New Opportunity for a new investor
I found a river front property in Pre-Forclosure for $197,500. Current mortgage is $1000. I don't know how long or how much equity. This would be a great AB&B or long term rental. I am so green, but I see this as an opportunity to possibly take over the mortgage if there is a decent amount of equity. Not sure if it is at the point I can work with the owner or take over the mortgage with the bank. I may be off track. I am reading as much as I can, but don't know if this might be over my head for the first deal. Maybe a wholesale opportunity? Comps are difficult since single family homes are so diverse mixed with vacation properties on this river. We are also going into the winter, so probably not a lot of vacation rentals for awhile. Please advise.
Most Popular Reply
@Cliff Ridge I would be cautious about anything you find on Zillow. It has a mix of accurate vs inaccurate data. The best thing to do would be reach out to a local agent or skip trace the owner's # and reach out. Is the house listed as a FSBO currently? If not I would reach directly out to the owner and just discuss options.
The worst they can do is say no and hang up. I would encourage you to pick up the phone and give them a shout. Lay out your plan and how it could align with their goal. Explain that a foreclosure stays on your credit for many years and that it will prevent them from possibly getting another mortgage a few years down the line.
Position yourself as their way out...because you are.