I am in the Navy and am on my way back overseas. Before I go I will be in VA which is where I will be stationed when I get back. I am hopping to go house hunting while I am there. My idea is to by a forclosed 3 BED 2 BATH with fireplace for about 130000-150000. Then while I am gone I will have time to have a contractor fix it up. I do not have the ability or know how to fix anything myself.

What I am looking for is a good source of information on forclousers and recomidations on how to go about reaching my goal.

The key to success with a fixer is to be on-site frequently, if not daily, to oversea the contractor's work and to watch the details. It doesn't matter if you have the best contractor in the world or if you have a friend or family member trying to "be you" on site in your absence, this advice holds true. You HAVE to be there. Otherwise, you WILL come home to a huge disappointment with a lot of your money wasted on reno work that you hate the result.

If you feel you must buy before you go, do so, but don't have anyone touch anything until you get back and can be at the house daily during renovation. Hire a property management company to come by weekly to mow the lawn and to check that a pipe hasn't burst or a branch hasn't gone through a window, etc. and save the reno work for your return.

This message has been edited. Last edited by: Jewel,

Thank you for your thoughts, I too have worried about this. The only thing that I am worried about in this case is that the house I buy may nat be livable. I do not have the funds to rent a room and fix up a house and pay a house payment. While I am overseas I make extra money and will not have to pay rent. So at that time will be the time when I can afford to do the work on the house. Knowing this is it still a bad isea? Could the property manager manger the contruction as well?

It sounds like you are kind of new to this - but as previous poster said - construction go go absolutely, horribly wrong - and there are decisions that pop up daily that you really probably don't want to have someone else make. My suggestion is to determine your price range, work with a realtor to find a home that is NOT in bad shape to buy - and do it that way. My real suggestion is to save your money while you are overseas, and buy something when you get back. You don't say how long you'll be overseas, but the Virginia market will not have fully recovered over the next year or so - so I would focus on getting as much money in the bank as I could, and then buying something when you get back.....

In theory your plan may sound good. In reality it is not good.

A lot can happen between now and your scheduled return. To turn over a renovation to a stranger while you are out of the country spells problems. Even if you do not have the skills to do the work, you have to oversee that the work is done correctly and economically.

While in VA before leaving the country, you can scope out the neighborhoods in your price range and get a feel for them. You can also talk with a realtor or two about what you would be interested in upon your return and get one of their cards.

Foreclosures can be found through realtors, real estate signs, ads in newspapers. Many banks list foreclosures online.

Foreclosures are not always the best deal. If bent on buying a foreclosure, learn how the VA foreclosure laws work. How long can the folks stay in the foreclosed home? How long is the period of redemption (the time that they have the right to redeem the home)? Buying a foreclosure can turn into a nightmare.

In the meantime, educate yourself, save your money, and develop a plan to spend your investment wisely. Learn about home inspections, why a real estate attorney is important, title searches, surveys, building codes and permits, property taxes, utility costs, etc. By the time you get back to the States, you should be able to confidently make wise decisions. Do not be impulsive!

Bad idea...buy a home in good condition, even if it is a foreclosure. Then lock it up and go.


Don't give access to anyone, expect a trusting friend or family member to your home.

Construction workers - cigarette butts, fire. It could happen. Think ahead.

A construction worker left a tar container switch on overnight... and it burned down a brand new holiday Inn here my city.

(expect to wait for an answer if it is a foreclosure for up to 30 days or even longer) Then another 30 days for processing your loan. Do you have that extra time?

Hi, I strongly agree with those who urge you not to buy ANYTHING until you return from overseas and are ready to live there. The main reason is not that the market may worsen - though there is evidence that could happen (depending on where in VA you will be). The main reason is that it is very difficult to deal with house problems when you are far away, even if it is a house in perfect shape. What if the pipes break? What if there is a hurricane, serious storm, etc.? What if someone vandalizes the house? Insurance rates for vacant homes are higher for these reasons. And why pay now for something you're not getting any use out of? DO NOT BUY NOW.

agree = save yourself lots of money and headaches and don't start this project if you're not here to oversee it...You will set yourself up for major disappointment. You don't have to know jack squat about construction, but by being able to show up frequently will keep the workers on their toes and you getting what you pay for...

i am very particular about details and i can see a tile being not centered ruining a whole tiling job....If you're overseas who's going to catch that? And when you return....

wait til you get back to tackle this...

This message has been edited. Last edited by: out on a limb,

First of all, thank you for your service to our country.I was a Navy mom and know the sacrifices our military families make.

I think you've been given excellent advice.I would wait until you return.The housing market may be in a further slump after your deployment and you will have more options.
When my son was on the JFK (now decommissioned) he was deployed for 6 months each time, will that be the same for you?

Meanwhile, when you are able to have the time to check online keep checking the area in which you want to buy and it will keep you abreast of the market so you will be better informed when you return.

Stay safe and good luck. Stay in touch when you can.

Please do not by a fixer upper if you do not know anything about fixing up--while at sea go online at all the diffrent web sites and learn, buy some good books--the Time Life books are good referances--put all the money you can away in the bank--pay off all debt--all credit cards--get your fica score really high--then if you are planning on living in Va the rest of your life then buy a house--but the Navy will provide housing or pay a % of rent--why buy?--save all of this and live off the Navy--then when you get out of the Navy you have the money to buy a house--possible in cash--anywhere you want to live for free--but take this from someone that owns over 14 houses--all fixer upper/forclosures--I rent them--know how to do/understand anything you hire done so it is done correctly and you do not get ripped off,be there daily to over see work--do as much as possible yourself--do not trust anyone!!! Have very clear contracts--beware of buying while in Navy--you could be transfered and have the house sitting on the market holding you up at your next port--the housing market is too unsteady Good Luck

There is no way in the world I'd recommend you buy a fixer upper if you can't be on-site daily.

You may not even be in the country, let alone near-by. (Contractors don't show and leave job sites even when the owners LIVE at the house. And you want to try this when they KNOW you WON"T be AROUND?!)

Now, if you want to buy a house for you (that doesn't need work) to rent out while you're not home...MAYBE. And even that is a big MAYBE that I wouldn't recommend.

If you do that, you need someone who would care about your money and home like YOU would. And I don't mean the rental manager. (Heck you can't even count on some FAMILY members to be as responsible with money as you are.)

The tenant may not know you're no where around, and WON"T BE, for Gd knows how long -- but the manager will. Who's to say he/she won't slack off, move and have to turn your property over to someone else, they could tell you anything....TOO many variables for the kind of money your investing. CHOOSE VERY CAREFULLY.

This is big money and nothing to play with. If you're deployed for any length of time Lrd knows what you could come home to.

I know you want in on real estate, but it's a very risky long distance proposition.

ALL that being said..... I know people who have been long distance landlords. One lives overseas now and has a management company handling her downtown DC condo. She'll be away for years. Another had a realtor rent their suburban 4BR single family home for this past year. They're coming back in August. I'll find out from her then how she thinks the tenants have treated the house she has to move back into -- with two kids in tow.