May have found a lead, need advice Dallas/ Fort Worth

May have found a lead, need advice Dallas/ Fort Worth

Atlanta, GA · Member since 2016 · 41 posts · 19 votes
Good afternoon BP! So currently I'm looking at a pre-foreclosure. The house is worth about $1,210,000. I only know: The owners name, that he doesn't have a loan on the house, and that his primary address is in Florida (but he owns two businesses here, in Dallas Texas). I found the owner on Facebook, and was wondering would it be unethical to contact him that way? Should I drive by the house and leave a letter on the door or in the mail? (I believe he's currently in town due to recent Facebook posts, swear I'm not a stalker lol) This would be the very first lead that I contacted, so I'm not too sure exactly what to do. If I were able to talk him into selling me the house for an amazing deal should I: Bird dog, wholesale, or find someone who would potentially fund the deal? I'm 18 and just getting started with Real Estate Investing. If this lead into a deal... Would This be too big for me to even try to handle? Let me know your thoughts, Trey Brooks
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Ormond Beach , FL · Member since 2015 · 345 posts · 223 votes
10y

Trying to understand why if he doesnt have a loan on the house, how could it be in forclosure??

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  • Ormond Beach , FL · Member since 2015 · 345 posts · 223 votes
    10y

    Trying to understand why if he doesnt have a loan on the house, how could it be in forclosure??

  • Real Estate Broker · North Richland Hills, TX · Member since 2013 · 1k+ posts · 607 votes
    10y
    Originally posted by @Eugene Kemp:

    Trying to understand why if he doesnt have a loan on the house, how could it be in forclosure??

     Ditto - how do you get yourself into pre-foreclosure on a house you own free and clear?    You might want to learn a little more before tackling such a big deal.

  • Real Estate Agent · North Port, FL · Member since 2016 · 97 posts · 42 votes
    10y

    If you don't have access to the MLS do a tax record look up on the house, you will find the purchase price last and any mortgages recorded after. look for multiple mortgages in succession or filing of satisfied or liens. Could be a mortgage or even a tax lien hard to guess. Or If you have a friend with MLS access or know an agent you trust they can look at the tax records online.

    Either way contacting on Facebook is an option if you do it privately, but try to add him as a friend first or you could look for him on linkedin.  

  • Investor · MALAK, NT · Member since 2014 · 27 posts · 1 vote
    10y

    I'm thinking that even though the house may not have a mortgage, could it not be possible the owner has not been paying taxes, or not fulfilling other local code violations?  Check here: http://publicrecords.netronline.com/ for the address and the name.   Check the address and name in Texas. Also the name in Florida and any addressess in Florida you can turn up. 

  • Residential Real Estate Broker · San Antonio, TX · Member since 2016 · 506 posts · 311 votes
    10y

    it's also possible it's a tax lien.  Not being a principal residence I don't think it's protected by homestead rules.

    If you buy, be very sure who's doing the foreclosureZ

  • Rod HanksBusiness Member
    Insurance Agent · Dallas, TX · Member since 2013 · 743 posts · 462 votes
    10y

    It must be a tax foreclosure if there is no mortgage. Contact the owner by any means necessary! Do not put anything inside the mailbox though that is illegal. I would think you would need a partner on this one and I would look to wholesale when under contract. Don't listen to the negative thoughts in your head about your age, experience, shoe size, eye color, etc.....Just Do It!

    Rod Hanks Insurance4.9153 Reviews
  • Nashville, TN · Member since 2016 · 99 posts · 28 votes
    10y
    Trey Brooks I personally believe you should just do your"due diligence" & if the numbers work, DO IT!!! Education/Knowledge is the answer to your age question. If your familiar with the market, processes, paperwork & laws, run the numbers and if it makes sense, tackle it! Be relentless but remember : DO YOUR DO DILIGENCE PLEASE!!!!!! Good luck to ya & looking forward to seeing what happens next
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