Spyglass Realty and Investments is here to help you with our "Weekly Top 10 Foreclosure Listings" available for Dallas, Texas and Austin, Texas. Simply provide your first and last name, email address and which city (Dallas, Austin or both), you would like to receive weekly foreclosure listings on. We follow all Privacy Practices*, so your information is safe and secure! You may email me at the follow address: Chris@spyglassrealty.com or you may simply respond to this Blog posting!
Thank you and happy house hunting,
Chris Hyzy
Spyglass Realty and Investments, LLC
Realtor - Dallas/Fort Worth Foreclosure and Investment Expert
Spyglass Realty is a specialty service focused on residential income property. Through our rich understanding of this highly nuanced market we offer investors two different products.
Products
* Multi-family Property Investment: This product ranges from single-family residential income property with one tenant, to duplexes, fourplexes, and in some cases slightly larger properties. This tends to be a turnkey investment.
* Foreclosure Property Investment: This product features single-family foreclosure residences. These days it seems everyone is getting into real estate foreclosures. Every other channel is “Flip This” and “Flip That.” The truth, it’s not that easy. The good news, we can help and investors have a lot of options. Foreclosure home inventory has almost doubled since last year and by all measures will likely continue to increase.
Most of the homes we focus on need minor cosmetic renewal. When we tour properties with investors we keep a constant eye out for major structural issues. Although we are not inspectors, we have a keen eye for identifying the red flags associated with costly repairs.
Often, new investors see foreclosures as huge projects involving tens of thousands of dollars and weeks of repairs. This is simply not always true. We know that rehabbing a property can be costly but we believe in leveraging capital.
The average repair costs for investor properties we close range from $6,000 to $10,000.
A typical formula for buying a foreclosure is:
* Properties in a given neighborhood sell for $125,000 to $130,000. We’re considering a property listed by the bank for $115,000.
* The investor puts in an offer and negotiates the property to $108,000.
* The investor commits $7,000 to repairs, which usually take less than two weeks to complete. Total investment is now $115,000. Meanwhile, the management company markets the property for lease as repairs were being completed. Typical rent in this neighborhood is $1250.
* With 20% down, our investor can expect roughly $300 a month in cash flow and $10,000 in instant equity upon completion of repairs.
The scenarios vary of course, but the point is clear. This is a proven methodology for helping investors convert capital to “instant equity” in real estate.
How to Buy
Utilize the MLS to acquire property. As Foreclosure Listing Agents, we have access to hundreds of foreclosure listings. We also have established relationships with many of the agents who represent these listings, which give us a unique advantage in negotiating on your behalf. Another value-added service our clients find invaluable is our ability to evaluate properties and accurately identify required repairs. This, coupled with our list of preferred vendors who can handle any repair on any property makes the transition from purchase-to-profits, seamless, painless, and transparent.
(*Privacy Practice Notice: Your email address and interest preferences have been recorded in our database. In the future, you will receive periodic emails specific to your interests. Privacy is important to us; therefore, we will not sell, rent, or give your name or address to anyone. At any point, you can select the link at the bottom of every email to unsubscribe, or to receive less or more information.)
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