BiggerPockets

Any investors have some properties available in Tampa area? would love to have a list i have cash, and would like them cheap in decent areas thank you

I have 10-14 properties in Tampa that are NPN. You can buy them for 20% of the UPB. Its a pretty good deal. You have to go to the owners and tell them that you want to short sale or foreclose. 70% of the time they want to short sale and break even. This way you basically double your investment. However, the other 20% of the time they want you to foreclose because they are not willing to work with you. Message me so I can send you some more info. I will have some REO's in the next week, but am not sure which area of FL

Ok Steve, if your so doubtful. We just sold a property in Tampa. The amount owed was 151,000. We sold it for $30,000. The investor offered the home-owner to clear their debt if they sold the house for $70,000 (Market Value: $73,500). They sold the house for $66,000 and the investor cleared the debt and gave $3,000 to the home-owner for vacating the property. He spent $3,500 on a agent, $2,500 on lawyer, $3,000 on home-owner, $2,000 on Misc. fees, making the total spent: $41,000. That means he made a $25,000 profit over 4.5-5 months.

Some properties are better than others, some of them have dropped 65%, while other dropped 35%. There is money to be made in both situations. It just depends on what the home-owner wants to do. Short sale is the easiest and fastest way to work. Some of my investors also refinanced their NPN's. Latest one I had was a $70,000 property (Port Saint Lucie (Market Value)). We sold it for $15,000. The investor offered to refinance the home-owner rather than short selling or foreclosing him. The guy bought it for $90,000 but now it's only worth $40,000. He refinanced him for $45,000 and a 10 year, 6% mortgage with $ 12,000 down payment. He almost made his initial investment and then will receive monthly payments for the next 10 years. Sounds like a great deal to me

Yes, the NPN that I have are 1st position. Basically the bank has tried to contact the home-owner to work out their situation but the home-owner does not want to talk to the bank. The bank cannot foreclose and repossess the property because it is too expensive for it. So, the easiest way is trying to make at least some money back for the bank by selling it at low prices