Last night at the monthly Real Estate Investment Association club meeting our speaker was Allie Jackson, he is an accountant and Insurance guy, and he was Great!  Our group is a very diverse group of investors that range form wholesale investors to 30 year vets.  So when we get the opportunity to as tax questions to someone like Allie that has over 30 years experience well we really put him through the ringer, and he passed with flying colors.  If anyone is looking for someone that is a professional to complete your taxes I would suggest giving Allie Jackson a call at 859.331.5333. 

Are the bank owned properties really such great deals that everyone will like to think they are?  Well, it really depends on several factors.  Let’s look into and see what you think.  First, you need to consider the condition of the property; I’ve seen bank repo’s that I could move straight into.  On the other hand I’ve seen properties in such horrible condition I’ve had to sign waivers just to enter the mold infested *&%# hole.  The next consideration would be how handy are you (or your willing friends & family).  If you need to have the entire house rehabbed, and you pay a professional service for everything well it just might have been a better deal to purchase newer home that didn’t need much. 

Another very important factor of course would be how can you purchase the property for, if you can purchase the reo, then rehab/repair the property to or just above neighborhood standards and you are still 10% or more under the current market value of the area then purchasing that ugly house would be worth the extra headaches.  If you are a project type do-it person bank owned properties could be a good home purchasing choice.  To view foreclosure style homes go to nkyforeclosureshop.com  

Thanks,

The start of 2012 brings us into a New Year with what I see to be a great time to purchase a property.  Not joking around being the sales guy, the interest rates are right now hovering around 4%.  This year should bring out more of the bank foreclosure inventory.  I was told that the foreclosures were down about 25% in the Northern Kentucky area in 2011, and the expectations for 2012 is that thoughts 25% will be released this year and maybe even an increase from the "norm". 

So if you’re looking for a great deal on a house in Kentucky, this year will be the time to buy.  If your one of ones that believe in the end of the world predictions of 12/21/12 well the good news is you wouldn't need to pay your mortgage in full. Ha, anyway in planning for this year, it's on my agenda to purchase a good cash flow rental property.  Maybe a duplex or quad if I can find exactly what I want in the right neighborhood.  If not it will end up being a smaller single family house. 

So if your looking for a great deal on an invest property, a second home, first time buyer or any where in between this year is the time to purchase.  If you need to sell before buyer, well, that could be a bit more difficult but even if you break even on your current home, you have a good opportunity to capture equity in your new home really quick.

Any questions or thought? 

facebook me!