Remodeling Real Estate Opportunities? (Santa Fe, Hope: foreclosures, mortgage, good credit)

[gseclint]

Hello,

I am a retired FireFighter and am interested in moving to Santa Fe from the midwest primarily for the weather. I am pretty handy and am interested in supplementing my income buying & renovating residential foreclosed or distresssed properties etc. Are there a generous amount of opportunities along these lines in S.F.?

Thanks

[GreatSantaFe]

In a word - Yes. Most definitely.
Longer answer: Some of these properties you're talking about will be in very rough shape and may not qualify for a mortgage. For all those that are foreclosures, the bank will want to see a pre-approval (or at least a pre-qualification) letter from your bank, or proof of funds if it is an all cash offer. For any loans, especially for properties you will not occupy, you need very good credit (credit scores starting in the 700s), and expect to pay about 1%+ over the normal residential mortgage rate.
All that being said, I helped get two such buyers some great deals this year so I know first-hand that there are opportunities out there - for the buyer who has the cash or otherwise qualifies financially. Obviously, the more work you can do yourself, the better. If you are not into tearing down walls, reconfiguring rooms, putting up sheetrock, etc., and do not have the necessary licenses for the heavier lifting (e.g. plumbing and electrical), you might want to consider buying homes that just need cosmetic repairs (new flooring, paint, cabinets, etc.).
These opportunities are available in all price ranges and, like real estate anywhere, will depend on location and condition and how highly motivated the seller is to sell.
Hope this helps.