I received a call from a client who has a 2 bedroom 1 bath condo in Bladensburg, MD. They have a renter in the place who has not paid the rent for a little over a year. They are underwater and would like to know if GJD is interested in buying. How do/should I proceed from here? Any thoughts? Any particular questions I should be asking them? They have not paid their condo fee for about a year and they are ready to sign the contract over to us. Would this be a short sale? Do we have to deal with their lending institution?
Underwater properties are generally not a good idea unless they are current on their mortgage
Would you be interested in a car but bluebook valuation was 10,000 and they owed 13,000 on it?
Short sales are difficult and they're not for new people. Probably the best advice is to get the best Short Sale realtor involved and go find a better deal
Regarding underwater current mortgage condos, the best thing you can do is to rent them out and hope for some appreciation down the road
Underwater homes 3 to 4 bedroom two bath in good locations, safe neighborhoods and good schools I think have a good opportunity for long-term lease purchase arrangements, but do 12 month leases at a time with extensions instead of long-term leases
If you get your license you can help the underwater sellers and do lease-option assignments with them and make 3%
Thank you this information was very helpful.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing