Looking to Connect and Advice

[Oren K.]

Hi All,

There is a Project HUD property in Ohio market that I have my eye on which I know has lost its status due to continued low REAC (annual inspection) scores. I also know there is a mtg on the property, on which no payments have been made in nearly a year, and have the lenders contact information.

I am considering approaching the lender and offering to buy the note with the intention of foreclosing on the property. I know enough about its condition to ball park the work needed to bring it back online not as a Project HUD (that ship has sailed) but as 'good' C-Class property.

Having never done this before, I have a lot of questions;

- How to approach the lender

- How to value the note

- How long a foreclosure in Ohio will take

- Etc

Anyone out there willing to have a phone conversation or two to help me up the learning curve?

Oren

#notes #notebuying #foreclosure