The Art and Science of Find homes to renovate and sell fast

April 10, 2012 By realbiel Leave a Comment

In a fast moving market it may appear difficult to find the ideal home to fix and flip. The same property that you find could also be seen by hundreds of other investors with same objective. Unfortunately the competition for the house could cause a bidding war. We see bidding wars in times of appreciation and also during times of recession. In fact in the current market many out of work builders and contractors could who you are bidding against!

Our experience in the acquisition of hundreds of homes we have found that in any market there is always an opportunity to find a great home to renovate and resell. You may have to be more disciplined and more creative but there is always opportunity. In the current market we see a limited supply of Bank Acquired homes to choose from. In order to work from the limited supply it pays to create a system that allows you to see every home that fits your criteria that shows up in mls. This can simply be done by asking a Real Estate agent to create an automatic search. As the homes hit the mls you will receive a notification that a new home is on the market.

The automatic email search can be set up in a more sophisticated way then just a general search. Some of the techniques we use are to have the mls show us the lowest price sqft that comes on the market. Another techniques is to create multiple searches using geographic areas. Each target geographic area could have a unique price point that you want to identify. One can also set up a search to identify homes that are newer or older. Each market niche will have a price point that allows the recipient of the email to identify a great opportunity. In Arizona the mls system also allows the consumer to set up a portal. The portal can then be loaded up with custom searches that allow you to see the best opportunities.

Besides just having the alert of the new property hitting the market the next step is to set up a schedule of previewing the home. Previewing distressed mls homes is the one of the key ways to find hidden Gems in the rough. By previewing homes you will find tpically amenities not listed in the mls sheet. I have found undisclosed guest houses in the back yard, extra bedrooms and garages. Frequently you find extra square footage not picked up by the assessor in the mls listing. It is this knowledge that gives you a key competitive edge over the competition.

Previewing many homes can get over whelming. I recommend that you use a preview sheet and a camera. Make notes on the property as soon as you see it. Make notes as to your estimate of renovation cost and over all retail price. This information will be invaluable will you start making offers. In addition many homes will have a first time buyer first look before investors can buy. If you create a spreadsheet and monitor these dates you can have an extreme competitive edge over those less organized.

The last step is to make offers. Make lots of offers and track your results. Real Estate is a pure numbers game. If you miss one opportunity another one comes up. Fix up homes are like buses if you miss one another once comes around the corner!

One hot tip you show know…The National Association of Realtors has labeled Tucson Arizona as one of the best places to invest in usa.

Daniel Biel has been working with investors for over 20 years in Tucson Arizona

How to Buy Hud Homes in Tucson

September 29, 2011 By realbiel Leave a Comment

HUD Homes are homes that have been acquired by the United States Government. These homes can in most cases be financed by FHA loans. Currently FHA requires a 3.5% down payment. In Pima County in 2011 there are multiple down payment assistance programs to help first time buyers and those buyers that have not owned a home in the last 2 years. One program offered by Family Housing resources allows first time buyers that are income qualified to buy a home with only $1000.00 down. In addition the City of Tucson has a Bond program that allows purchasers to get a 3.75% interest rate as of Oct 1 , 2011.

HUD homes are inspected by the seller and a report is provided to the buyer. HUD homes in Tucson and Pima county are purchased by a bid over the internet. Buyers need to use a licensed Real Estate agent and a real estate brokerage company that is certified to sell HUD homes. The paperwork and bidding system is very unique and it is best to find an agent that has the background and expertise to process a HUD home. HUD homes can be great buys because the seller reduces the price on a schedule until the home sells. By tracking the price and understanding the marketing process of HUD homes one can identify excellent purchases.

HUD homes also can be great buys for investors. HUD gives owner occupants the first right to buy the home for the first 30 days on the market. After 30 days all buyers may place a bid on a HUD home. Some HUD homes are not finance able by FHA loans and due to repairs owner occupants may not be interested in these homes. These homes can be purchased by investors often at greatly reduced prices. The Distressed home can be renovated, then rented or often times sold for a profit.

A great source of Bank and distressed real estate plus HUD homes in Tucson AZ can be found at www.TucsonGrants.com

services offered by Biel Team.

Filed Under: Down Payment Assistance, Featured Properties, Renovators, Tucson REO Homes Tagged With: Biel Team, city of tucson bond program, Down Payment Assitance, HOw to buy HUD homes, HUD, HUD homes tucson, investors, Pima County Bond, reo, reo tucson, tucson bond, tucson grants

Down Payment Assitance Seminar

September 14, 2011 By realbiel Leave a Comment

How to Get Down Payment Assistance

Up to $7500 Assistance !!

You are invited to a Free Seminar – Thursday, Sept 22, 2011
from 7-8:30 pm Realty Executives, 6640 N Oracle rd

(East side of street at the corner of Casa Adobes/ Oracle rd)

At this informative event experts will show you how first time buyers and those individuals that have not owned a home in 2 years can purchase homes with below market interest rates and down payments at only $1000.

Find out how to buy Bank owned property , HUD Homes and below market Real Estate at payments
below rent. Payments as lows as $450.pi a month plus tax and insurance.

Dan Jansen and Rahbn Rankin from Nova Home loans are special guest speakers that will actually show you how to get qualified, fix some credit issues and let you understand how to get this special assistance for
down payments!

Courtney Price - Buyer Specialist of the Biel Team will help set you up on her “Steals and Deals List” of below market homes in Tucson. Yes you can buy like an investor and get 30 year historic low interest rates!
Homes starting as lows as $50,000 …plus a brief introduction on 203 k renovation loans. Yes, you can put in the dream kitchen or new A/C with only a low down payment and finance the renovation in the loan..Courtney makes buying a home fun and exciting plus provides “World Class Service” !

Dan Biel, Investor Specialist will share with you techniques for finding these exceptional opportunities in these homes. Case studies of how we buy homes way under market. Plus what you must know about HUD homes and why this may be your best source for a great home.

Seating is very limited and first come first served by RSVP to guarantee your seat. This will be a small group where you can get your questions answered and expert advice on the best down payment assistance program
for you. PLEASE RSVP www.tucsongrants.com

Sample Home: $1000 down-$465 MONTH P.I 30 YR fixed 4.79% annual percentage rate.
Please fill out the form to get details ..
You will need a credit score of 600 or above-lender on hand to help you check your credit and qualify you for the program.

Filed Under: Down Payment Assistance, Featured Posts, Seminars Tagged With: Bank reo tucson, Biel Team, Daniel Biel, down payment assitance tucson, FHR, IDA Bond money Pima county, Tucson Hud homes, tucson real estate

IDA Bond Program creates Down Payment Assistance for Tucson Buyers

August 30, 2011 By realbiel Leave a Comment

The Industrial Development Authorities of the City of Tucson and of Pima County have joined together to provide a mortgage Loan Program t ehom City of Tucson and unincorporated Pima County.

3.5% interest rate Mortgage Revenue Bond Program

PLUS Up to $8500 in Assistance for down payment

The City of Tucson and the IDA non-profit have joined together to offer the Mortgage Revenue Bond Program. First time buyers may to get up to $8500 down payment assistance and closing cost in the purchase of a home.

Purchasers must be an owner occupant and a US citizen. Currently at the time of this post the interest rate is an extremely attractive rate of 3.5% on a 30 year fixed rate loan.

A workshop event will be held at Real Executives

6640 N Oracle rd. on Wednesday , Sept. 7, 2011 at 6640 N Oracle rd. 7-9 pm Seating is very limited so please rsvp in advance. Special Guest speaker Rabn Rankin with Nova Home Loans will explain the qualifying process. Courtney Price -First Time Buyer Specialist and Daniel Biel will also present Bank owned real estate that can be purchased with with this program.

520 850 8080 to rsvp or bielteam@gmail.com

MRB ASSISTANCE – $8,500 in down payment assistance

Used with Mortgage Revenue Bond loan (MRB 3.5% 30-year fixed rate)

Homes may be located in Pima County and the City of Tucson

First time home buyers only

NSP AREA ASSISTANCE – $7,500 in down payment assistance

For homes located in the NSP-2 and NSP-3 target areas only (attached)

HOME ASSISTANCE – 5% of purchase price; minimum $5,000

Homes may be located in Pima County and the City of Tucson

Certain Income requirements are applicable- Purchasers income must be less than 80% of the median income for the area.

For those individuals that have income that exceeds the maximum income for down payment assistance may still benefit for the 3.5% below market interest rate. On this program there are also income requirements . Purchasers that have for 1-2 persons the maximum income is $71,520 or $72,960 in a non-target area.

Families of 2 or more persons the income requirement is $88,440 in non-target area and $85, 120 in target area.

The program has identified 19 target areas where buyers can buy who are not first time buyers. First time buyers for this program are defined as those buyers that have not purchased a home in the last 3 years.

Purchasers may use FHA, VA USDA, Freddie Mac or Fannie Mae Financing.

This is an exceptional program designed to stimulate the Housing market and provide an opportunity for individuals to buy a home without a large down payment. Family Housing Resources (FHR) a Tucson non-profit is the facilitator of this great program.

For more information contact contact Biel team 520 850 8080

Approved Lender list as of August 29, 2011.

Bank of America

Chase

Fairway Independent Mortgage

K. Hovnanian American Mortgage LLC

National Bank of Arizona

Nova Home Loans

Peoples Mortgage

Prospect Mortgage

Suburban Mortgage

Sunstreet Mortgage, LLC

Universal American Mortgage

Waterstone Mortgage

Wells Fargo Mortgage

*First-Time Homebuyers include those who have not owned a home in the past three years. Veterans are not required to be first-time homebuyers. This program is made possible by The Industrial Development Authorities of the City of Tucson and Pima County.

Filed Under: Down Payment Assistance, Tucson REO Homes, Uncategorized Tagged With: Biel Team, Chase, chicano por las causa, City of Tucson, Courtney Price, Dan Biel, Down Payment Assitance, Family Housing resources, FHR, IDA Bond program, Nova Home Loans, Rahbn Rankin, Realty Executives, Tucson, wells Fargo, wells Faro

Tucson Named top 10 Sickest housing market

August 8, 2011 By realbiel Leave a Comment

A recent article in the Wall Street journal named Tucson AZ at the top of the list on sickest home markets. There is no doubt that Tucson AZ has a large inventory of foreclosed homes and short sales on the market. This particular survey was based on vacant homes, and homes available for rent that were vacant. Its apparent though if you look at the data that was presumed used the statistics included non-owner occupant homes that are actually vacation homes. Tucson has a large inventory of homes that are owned by “Snow Birds”, individuals that escape Tucson in the summer and only visit in the Winter.

A look at metropolitan areas like Phoenix and Las Vegas will quickly show that Tucson is in far better position in the foreclosure recovery issues. The large inventory of foreclosure homes and low price in these cities are in a much more precarious position then Tucson AZ.

In evaluating the health of a city in the foreclosure crisis there are many factors to consider besides the number of vacant homes.

For example what is the median home price?

What is the amount of inventory available in terms of ” months of inventory?”

What is the amount of time on the market of a typical reo property?

It is true though that the Tucson Market has exceptional priced homes for investors and first time buyers. It is not uncommon to have 10-15 offers on a well priced Bank Reo property. This indicates that cash buyers and first time buyers believe that the market may have come close to the bottom. Another indicator that homes are well priced is to look at the replacement cost of a new home. For example if a home is priced at $60,000 and it was build in the year 2007 what would it cost to build that house today? If the cost to rebuild is dramatically higher in some cases double this may indicate at the very least when the new home market returns the newer homes should rebound faster.

Filed Under: Tucson REO Homes, Uncategorized Tagged With: top 10 sickest housing markets, tucson forecosure market, Tucson REO Homes, Tucson top 10, wallstreet journal tucson

$1000 Down Now Available for AZ Home Buyers!

August 7, 2011 By realbiel Leave a Comment

Non Profits are now offering First time home buyers and those individuals that have not owned a home in the last 2 years special down payment assistance. Purchasers can get into a property with as low as $1000 down payment! Certain conditions apply including passing a credit test , and income qualifications.

Family Housing Resources is one non-profit in Tucson Az that offers such a program. In Rio Rico and Nogales first time buyers have access to a select group of homes in the NSP 11 Neighborhood Stabilization Program. Chicano Por La Causa, a non profit has been purchasing homes in Rio Rico and Nogales and then renovating the homes . The fully renovated homes are then offered to the public with up to $15,000 subsidy to the purchaser. Combined with the low down payment offered by USDA loans a home buyer can get into one of these homes with as low as $1000.

Its in the news, prices have crashed in Bank owned properties in Tucson Rio Rico and Nogales. Newer homes are now priced in many cases 50% below replacement cost. Its not uncommon to find a home that would cost $180,000 to replace in today’s construction cost for as lows $90,000. Individuals that plan on owning a home over 5 years would be wise to take advantage of home buyer assistance programs.

The increase of foreclosures and a short moratorium on foreclosures insures there will be a steady stream of opportunities for Home buyers in the near future. CPLC a non profit in Nogales expects to offer many homes with up to a $15,000 subsidy for home owners that currently do not own a home.

Home buyers can see the daily opportunities that hit the market. Hud homes and Bank Reo Properties are the best opportunities to search for substantial equity on homes. Smart home buyers may be able to use down payment assistance to buy homes with subsidy also. The Biel Team tracks Bank owned properties that may be excellent candidates for first time buyers.

In addition Buyers that live in Rio Rico or Nogales may be interested in getting a list of NSP homes. To obtain such a list send us email at bielreo@gmail.com

REO Bank Owned Homes List

By watching the daily inventory and tracking Bank owned property one can find these unique opportunities.

Filed Under: Featured Properties Tagged With: $100o down tucson, $15000 subsidy rio rico, Chicano Por La Causa, chicano por la causa nogales, CPLC, down payment assistane, Family Housing resources, foreclsoures rio rico, Nogales first time buyer, reo rio rico, rio rico nsp 11

HUD HOMEShttp://www.realbiel.com/wp-admin/link-manager.php

July 12, 2011 By realbiel Leave a Comment

HUD homes are now offered at great prices. HUD has many programs including priority for owner occupants. Many HUD homes are in move in condition. Some HUD homes need a lot of work. HUD homes are offered for sale in MLS and also at the HUD HOME STORE.

Owner occupants have the right to purchase HUD homes in the first 30 days. After the 30 days is up investors can place a bid on a HUD home. Some HUD homes are insured , which means that FHA will offer a loan on these homes. Other HUD homes are sold in “as is condition” and may not be financed.

Investors can see the daily opportunities that hit the market. Hud homes and Bank Reo Properties are the best opportunities to search for substantial equity on homes.

REO Bank Owned Homes List

By watching the daily inventory and tracking Bank owned property one can find these unique opportunities.

Filed Under: Uncategorized

Investors get dramatic cash on cash in 2011

July 11, 2011 By realbiel Leave a Comment

Recent market conditions now allow investors to get cash on cash on rental property. The REO inventory now includes homes built in 2000 or newer at record low prices. For example in Tucson homes can be purchased that are 3br -2ba and built after 2004 2004 at prices lower than 90k . These low prices now allow investors to get cash flow. It is possible to find a home priced under $65,000 ready to rent. Rents for 3br 2ba range for $800 to $950 allowing the investor to get cash flow with a reasonable down payment.

Investors can see the daily opportunities that hit the market. Hud homes and Bank Reo Properties are the best opportunities to search for substantial equity on homes.

REO Bank Owned Homes List

By watching the daily inventory and tracking Bank owned property one can find these unique opportunities.

Filed Under: Arm Chair Investors, Featured Properties Tagged With: cash on cash tucson, reo inventory tucson

Prices Crash-Savvy Investors Strike

June 14, 2011 By realbiel Leave a Comment

Its in the news, prices have crashed on Bank owned properties in Tucson and Phoenix. Newer homes are now priced in many cases 50% below replacement cost. Its not uncommon to find a home that would cost $180,000 to replace in today’s construction cost for as lows $90,000. Savvy investors are purchasing newer homes for long term holds. The game plan is to hold the property for a minimum of 5 years and ideally 10 years. When the housing market returns and inflation escalates there will be dramatic equities in these home after a decade. Newer homes can be purchased in Tucson for as low as $60,000 featuring 1300sqft , central AC and garage. Some of these homes need fix-up though in many cases the renovation is under $7,000 to have the house in like new condition. The inventories of available homes in this price range changes weekly. Its is not uncommon to have as many as 7 to 14 bids on a below market bank reo property. Purchasers are bidding the price up sometimes $10,000 over the asking price.

The increase of foreclosures and a short moratorium on foreclosures insures there will be a steady stream of opportunities for investors in the near future. The key to this market niche is to identify homes that are in high demand and will rent quickly in this market. For example a 4 bedroom home will rent much faster than a 3 bedroom home. Newer homes close to amenities are always more attractive than older homes without amenities.

Investors can see the daily opportunities that hit the market. Hud homes and Bank Reo Properties are the best opportunities to search for substantial equity on homes.

REO Bank Owned Homes List

By watching the daily inventory and tracking Bank owned property one can find these unique opportunities.

Filed Under: Phoenix REO Homes, Renovators, Tucson REO Homes Tagged With: rent homes, reo bank properites tucson, Tucson foreclosures, Tucson Hud homes, tucson real estate

Featured Property Test

June 13, 2011 By realbiel Leave a Comment

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Filed Under: Featured Properties