Updated about 7 years ago on . Most recent reply
Starting Out / Pre Forclosures
Hello everyone,
My name is Thomas, myself and my girlfriend Allie are looking to start purchasing rental properties in the SoCal area. We recently bought a house in December of 2017 using an FHA loan with 3.5% down. Total loan amount including closing costs was $318,313. Our current townhome complex has seen significant appreciation sense we have purchased it. Similar units are now selling anywhere from 355,000 - 390,000. There are two units in our complex that are in pre-foreclosure.
I am hoping to get opinions from anyone in this forum regarding sending out mailers to our complex. I'm hoping to get interest from the units that are pre-foreclosures. In this case would a HELOC plus liquid assets be the best way to finance the 20% down that will be required for a traditional loan, or does anyone have any other strategies they have used in the past.
Any and all pointers would be greatly appreciated!!