The vast majority of foreclosure auction investors pick up one to a handful of units a year at most, then either rent them out or fix them up for eventual resale. Typically they also troll for distress situations, pre-foreclosures and "ugly" houses. But John Helmick, CEO of fast-growing Gorilla Capital in Eugene, Oregon, takes a very different, high-volume approach that can be summarized in five points: Buy big -- 150 or more foreclosures a year - but only by cherry-picking houses that have maximum potential for immediate turnaround and sale to retail home buyers or investors within about 60 days. Have dedicated crews of contractors ready to go at all times to paint, lay new flooring, and repair whatever's broken. Fix up costs should not exceed $5,000 to $15,000. Provide seller financin...
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