Foreclosure in DC
Hi all,
I am a new member to BP. Have learned a lot in the short time I have been here.
I have decided to partner up with friends and start a flip and fix business in Washington DC. Prior to that I was focused on upstate NY but decided to change course.
I am trying to look for distressed properties there. Interestingly enough I have been told by my realtor, that DC has a law which forbids banks from foreclosing on homes. I was pretty amazed. What incentive does a homeowner have to pay his mortgage (other than hurt his credit).
Does anyone know something about this? For those who operate in DC, what is your MO for finding distressed properties?
Thanks! and again pleasure to be part of such great investor community.
Tal