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Old 08-15-2007, 10:54 PM
 
Location: Little Canada
18 posts, read 83,869 times
Reputation: 27

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Everyone has heard about the big forclosure market were in, but not many have really taken a close look at what that means for buying homes. This is the best time in history to invest in property. Some areas have a better return than others. 1st time homebuyer areas have been hit the hardest; North End area (Rice Street), parts of Maplewood, No Saint Paul and the East Side of Saint Paul. I personally picked up an all brick two story on the East Side, that needed minimal fix up, that sold in 2004 for $150k. I paid $82K for it just a few months ago. After only two weeks on the market I had an offer for $175K. I am ready to do it again. And will soon.
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Old 08-19-2007, 02:09 PM
 
26 posts, read 83,987 times
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what are your sources for foreclosure listing (other than on-line paid websites that sell listings) ?Please let me know (if it is not a secret). I would like to find a foreclosure with equity in Chaska, Cologne area.
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Old 08-19-2007, 03:30 PM
 
Location: Lakeville, MN - 4th nicest place in the nation to raise a family
285 posts, read 1,134,468 times
Reputation: 104
As a general rule, foreclosures on the MLS are not a good deal. Here's why:

I deal with bank owned properties myself, and have sold quite a few over the years. When I get a list of properties from the bank to put on the market. I offer the very best deals to my investor/buyer clients first. Everyone does this - bank owned properties are already picked over by the time they hit the market.

As far the best areas in St. Paul, I think there are some prime neighborhoods. When I consult with my real estate clients on the future of an area, what I'm giving them is my data from contractors in the area. I maintain a thick network with many tradesmen and renovation companies in the area. I want to know what people are spending on their homes in a particular neighborhood. The more money people are willing to invest in their home, the more likely it will remain a nice neighborhood. Follow the money - and it takes good relationships with contractors to know that.

Every Friday morning, I buy breakfast for a whole room of contractors just so I can get this information. Plus, I get to have a great breakfast on Friday morning, to boot!

Specifically, I've seen money spent in certain neighborhoods in Merriam Park and Midway. Let me know if you need further details.

Robert
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Old 08-19-2007, 10:41 PM
 
26 posts, read 83,987 times
Reputation: 26
do you deal with properties outside of St. Paul? I am very intersted in foreclosures, but would like to deal closer to home, we live in Chaska/Carver area. Do you ever get hobby farms as part of foreclosures? Please let me know more details
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Old 08-20-2007, 03:04 PM
 
Location: Lakeville, MN - 4th nicest place in the nation to raise a family
285 posts, read 1,134,468 times
Reputation: 104
Hobby farms? Not so much - and that's because hobby farms are such a small part of the home market now, that small percentage carries over as a super small part of the foreclosure market. Make sense?

And yes, I know the folks that serve the bank-owned markets in Chaska. I'll give them a call today.

Robert
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Old 08-20-2007, 10:53 PM
 
Location: Little Canada
18 posts, read 83,869 times
Reputation: 27
My information is right from the source, I do real estate as well (11yrs) and these numbers are not unrealistic- nor are all the "good ones" picked over before they hit the market.

I focus my business in the East Metro, but obviously the foreclosures are everywhere right now. There is a high number of these properties in the 1st time home buyer areas due to the median income of those area. There are more than 150 single family properties available in Ramsey County under $100k as of today. I'm not posting this to make a sale, just to make a difference (notice the pen name). Most of the properties that are in this price range are not for your average handy person. I think the general public shys away from the properties that have been on the market for a considerable amount of time, but don't forget they were probably priced much higher when they first went on the market and you don't forget you don't have to offer list price when making an offer.

In regards to the property we purchased; we did have licensed plumbers, electricians and heating people. We invested a total of under $100k with purchase price, fix up and selling costs- did I mention we sold it for $175K. Those numbers speak for themselves. Don't knock it until you take a look for yourself or you may miss out.
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