I found out that a friend of mine is in pre-foreclosure. I think this may be a good opportunity but I'm totally unsure how to go about it. This would be my first endeavor in RE and it may be a serious stretch for a newbie but I'm willing to try if it makes sense and is feasible. She has a SFR in WI but moved to FL and I live in AZ. Being unfamiliar with the SUB 2 laws in WI regarding pre-foreclosure, which I think is the way I would want to go in this situation (but I could be wrong) I am seeking advice from anyone that may be able to offer some direction and insight. Initially I hadn't reached out to her on this topic because I don't want to get her hopes up and then be unable to follow through, but I spoke with her little bit ago and she seemed somewhat receptive to the idea. She's gathering the specifics for me so I don't know the numbers at this point. But I am trying to get some input from the more experienced before trying to proceed. Thoughts on this would be appreciated.
First, I'd personally never do a deal with family or friends being the motivated seller. I'd give advice and referrals, but wouldn't purchase and profit.
Secondly, being new, out of state, and dealing with a PreF its a tall order. Helping them find an investor in that state for free (let the investor "pay" you in education/mentorship) is what I'd do if I were you.
@ Chris Bounds Thanks for responding I have the same mindset as you regarding friends, family & business. I wasn't looking to take advantage of her situation as I put this same topic in the WI forums and was thinking, mostly hoping, someone there would reply but got nothing. The thing is she just wants out from under it seeing that she moved to FL.
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