All Forum Posts by: Account Closed

@Chris Horne Welcome to BP!

Regarding your post about it being tricky to find owners, try going to your tax assessors website and find the property there. Typically you can find out the owners on that and then head to your local public records office and search the property by name to find out more information. My county isn't online so every time I need to look up a property I go online and do a parcel search first before going to public records. Each state/county is different but I'm confident that with that information, you can find out the owners of some of the properties you've found.  

Happy house hunting!

Amber

@Patrick Philip Thanks for the help. I'm thinking that it was just the language I was using (preforeclosure list vs. lis pendens) when asking that kept making me strike out. We'll see, I'm going to call my local records office to find out. As of right now I can search the "delinquent tax list" but there is no place that all the lis pendens are posted.

Congrats @Jordan Sutherland, good to see people out there taking action! Keep up the great work and good luck to you!

Amber

According to an article that I was just reading on the National Association of Realtors site, "home buyers have purchased detached single-family homes more than any other type of home in the last 35 years. Since 1981, the Profile of Home Buyers and Sellers has collected data on the types of homes purchased throughout the three-and-a-half decades. Consistently, 74 to 88 percent of home buyers purchased single-family homes each year. Home buyers purchased townhomes and condos each at roughly 10 percent of the time and other types of homes less frequently".

My area is similar in that it's saturated with new apartment complexes but single family housing still seems to be holding up against their competition. People like the idea of home ownership more so than renting *mostly*. If you can provide affordable home ownership opportunities through lease options to those who don't qualify for conventional financing and don't meet the requirement's for the housing complexes... you have leverage. Everyone has their take on it but from what I've seen and heard, home ownership beats living in a complex with 500 other people any day.  

And with these lists, you would then send out mailers and market to them? I've been having a hard time getting my hands on a list of preforeclosures from the county that I can market to. I want to be able to get to them before they go public and so far I've been told that such a thing doesn't exist. Thoughts?

Amber

@Domenic Bussanich Welcome!

BP has a wealth of information on here that will certainly get you headed in the right direction.

I'd be interested in hearing more about this web scraping and what exactly is involved with that. Currently I'm in the process of analyzing my market so anything that I could do to put me ahead of the game would be great. I'm unsure of how I should organize the data that I've collected and I'm new to excel so I know there's a more efficient way to gather it in one place that's easily accessible to me.

I myself am interested in the buy and hold strategy to build a portfolio of cashflowing properties. Would love to hear any advice that you may have on the topic!

Amber  

@Johnquel Jones good to see others who are like minded. As far as "how the process works" I suppose that would just depend on how you want to approach the situation. Say you find a property that you purchase for 40K and then lease it out with the option to purchase at any time for 30 years for 60K. Now, theoretically in this case say you charge 5% interest. You could then collect a non refundable option consideration of 10k (an arbitrary amt in the example) before move in. The tenants would then have total control of the home and would be responsible for paying util, taxs, ins, ect. In the event that they quit paying, you could treat it as an eviction not a foreclosure (which can take 3+yrs in NY). Also, your non refundable option consideration is large enough to cover any damages and lost income that may occur. This would be your "downpayment" but you want to make certain that you don't give them any type of equitable interest in the property because in the event of an eviction, the tenants can use that to their benefit. You may choose to apply that amount to the remaining balance of their loan if they do end up purchasing the property and they've had a good payment history with you.

Now, I would certainly get legal advice on drawing up a lease option agreement and make sure that you protect yourself from every bad possible situation you can think of but in a nutshell, that's the concept that I've seen work well. I'm not a lawyer, that's why I pay someone who knows what they're doing to do it for me :)  

Do some research on lease options and take it from there. There's obviously tons of ways to "become the bank" and different paths may work better for certain people. I'd certainly be interested in hearing what you find out.

Amber

Alright so here's my thought...

Tonight while I was gathering information about homes for sale and for rent in my area, I checked out the "housing wanted" section of Criagslist and happened to find an ad that matched perfectly with an apartment that I know is for rent that meets the poster's critera. Now, I remember reading a while back something about collecting an assignment fee for finding a tenant in terms of wholesaling. Has anyone ever heard of this and or done it before? I saw an opportunity to be creative and wanted to get some feedback from the BP community, you guys haven't failed me yet! 

Amber 

@Marcus Auerbach Thank you for the input. I checked out your website, that's along the lines of what I was thinking would be a good starting ground. I'm doing it mainly for the publicity, I want to start getting my name out there and social media seems to be one of the main ways to go about that. 

Wix was my favorite site out of all of them, they had so many great themes to go with. 

I'll keep you updated with my progress! 

Amber 

@Ron S. @Chris Martin Is there any type of precaution that the home buyer can take to ensure this doesn't happen to them prior to the sale? 

Amber