Create Lasting Wealth Investing in Foreclosures & Distressed Properties. Save 20-45% from today’s market value - Get FREE Foreclosure Lists & Learn How to Buy Foreclosures, Bank Owned/REO’s, Short Sale & Pre-Foreclosures!
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Due to the 4th of july holiday, there were two foreclosure auctions held the first week of July. One on Monday July 7th and the other last Friday the 11th. As expected, Monday’s sale was pretty light, but we were able to pick up a great Renton Townhome for an investor.
The property was built in 2004 and was over 1600 sqft. Similar units in the same development are currently selling for $310,000-$320,000. We were able to purchase the property for $241,800.00. 75% of market Value. Since we knew the owner had already vacated the unit, we knew our investor could do a very quick turn-around and re-list almost immediately. The investor who purchased this unit finished out an additional room on the ground floor, did some paint touch ups, and installed new appliances and he should see a pre-tax profit of $30,000-$35,000 after all aquisition, holding, fix-up and selling costs.
Purchase Price $241,800
Market Value $320,000
Equity Gained $78,200
Friday’s was a much busier day. We bid on several properties that were truly excellent deals and were able to purchase two properties for our investors. The 1st property is a 2 bedroom condo in Renton just off Sunset Blvd and I-405.
Purchase Price $120,250
Market Value $170,000
Equity Gained $49,750
The 2nd property we purchased was a very nice home in Bellevue. While the yard was severely overgrown, the home was actually in great shape. The prior owner had done some updating and left the house in very clean condition. The only thing the buyer needed to do was landscaping. Since the house has been vacant for a while the grass was about 2.5 feet tall. We purchsed the home for $355,000. The current tax assessed value is $403,000 with a market value of $450-470K.
Purchase Price $355,000
Market Value $450,000
Equity Gained $95,000
If you would like to learn how you can purchase and profit from buying foreclosure properties you are invited to attend our weekly Foreclosure Training seminar held every Tuesday afternoon at our Downtown Redmond office at 4:30 pm.
Real Estate Investment Firm
16300 Redmond Way
#202
Redmond, WA 98052
RSVP to attend
The Author: Kristian Aasgaarden
About: Kristian, one of the co-founders of Real Estate Investment Firm, brings over 16 years of industry experience to REIF. Kristian began his career in the escrow field and was an escrow closer for many years before turning to real estate investing.
This entry was posted by Kristian Aasgaarden, on Tuesday, July 29th, 2008 at 5:10 pm and is filed under Featured, Foreclosure Auction, Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response on the right, or trackback from your own site.
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