Help owner find a place to live?

Question

I'm reading a book on investing in pre-foreclosures and the author recommends sending letters to owners in default indicating you are an investor and are interested in purchasing their property. I'm OK with that. However, he also suggests including in the letter an offer to help the owner find another place to live. Does anyone actually do this? How would you even go about it?

Debbie

Account Closed · Answer

I can see that it might help to include that in your letter, not promising anything but that you will assist them if you can. That might stand out as compassionate from other letters they receive. Some foreclosed people in my area are looking for a rent to own deal to jump into with lower payments than they were previously paying. Let's face it, they have to live somewhere, and they still want home ownership. If you have rent to own deals you could consider helping f/c families to get into them while they rebuild their credit. Good luck, Mike

Donte Mazyck · Answer

That isn't a bad idea, but it will just create one job in order for you to get the deal.  if you have plenty of properties, i don't see it as a problem, but if you don't then you have a whole set of new problems.

Lee Common · Answer

Seriously if you save them from foreclosure they will only have a couple of late payments on there credit and it should be no problem getting them into an apartment somewhere.

Dave P. · Answer

I would run (not walk) away from that idea.