Hey UO family... myself and three friends are pooling all our assets and creating an LLC to start purchasing homes and rehabbing them... we ARE NOT flipping houses but rather intend to rent them out for residual income and grow the business.  Just signed a contract to purchase a foreclosed home on Woodlawn Avenue in East Cleveland as well as considering a few others in the area. 

 

My question is this: This lady I met was able to purchase two homes from a bank for $2,000.00 each that needed little rehab... does anyone know how to obtain advanced lists of this nature?  Any ideas what so ever I am all ears.  Thanks in advance for your suggestions... trying to get off my ass and put my money (not much) where my mouth is and help this city.  I figure there isn't a better time to get into the market.

You need to find a Real Estate agent you would like to work with extensively - they can provide you lists for free, plus as a buyer, she works off commissions.  I might also targeting a certain neighborhood for entry into the market, then become a neighborhood expert, so to speak.  I think as you "enter" a neighborhood, over time you'll find opportunities will present themselves without you really having to look.

Also, use your bank.  My apartment was a foreclosure and the bank steered me to it because I wanted a house I could rehab.

Realtytrac has extensive listings of REO properties.  You can also check the County Sheriff's office for Sheriff's Sale listings.  Finally you can try the local CDC, though they are likely to be suspicious, and with good reason.  There're a lot of shysters out there looking to pick up homes for cheap!  But with the system completely overwhelmed with abandoned homes, they may be willing to help.

Thank you for all of your suggestions, it is very much appreciated.  I am looking to turn a profit but I would not consider myself a "shyster" though I would be the first to say there is a VERY FINE LINE. 

Thank you for all of your suggestions, it is very much appreciated.  I am looking to turn a profit but I would not consider myself a "shyster" though I would be the first to say there is a VERY FINE LINE. 

 

Personally I would look in a neighborhood on the rebound or preparing for a rebound.  Example Fairfax or Hough.

Where were the houses bought for $2,000 located if you don't mind me asking? Also, if you know the addresses of the houses she bought do a Google search and see if you can come up with something. That might lead to the link of some foreclosure website or realtor's website not is not widely known and may be where she found them.

Near Union Ave I think.