All Forum Posts by: Chad Jarrah

Hello BiggerPockets...was curious about a situation I ran into today. Would like any experienced input. I was scouting properties today and one of them was a foreclosed property. As I was looking around the outside of the property, the occupant came out and spoke to me. Considering the circumstances, she was very nice and said that they are the current tenants and they have a 10 year lease option to buy. She said they spoke with their lawyer and she claims the lawyer said that whoever purchases the property and becomes the new owner has to honor that lease option to buy.

Is that correct Info? Anybody ever run into this type of situation? Thanks in advance.

@Mark Gallagher...good guy, knows his stuff

Rule of thumb...if it sounds too good to be true, it probably is. I doubt any legit private money lender would offer that rate, unless it was a friend of the family or relative. Good luck @Lucy Balyan!

Thanks @William Hochstedler, @Kim Martin and @Chet Mazur!

@Greg Wilkins the assignment of bid was what I was thinking but I wasn't sure if someone who was interested would get offended if they realized I was asking 65k when I just bought it for 55k a few days ago. I mean, at 65k there's still plenty of room for profit for a cash buyer, but still, people might get turned off by it.

Thanks all for the replies.

Update: I've connected with a potential buyer I know very well - the plan is to either JV it or I'll assign the bid to him and work out a profit for myself.

Hello everyone...had a quick question I wanted some knowledge on. 

I recently bought a property in Sheriff sale at a good price and was kicking around the idea of selling it after a quick clean-up. Typically I rehab then sell, as there is a bit more room for profit there, but wanted to free up cash for the next few auctions coming up. There is room for another flipper to profit.

Has anyone had experience selling a sheriff's sale purchase before the deed even gets recorded? If so, what is the process? Any tips/advice would be great.

Feel free to add me although I focus on the Lehigh Valley area if you come across any properties that way. Thanks!

Hey @Jonathan Emery...the last guy I used was my go to guy for everything. Apparently, he's in prison now, so that's why I was interested in learning more about someone new here.

Hey @Ryan Oldenhage...I'd be curious to hear what you used them for as well and if their pricing is reasonable. PM me if you'd prefer. Thanks.

Thanks all...this was a great help!

Thanks @Michael Lam...I appreciate the advice. I'm not sure that would help as there is exposed dirt between the limestone. Any of the concrete sealer on the dirt would get kicked/scratched away relatively quickly, wouldn't you think?