How to find the safest bank repo houses


August 11, 2017 Facebook Twitter LinkedIn Google+ Online Auction



I started this business with a buy and hold philosophy which means I had tenants and I would purchase on the fringe area of town. When I was trying to figure this business out, I had to develop an idea of where I wanted to buy.

There are areas of Springfield, Ohio that I don’t want to buy in. It’s the property that’s rougher and run down. I try to avoid places where you can hear gunfire in the evenings and things like that. I came up with the strategy of not buying in the rough parts, but I would buy right at the edge of that area. This way, the area was still quiet and nice but I could get house at a seized property auction. Just about any city has a similar set up.

So I starting buying bank repossessed homes in the fringe areas and avoided the war zones. I had safe places that were less expensive. They offered great opportunity for me. I whipped them into rental shape and generated a positive cash flow through the renters. I found ways to approach the rehab that were more economical. For an example when Kevin and I rehab bank repo houses today and put carpet in, it costs me $ 4000 for carpet, $ 3000 to $ 4000 to carpet the place.

With these rentals I found somebody who was doing business with a hotel. They would sell me a roll of carpet for $ 20.00 and then I found somebody to lay it. So I started to look for opportunities like that and that saves a lot of money.
Now that I am in the selling mode, putting in $ 4000 of carpet helps because when somebody comes in to the place I get the wow effect. The wow effect is important in sales, but rental is a different story. With a rental, if somebody comes walking in the $ 4,000 carpet might be a little bright for them. I’d try to stay with like a neutral brown or something. Darker colors were also good because the renters didn’t mess them up.

This 20 dollar roll of dark carpet could be put in easily and if they tore it up in a year or so, I could put another one in with relative ease. I just pulled it out, put another one in.

To review, what I did was purchase bank repossessed homes that were safe at a low price and I fixed it up very inexpensively. This saved me a lot of time and was good for the bottom line.

E. Alan Cowgill is the owner of Colby Properties, LLC. and President of Integrity Home Buyers, Inc. Since 1995, Alan has bought and sold hundreds of single family and/or small multi-family investment properties in Springfield, Ohio. Alan uses Private Lenders, not banks, to fund his real estate purchases. By doing this, he has created his own private bank of ,000,000 in funds. Alan looks for situations where the seller, the lender, and the eventual homeowner can all “Win”. He is not a Realtor, but a Private Investor, author, consultant and national speaker. He has been asked to speak on the topics of ‘Investing for the Beginning Investor.’ and ‘Finding Private Lenders.’ His home study system, ‘Private Lending Made Easy’, shows new and seasoned real estate investors how to find private lenders for their own real estate business.

His website is http://www.supercoolsystems.com

1 of 3 NYS Child Support Seized/Repo & Secured Creditor Auctions 11-21-15  Scott Perry & Co.

Auctions Saturday November 21, 2015 at 2150 Liberty Drive, Suite 9, Niagara Falls, NY 14304. Auction doors open at 8:00 a.m. with auction starting at 10:00 a.m.

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