All Forum Posts by: Morris Lucas

J Scott, you raise a good point, seems like you can get a leg up if you are able to make a low offer with ready cash to back it up!

Jerry, sounds good. 1000 letters, whew, that's alot of letter writing, lol, but spending 3k on a marketing budget, compared to what you MAY net from a great deal/flip doesn't seem much when put into perspective...great food for thought guys, thanks

Thanks for info George!

Good analysis Jerry! Like i said, i know doing marketing is best method, i was just wondering if anyone was doing REO's or had a specific method if they buy these deals vs. FSBO's and why.
I will look into Steph's posts!
If i may ask, what is ballpark budget you tell your fellow investors to spend for marketing as opposed to the transactional fees from MLS purchases they are hit with?

This is all great info by the way, just was brainstorming and looking for plans of attack, thanks!

Have many of you had success wholesaling contracts or flipping houses from banks, via MLS or off the banks website? I have heard the best wholesaling deals come through marketing via repeat mail or internet directly to homeowners, however, I would imagine if you make enough offers(lowball) on reo's you would be able to "create" your own deal to market. Downside i guess would be more earnest money at risk and having to pay realtor fee's to whatever agents the banks use.
If you have used this strategy would you mind sharing your story and what bank you dealt with? pros, cons?
There are a few vacants i came across driving around the last few days that are bank-owned that I would like to investigate.

Steve, yes this definitely clears up some confusion, i get it, the deed isn't "yours" until it's gone through foreclosure, correct?
Wayne, I think you're saying the same thing, basically. I know they will foreclose eventually, just thought it may create an opportunity to somehow, flip, wholesale, rent, get interest percentage, whatever, until that happens.
Ned, this sounds good, i see you're from Baltimore, me too, graduated from City HS!!
I would love to hear more about how to "leverage" these liens if you'd care to PM me to elaborate...i'm a fast learner..
I understand why a lien holder/investor would have no motivation to sell the lien to me, i was thinking maybe an HOA might though, or, a homeowner whose home is about to go to tax sale and who has already left the house(case in point the house i mentioned in first post) may hand over the deed for some cash..
By the way all you guys rock, i really appreciate the knowledge you're sharing, i learned more on this thread than in REIA meetings, lol.

Thanks for the replies, I am gonna go to the courthouse to see if someone there can help me find out what state the house is in as far as foreclosure/tax sale. I had heard of some investors in Fl "renting" out homes they had acquired deeds to from buying liens even with mortgages still in place which is why i was wondering what other strategies where out there folks where using with lien-buying. Maybe just best to try to get one and get the interest(tax lien). Just hate seeing a abandoned house just sitting there, feels like tenant $ going to waste. Thanks for the info, i will research this house some more this week.

Hello BP!

I am not new to forum, but I read more than I post! I was wondering if any of you who purchase Tax Liens, Mortgage Liens, HOA liens, etc could shed some light on something. I have a house near my neighborhood that has been growing tall grass for at least 4-6 months. The other day i saw a county code officer knocking on the door as well. I have gotten so far as finding out the owners names of the property, as well as found out through county tax office that there is a $4000 Lien on the property as well as a "security lien" i think it was called, which i believe would be a mortgage, although i'm not sure how to find what bank holds the note.

My question is, is there any proactive thing i can do to acquire, or create a deal with this property if it is just sitting? Can I try to buy the tax lien from the county or try to locate the owner to try and negotiate to buy the deed since they have split?
I was thinking it would at least make a decent short-term rental until i can work something out with the mortgage holder or try to wholesale the option if i get offered a good price...any thoughts or does this strategy of buying liens only effective on free and clear properties?
I would much rather leverage my cash with liens then say, purchase a property for $30-50k and have money tied up in one house, if that makes any sense...

The house was sold in 2006 for 110k, i believe the current value is around 62k.
This is Gwinnett County. near Atlanta, Ga. by the way.

Whatever happened to your house, did the bank eventually foreclose? Did you rent it out?