate owned or commonly referred as R.E.O. is a term used to describe a class of property owned by a bank after an unsuccessful sale at a foreclosure auction this is most common in FHA loan.

Once it’s owned by the bank They will ask the selling agent to do a BPO (broker’s price opinion) Which is similar to a CMA(comparative market analysis) which essentially is a mini appraisal for a small fee banks will try to sell the properties at a 5% discount the only thing is the banks never set foot in these foreclosed properties so they cannot tell you If there’s anything wrong with the property nor would they want to know for example if there was leak and the homeowner just patched it up instead of actually fixing it you have no way of knowing so its important to do these thing.

  1. You have to find a HUD Listing Agent which you can find through
  2. Get your own contractor
  3. Assess the damage and calculate your risk
  4. The longer it stays on the market the cheaper it will be
  5. Properties that essentially need to be and can I be financed are the ones the banks are going to give a deal
  6. Get familiar with HUD agents

Since I am not expert Here are some individuals that work with real estate owned

Trevor Sarter, REI (@promiselandrei)

Damon Stafford (@DamonStafford):

falecia terry Or click here

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California housing bubble

The renter market in California is collapsing on itself and the real estate bubble will burst within the next year.

California ranks high on everything housing to transportation. When living in the Bay Area I lived with a friend and 16 other people I only had to pay $400.00 a month with full amenities and to get to work I had to $198.00 to get to work a month now that’s a good price for California but other people weren’t so lucky.

SRO
$833

micro studio
$1100-1600

studio efficency
$1400

1 bed room
$1895-3600

the cheapest rentals are actually hard to comeby and there are some who are renting rooms for 1100-1500 for A Room. this is all in the city if you live in south of sf it gets cheaper but your further away from civilization and transportation think Jamaica Queens,Westchester New York and Castile hill in the Bronx. It’s gotten so expensive in San Francisco that it’s become a corporate housing town so unless you you work for a corporation like The major social media companies you’re going to find a hard time finding a place it gets worse as you go to east and South Bay Antioch and Oakland are getting more and more gentrified with hilltop being its next target you still have outer cities/ micro towns like el sobrante, San Pablo, north Richmond, Pinole, Hercules, rodeo, Vallejo, Middleton Fairfield and Antioch’s micro cities.

Since The housing bubble is bursting along with the renters market start investing in Foreclosures and rental property Where you can build a Business CO-Op and become job creators where you can hire veterans, homeless, minorities and minors and work with communities outreach and drug rehabilitation groups to assist recovering drug addicts and single parent households.

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If you would like to learn more about real estate investing or you just want to invest in real estate check out these companies Eliances. Learn how to flip houses with Flipping houses for rookies. Go to BEE2B Real estate and Learn how you can improve your Real estate marketing with aerial photos and videos (use a drone) and Increase traffic with hilartech by using their SEO and web systems.

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