Norman, OK

2009 is finding the mortgage industry without good loans for investors. Fannie Mae has reigned in the number of properties financed to 4 total, and no company wants to back 10% down conventional investor loans. We have an answer. The East Village is a new condo project just over a mile from the University of Oklahoma. That state school is well endowed and growing, and college towns have a regular turnover of renters, so it is not related to how the job market is doing. With the loss of jobs in the U.S. this is an important point for investors because vacancy really reduces the return on investment. Right now we are offering one and two bedroom condos and lofts, and we also have three bedroom town homes with 2 car attached garages. The prices start at $78,600 and go to $180,000. Two four story buildings are up and fully rented, with a third building about to start. 16 town homes are available with 16 more under construction, and 16 will be started at the end of the year.

Then good news is that if an investor buys a unit, it is already rented, and their is no upfront management fee which saves you 87% of the first months rent. Monthly fees are 7%, and an HOA fee is based on the size unit. The financing is being done by the owner. The unit you buy will be conveyed to you free and clear of any liens. down payments start at 30% down at 7% interest, 30 year amortization schedule, and a 5 year balloon. No fees are to be charged. Cash flow is excellent and you can see breakdowns by emailing us at joe@joepryor.com, and we will send you the breakdown. We believe that waiting for the financial market to loosen up is in your best interest right now to go with owner financing. This is available to any investor outside the country, as well as U.S. citizens and residents.

Even here in Norman, Oklahoma with a pretty stable real estate market, we are seeing properties linger on the market. And after a house sits for several months, informed sellers will make a price reduction. And in the unfortunate event of a pending foreclosure or short sale, sellers will sell at just about any price they can get. Now for the silver lining: homebuyers can get a really good price on a really good home, especially if they can look past the little stuff. Some of the houses are vacant, some have had not-so-good renters in them, and some have not been taken care of very well. In tough economic times, people have to pay for food, gas to get to work, and rent or mortgage payments. They end up having little or no money to take care of necessary repairs and upkeep. Many buyers want a move-in ready home or are unable to see past the cosmetic blemishes. They miss the bargains out there. But if you have the patience and know-how, you can take one of these houses and fix it up for sell or for your own dream home. You'll need to consider the costs associated with getting the property back in livable and beautiful condition. Your Realtor can give you valuable market information so you make a well-informed decision on what to offer taking any repair and renovation costs into consideration.