All Forum Posts by: Andrej Petrovski

Hello Joe -

For my first several flips I plan on using an inspection for sure. Want to ensure my margins are safe.  Just as Russell mentioned, after dealing with many of them, it may be ok to back off a bit with our knowledge of what to look out for.  I also have not established who I will use as I am also investing in the west Wayne areas.  My first flip is in Livonia and I will be looking soon for referrals for inspection companies. 

Sounds like the solution is to just not get involved with these notes

I've seen a few notes now that are for sale and indicate the borrower is either filing chapter 13 or 7. I'm assuming that a chapter 13 is similar to the lender just modifying the loan ? Meaning making it more financially friendly to the borrower . Next question is regarding ch 7. Does the borrower pretty much walk away from the property and lead to foreclosure ? I'm still learning about notes in general and the concept of bankruptcy just came up. Thanks for any information !!!

@George P.  I'm hoping you are talking about but and holds specifically . I just bought my first house to flip in Livonia.  Don't give me a heart attack haha ! 

@Karl Johnson thanks for the response . I suppose sitting with a foreclosure or real estate attorney would be a good next step for questions and discussion of creating a well documented contract as you mentioned . 

Hello -

I've recently learned about the strategy of contacting pre-foreclosure home owners and working with them to stop foreclosure and take over their deed in order to update and flip as necessary.  On the Michigan.gov website foreclosure section, I saw specific verbiage that stated for home owners NOT to deed the house over to anyone and to focus on trying to sell the house during that period. 

Has anyone heard this is an actual state mandate? or is that just the State of MI trying to guide home owners in the way "they" deem proper action for pre-foreclosure? 

I was really excited to attack this strategy until I saw this today and it brought me to a halt ! 

Thoughts or knowledge on this? 

Thx !!!

Looking to do my first demo / new build onsite. Wondering if most people work with a local architect to design a house plan, or order from the many online home plan retailers? The online route seems to be way more economically friendly. 

Thoughts and input? 

Thanks!

Looking at a property to buy , demo, and new build. It's in a main road , and so in addition to my own apprehension, many other local investors stay clear . Any input from the BP family? Stay clear? Be bold ? My analysis is solid and aside from the main road location , I would've already made my move.

welcome . Where are you located ? 

Hello :)

I suppose it will be evident that I'm a new investor by my naive question here, but ...

I'm looking at bidding on an auction property that is defined as "occupied" The mortgage was foreclosed on in May of this year.  In Michigan there is a  month redemption period before the people have to leave.  Is there a strategy to approach them to discuss their intentions on their next steps? ? ? I would obviously want to avoid dealing with eviction and the risk of them destroying the house upon exit.  

Any wisdom would be appreciated. 

Andrej Petrovski