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Your Questions About Hud Apartments Listings

February 20, 2012

Paul asks…

How to select suitable HUD and REO property to view?

I am looking for a home and income, lower price bracket, first time buyer, goal to buy apartment with another to rent out at a really good price with no structural repairs necessary. I have only the weekends to view any prospects. When I use a listings service to to make an initial selection, can anyone suggest a smart way to refine my search so I eliminate what doesn’t fit yet not eliminate so many that I don’t get a choice? Eg should I consider by age/year built?
Sorry, could have done that q. a little more clearly. Its the 2 units that I want to buy at a good price, not necessarily get top rental. I am single, no kids, have own transport, want to upgrade in say 3 to 5 years.

Administrator answers:

Marianne I’ll do my best to help here, but I hope others will chime in with ideas too.
First select by type (HUD will call this single family).-residental 1 to 4 units.
Then I would go for year built. You could go back to 1970 max, but keep away from new, as competition will be fierce and all CMV.
Then, depending on your particular requirements, filter for Living area and/or number of bedrooms.

To look at a list of “best” leads, I would suggest to sort by zipcode, and get a neighborhood profile for each one in the area you feel more comfortable. You may be able to reject on the basis of the photo but I would only do that if I needed to narrow the field more.
Don’t forget to do a driveby early evenings to check out general security.

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