Opportunity? Trap? Other?

7 Replies

Hey BP, I hope all is well. I'm in a situation where I'm trying to figure out what would be the best course of action.

I recently came across a mortgage lender that foreclosed on roughly 54 properties in the Houston Texas areas, 32 of the 54 remains. I do zero investing in Houston. Some of these properties are fully renovated and others partially renovated. Some of which are on the market and others off markets.

The lender had a client that over-leveraged which resulted in the lender foreclosing on each loan.

After speaking with the lender for the past week they gave me an updated list of what still needs to be sold. Which leads me to determine if this is an opportunity, trap or other.

My situation is I have a little stashed away I was saving for my next deal, I don't know anything about the Houston market and won't buy unless I know someone that does.

I would love to know your input, ideas, advise or hand. What would you do if this landed on your plate?

Originally posted by @Joshua Thompson :
Originally posted by @Cody L.:

If it's a deal you can easily flip it to someone.  

It's a few properties. Would you recommend trying to sell one or two, wholesale, or buy and hold? Like I said Houston is not my market.

 

Personally?  I'd get all of them.  While there are some buyers who will pass on anything that's too big, there are also people that will pass if it's too small to mess with.  So given both options will leave some buyers on the sidelines, go with the option that'll make you more money. 

Obligatory: 

 

Originally posted by @Cody L. :
Originally posted by @Joshua Thompson:
Originally posted by @Cody L.:

If it's a deal you can easily flip it to someone.  

It's a few properties. Would you recommend trying to sell one or two, wholesale, or buy and hold? Like I said Houston is not my market.

 

Personally?  I'd get all of them.  While there are some buyers who will pass on anything that's too big, there are also people that will pass if it's too small to mess with.  So given both options will leave some buyers on the sidelines, go with the option that'll make you more money. 

Obligatory: 

 

I think it's worth giving a shot at. 

What will anyone else do if they decided to move forward with this opportunity?