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There are many different approaches for getting into real estate investing. There’s no wrong way to begin, but buying your properties under market value is the key to high return on investment. One way to find properties under market value is by bidding on HUD homes.
On this episode of Investing in Real Estate, I’m sitting down with real estate investor, author, and educator Larry Goins. Larry is one of the largest HUD property buyers in the Carolinas, and he also invests in 12 different states. On today’s show, Larry is sharing his insight into the world of purchasing HUD homes!
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Larry Goins has been investing in real estate for over 20 years. He encountered his first HUD deal in the 1980’s. Since then, he has loved working with HUD homes. Larry explains that what he loves about HUD homes is that he never has to worry about bandit signs or direct mail; all HUD deals are conducted online.
All HUD bids are made at hudhomestore.com. It is the only place to buy HUD homes. Typically, there is a 15-day bidding period that is open only to owner-occupants. After that, anyone can bid on the home, including investors.
HUD is a daily auction, and Larry bids on houses every day. All bids must be submitted by an agent, and the agent must be qualified. In order to submit a bid, the buyer must make an offer in writing, submit a deposit, and provide proof of income.
Although HUD properties are already listed slightly below market value, Larry explains that often investors can have even lower bids accepted. For example, in one of his recent deals, the property was listed for $76k. Larry's bid of $26.6k was accepted, at 35% of the asking price! Larry posits that he has found there is a sweet spot to getting offers accepted—which is typically 60-75 days after the property has been listed.
If you’re interested in learning more about HUD housing, you’ll want to pick up a copy of Larry’s book, HUD Homes Half Off. Larry has graciously offered a free copy to our listeners; you can download yours here!
On today’s show, Larry is sharing more details about his investing career, and how to get started purchasing HUD homes. He’ll share the benefits of HUD properties, the cost of a deposit, and how financing works. It’s all here on episode 146 of Investing in Real Estate!
If you’re ready to begin building a passive income through rental real estate, book a FREE call with our team today. We’re ready to talk about your goals and want to help you learn more about earning legacy wealth for you and your family.
On this episode you’ll learn:
Where is the only place to buy HUD homes?
What is a property condition report?
What is an NAID number?
What do you need to submit a bid on a HUD home?
And much more!
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