All Forum Posts by: Brooks Rembert

@Victor Noriega 

Congratulations! I have not tried a tax delinquent list, but it sounds like something worth pursuing.

@Zachary Phelan 

I'm curious about this as well. I just started mailing to out of state absentee owners too, but if there is some quantifiable data that shows mailing on X day is best, I'm all over it.

@Valeriy S. 

It's worth giving a shot isn't it? I haven't done so myself, but if they aren't too far along in the foreclosure process and they are motivated to avoid a foreclosure on their credit report, I say go for it. If they're will to give up the equity (if any) and you can buy the house for the amount owed (assuming it's worth it), take a shot.

If you can talk to them directly, skip the mailings and talk.

definitely not a sure thing 

@Jason Shaw spend it on Red Bull and electricity to read and learn as much as you can here on Bigger Pockets. Read all the free How-to guides, and as many blog articles as you can before you burn through your $1,000 and have a caffeine overdose.

I've learned more than I ever could have just from listening to the podcasts and reading here than I could have in five years otherwise.

@Ronnie Neal generally, Hard Money lenders charge much higher interest rates for much shorter terms. For example, a hard money guy may give you terms of 12 months at 15%. Ouch, but if you rehab the home, get it rented for several months, then refi into a conventional 30 year fixed mortgage, your interest rate will be much lower and cash flow will increase.

Sounds like they're ego hounds. I agree with you; much like football players who go crazy when scoring a touchdown, these folks should "act like they've been there before".

@Andy Mirza 

The repairs aren't necessary to make it liveable, just "rentable" (heavy smoke smell, dog pee, etc.)

Thanks for the help. I've got a great lender, but didn't want to bother her if it's not something thats doable. It sounds like it's worth pursuing. I'm obviously trying to avoid spending any of my own money, and if the seller is willing to go the "subject-to" route, I figured I'll try to avoid using my money for the rehab as well.

@Brett K. 

I do intend to refinance as quickly as possible. I don't intend to live there, it will be a rental home. The home appraised as-is at $115,000 and is in liveable condition (the sister was living there, but was a heavy smoker and her dog peed everywhere) Cleaning it up, plus updating is where I'm getting the $20,000 rehab figure. Can probably be done cheaper, but I want it to be very "rentable".

@Josh B. Luckily, it hasn't paid off. :)  we've yet to have any serious issues this far. 

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