I don’t know. Might make sense if you’re the entrepreneurial sort. If you have access to a lot of cash, and are pretty smart with banks, and with real estate.
A Denver-based real estate company is betting on the market for buying and selling foreclosed homes in bulk.
Home Investment Portfolio Partners (HIPP) has purchased 144 foreclosed homes in 24 states at is estimated coat of $2.4 million. The properties’ original mortgages totaled about $7 million.
HIPP plans to fix up most of the properties, rent them and hold them until the economic cycle improves â€“ probably two to four years, says HIPP president Christian Hageseth.
What’s the risk? Well, obviously, that you overpay. Obviously, they are buying the properties at a deep discount, but, you have to wonder if these homes were worth what they were bought at, to begin with. Plus, it says the company “plans to fix up most of the properties” – that doesn’t sound good.
And, does anyone really like being a landlord?
If you think you might be interested in this sort of thing, let me know. I can put together a list of possible properties.
Source: Company Buying Foreclosures in Bulk – By Margaret Jackson, The Denver Post, by way of Realtor.org