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Dear Hank,
Thank you for forwarding the promotional email to me. Its idea is very good, but they have not done it well. If they could have the idea I put in my "America Poor Folk's Egold," they would be able to it much better to the poor and the nation.
The promoters pick up a foreclosure, fix it up and sell. They are doing the same thing as I once did in the past years, except they have manpower and money to advertise on internet. Per their website, they claimed that they have markets nationwide, it is very clear to me that they are focusing on the state of Indiana at this moment.
Are they giving you the value? Look at what area they are working on. Take their property at 1237 S. Ohio, Kokomo, IN as an example. Probably all their properties are in a depressed market. In this neighborhood, almost everybody is asking less than $30K for his properties. How could they put the 1237 Ohio a price tag of $57K and reduce it to $49K?
In the month of Novembe 2007, there were about 50 properties scheduled to be auctioned off in the City. What do you think? At least I will have a doubt: people are leaving, not moving in. Is there anybody want to pay their claimed rent of $600 a month to live in?
Well, if we have fund or manpower, we can do a lot better. There are ample opportunity to buy better properties in USA. Even in California, the great chance is right coming up over there. A lot of properties are selling at least 50% off its peak. It is very common that California properties are currently asking 20 cents for a dollar, compared to its 2006 price. Absolutely not like those past 4 years, there is a boat of opportunity coming to California. You can make a lot of money at your doorstep.
Why do you want to go to Indiana or any place on where, as I know, you've never put your foot?
Everyday I run into dozens of bargains in real estate without walking out of my house. If you are not confined yourself to a specific area or a particular house, you can find a lot of bargains in California if you treat your purchase as an investment, not a home for you to retire at this moment. It is very hard for you not to see the opportunity at the fire sale.
There is no shortage of them in any county of America. Just tell me where you want to go, I can locate it for you very easily. Say, yesterday, there is a Florida property foreclosed for $133K. The banker put it on market for $75K, then reduced to $69K and now you can have it for $35K. It is surrounded by $180K properties. If we buy it and fix it up, can we ask for $120K and sell it for $100K? You bet,
Maybe you forgot our real estate lessons out of our 20 year experience. We can make all the needed remodeling or renovation, but we can't change the community and its outside surroundings. Remember it is the number 1 rule in real estate.
ET
****** Ave, ******, FL 3****
2BR, 2BA, 1083SF - Lot/Acres:10001
Leading Bidder: Bid Now Contact: Christina *****,  | $32,500 | |
For the above Florida property foreclose court lawsuite:
H-27-CA-2007-515 Deutsche Bank National Trust v Jesse Wern ******Ave. Spring Hill, Fl 34606. H-27-CA-2007-515. Deutsche Bank National Trust. v Jesse Wern. $133029
******Ave, *******, FL 3***** , $75000 2 beds 2 baths (Note: this is the property foreclosed for $133029. I believe it was the initial asking price of $75K. Now you can get it for $35K. What a discount!)
Sheriff's Sales for Kokomo, Indiana November 14, 2007
1. 1225 East Taylor, Kokomo, Indiana 2. 1037 Springwater Road, Kokomo, Indiana 3. 1807 North Delphos, Kokomo, Indiana 4. 5837 Council Ring Boulevard, Kokomo, Indiana 5. 5565 West 200 North, Kokomo, Indiana 6. 1237 South Ohio, Kokomo, Indiana 7. 1705 Cadillac Drive West, Kokomo, Indiana 8. 3075 West 450 North, Kokomo, Indiana 9. 2862 Beachwalk Lane, Kokomo, Indiana 10.1135 South Ohio, Kokomo, Indiana 11.318 West Jefferson, Kokomo, Indiana 12.1606 North Lindsay, Kokomo, Indiana 13.1020 West Taylor, Kokomo, Indiana 14.1236 East Taylor, Kokomo, Indiana 15.1512 Bradley Road, Kokomo, Indiana CANCELLED 16.941 East Center Road, Kokomo, Indiana CANCELLED 17.9235 West 00 North South, Kokomo, Indiana 18.401 East Vaile Avenue, Kokomo, Indiana CANCELLED 19.4240 South 800 East, Greentown, Indiana 20.1021 East Wheeler, Kokomo, Indiana CANCELLED 21.4209 South Dixon Road, Kokomo, Indiana CANCELLED 22.150 West Lions, Russiaville, Indiana 23.215 Wickersham Drive East, Kokomo, Indiana 24.3662 West 400 South, Kokomo, Indiana 25.2143 South 1000 East, Greentown, Indiana CANCELLED 26.917 West North, Kokomo, Indiana 27.523 Santa Fe Boulevard, Kokomo, Indiana CANCELLED
http://us.mc532.mail.yahoo.com/mc/compose?fid=Draft&mid=1_7661_AEsxvs4AAFp0SK7RsQlCvk5t1qg&draft=1&uc=1&.rand=1198424491&da=0&ymcjs=1
The recent speech made by the mayor of Kokomo is quoted here:
As you all know, our city is facing a potential financial shortfall that could have a real and lasting impact on the services we provide to you every day.
The worst of these problems are still looming, on a very-close horizon.
But even our 2008 budget creates significant challenges for our city.
Our city's General Fund - our main operating account - will require us to take almost $400,000 out of our already-low cash reserves.
After this happens, those cash reserves will have just $460,000 remaining.
This money is supposed to serve as a cushion against unforeseen events. Independent Credit Rating Agencies, such as Standard and Poor's, say that this cushion should be about 15 percent of your annual revenue to be considered "strong."
If you have 5 to 15 percent, that's considered "adequate."
By contrast, we will have just 1.2 percent.
-- On Thu, 8/21/08, Hank **** <@yahoo.com> wrote:
From: Hank <****@yahoo.com>
Subject: Fw: INVESTMENT HOMES FROM 30K.
To: "Ed" <@yahoo.com>
Date: Thursday, August 21, 2008, 11:41 PM
Hi ET, Look at this. It's not bad, isn't it? Hank
--- On Wed, 8/20/08, Bill wrote:
From: Bill***
Subject: INVESTMENT HOMES FROM 30K.
To: ***@yahoo.com
Date: Wednesday, August 20, 2008, 7:08 AM
You have received an e-mail because you are a real estate professional or associated with a real estate professional and have made your e-mail address publicly available through various sources available to the public for the purpose of receiving communication regarding the real estate industry.
Please CLICK HERE TO CONTACT US by e-mail, or call ***-***-7700 anytime.
We value your time - UNSUBSCRIBE via our form. Responding to this e-mail will NOT unsubscribe you. www.*****************.com Great cash flow investment properties in Indiana. Homes range from $35,000 to $40,000 full Purchase Price, this is not a down payment. Rents range from $550 to $650 per month. These properties are located in Kokomo, just north of Indianapolis, Indiana. We have property managers, contractors and lenders in place. These homes make great rentals and have new paint, carpet and wood floors.  
  Please CLICK HERE TO CONTACT US by e-mail,
or call ***-***-7777 or ***-***-7700 anytime.
We have a lender who can provide financing with either 10% or 20% down payment with very low interest rates, even as an investment property. This is an opportunity to leverage the property and still have CASH FLOW. These homes are brought to you by Positive Cash Flow Homes. We specialize in finding great cash flow properties throughout the Country. www.***********.com |
Please CLICK HERE TO CONTACT US by e-mail, or call ***-***-7700 anytime.
We value your time - UNSUBSCRIBE via our form. |
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Ed-
You have a lot of good information here and much of it is true about Kokomo. However, your comment about the house on S Ohio and that most of the house for sale in the neighborhood are priced at $30K is somewhat misleading.
Over the past 12 months, the average sale price of rehabbed/good condition homes in that area (< .5miles) was $52,556 vs average asking price of $55,104 or 95%! (that is for 26 sales)
Currently there are 41 active listings in that same area ranging in price from $25K to $93.9K with the average listing price of $50,387 and a median of $49,000. Of those 41 homes, 34 % are priced less than $40K. 15% are priced over $60K and the remainder (51%) are priced from $40-60K.
As I said, you made some good points in your posting. Is this a wise investment for an investor? Maybe not! Is it a wise purchase for a first-timer or an down-sized? Could be!
Rental homes are in great demand in Kokomo! Unfortunately, out of area investors often find themselves out of luck because:
I get a dozen or so inquiries a month from out of area investors who have heard about really cheap properties in Kokomo. Most of them have the idea they can buy a $10K property and maybe slap a coat of paint on it and rent it out or flip it! NO! A $10K property is priced that way for one of two reasons - either condition or location! And locals won't touch it!
Anyone considering investing in Kokomo needs to find a good, honest realtor who will tell it like it is and watch the market for the good deals! And you need to be in a position to act immediately!
One other thing, I don't mean to have 6 agents watching the market for you! If you want the best deals and the most honest information, you need to hook up with THE agent you have the most confidence in assisting you in meeting your goals.