First, I would like to introduce myself to the BP community. My name is Tiankhy Hinton, married with a child, who is currently 7yrs of age. I'm new to the world of REI and I've been spending quite a bit of time reading various forums, listening to podcast, reading booking "The book on flipping houses", "The book on Estimating Rehab cost", and "The Ultimate beginners guide to real estate investing. All literature I was able to find on this website and I want to say Thank You BP and it's community for providing such great and informative insights.

I currently hold a full time job as a operations manager for a software company that sells software to judiciary entities within the state of louisiana. I mention this because we have clients in the clerk of court, sheriff's offices and tax assessor's office through out the state. I believe I am in a prime position as I understand how to research mortgage/conveyance records, tax sales procedures, adjudication processes, civil probates, and value assessments by assessors office to determine the taxing obligations of a homeowner for their property. Basically, the software we develop help these agencies track and manage their case loads.

Enough said about me, let me begin. Before I start, the property mentioned in this mock deal is real property (as of this date) and my reasoning for posting my findings is to make sure I understand how to apply the information I learned so far to this mock deal. I understand that I will not have a full comprehensive understanding of all the interworking as I haven't contacted the seller to negotiate any deals. If you are interested in this property and decide to pursue this all I ask is that you help others who are beginning their life as a REI with updates on the processes you experienced along the way.

I recently found a piece of property in my neighborhood that maybe a candidate as a wholesaling opportunity. The property is in the early stages of pre-foreclosure and I have completed some research on this property. The property is located at 9306 sandal wood dr, shreveport la. Its a 4 bed and 2 bath home with 1360 sq ft and was sold to the current homeowner in 2006 for 108K. Additionally, the home is livable with minimal rehabilitation. The property is located in a good school district and is accessible to various shopping centers. Here is the property description: "LOT THIRTY ONE (31), PINE FOREST SOUTH, UNIT ONE (1), A SUBDIVISION OF SHREVEPORT, CADDO PARISH, LOUISIANA AS PER PLAT RECORDED IN BOOK 1500, AT PAGES 371-373 OF THE CONVEYANCE RECORDS OF CADDO PARISH, LOUISIANA TOGETHER WITH ALL THE BUILDINGS AND IMPROVEMENTS LOCATED THEREON". For those of you that are not familiar with parishes, they are the equivalent to a county in other states.

The notice of Seizure has the balance due on principal of fixed rate note at $116,781.32 with interest from June 1, 2011 until paid in full at 6.5% per annum to be computed interest. Attorney Fee's are $950.00. The only information I can find concerning this piece of property is Zillow and they have the estimated foreclosure amount listed as 66k. The home is good area and is idea for renting, however an experienced investor maybe able to flip the property for maximum profit. This sub-division the home is located has 3 closely related comps:

1) 4 bed 2 bath 1517 sq ft sold for 116k

2) 4 bed 2 bath 1608 sq ft sold for 130k

3) 4 bed 2 bath 1608 sq ft sold for 129k

Here is my point of confusion. For a home that is in pre-forclosure status where the notice of seizure has a listed amount of $116,781.32 but Zillow has the estimated foreclosure amount at 66k which is most accurate? Can you trust the amount on zillow? Secondly, if the home is not flip worthy based analyst, I believe it has great rental income potential, how would one leverage this property to an investor and still make a profit in wholesaling? There are several homes in this area that rent between 950 - 1270 per month.

Now, based on my understanding, my first course of action is to contact the seller and negotiate a selling price and enter into a contract. Since there was a notice of seizure filled, is it still possible to contact the homeowner to work out a deal to get her out of foreclosure status or will I need to attempt to negotiate terms with Bank of America? How would an experience wholesaler proceed with wholesaling this property?

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