Finding the First Flip
Hi Everyone,
My 2 [artners and I are actively looking for our first property to flip. We're going with a hard money loan (we have a few lenders to choose from), and we have plenty of cash, assets etc. I'm the one putting this project together, and I'm looking through MLS<,websites, reaching out to lenders about pre-foreclosures, etc. I'm wondering a few things; is it legal for lenders to disclose properties they know are on the books and in trouble? I've found some owner-occupied foreclosures with a lot of value left, I'm considering knocking and just offering cash to help with moving and a rent deposit; would it be wise to pay a lawyer to search for liens on a property like that beforehand? I don't plan on finding the best value on the MLS, so I'm trying to be creative, if anyone has insight on the above or anything else you'd think valuable, I'd love to hear it. Thanks!
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- Austin, TX
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Lenders won't talk to you without a third party authorization form. Get this signed by the seller.
@Marty Hyland personally I would put a due diligence clause in the contract that gives you an out if you later discover liens. That way you can wait until after you’ve signed rather than paying a lawyer to search dozens of houses you will never end up buying.
