I'm looking for a single family house to BRRR. I see pre-foreclosure and foreclosure homes on Zillow. Is it wise to look at this type? Is there generally room to give low ball offers? I live in S.C.
That only tell you the borrowers are behind with their payment, tax, hoa due, trash bills. From pre-foreclosure to actual on the auction block is probably a couple of years away. You can try to door knock 100 homes find out if anyone wants to sell. It is often done in cash.
Thank you Sam.
A pre-foreclosure means you are going have to go to the owner and understand what you can do to help him/her out of this situation. You will be limited by how much he owes the bank plus all the other liens (taxes, HOA, ect). You need to identify who is the owner by the recorded deed. Now you need get in touch with them and then the fun begins. Find out what they need and what you need to close the deal. I hope this helps.
That does help. I figure to go through an agent, but actually this is something I can do myself.
I looking for my first house to BRRRR. I have been looking at foreclosures and have two agents looking.
One agent I have understands rental investing the or one one doesn't. I am signed up for a online bank auction, the house if I get it will be flip or rent to hold. I am going today to look at a house in Camden SC that needs to be gutted and add central heat and air. Good luck on your adventure.
I put an offer on my first BRRRR today. I found this through the MLS with my agents help. I meet with a contractor to get rehab price. I am going tomorrow to meet with a banker to discuss refinancing after the rehab. I may do a HELOC on my other two rentals which I own free and clear. I'll post some pictures if I get it under contract.
I got contract on the BRRRR house but realtor thinks we should do flip. I have a contractor giving me an estimate on the rehab. I was the high bidder on the auction but the reserve was not meet so I will have to see where that goes. Have you had any luck finding anything online?
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