All Forum Posts by: Dylan Hanna

Thanks for the heads up @Ronald Bourgeois. Generally I would like to stay away from the foreclosure segment, however, I have been searching for a personal residence in the exact block that the property is located on for months and it just happens to have a detached in law suite that also meets my investing goals so I am very adamant on obtaining this property. If all goes as planned I will be living in the main residence and renting out the in law suite.

Will do thanks!

@Account Closed Thanks for the advice! So does that mean that the property appraiser does not always list the legal owner?

Hello BP!

Could someone please help point me in the right direction to purchase a specific home in foreclosure/pre-foreclosure? 

I got word from a co-worker that a property I am interested in was getting foreclosed on in a neighborhood I am looking to invest in. A little background information on the property: The owner began his foreclosure process in approximately 2013. He had 2 mortgages with different lenders. The two lenders apparently went to court over ownership of the property. During that time, squatters took over the home for roughly 2 years and absolutely destroyed the place. The squatters are gone now and the home is vacant but still in rough shape, as they left it. 

I have called and emailed both lenders that were in litigation for the property but both said that they do not own the property. I checked the tax appraiser to see who the owner is and it still listed the original owner that began his foreclosure process in 2013. I found the owner's telephone number and reached out to him, but to his knowledge he has not been the owner of the property since that time and according to him the bank owns it. I called the county clerk about the foreclosure and he told me that the case was dismissed in December of 2016. He gave me the contact info of the law firm that represented the lender however, they refused to give me any info on the property. 

Has anyone out there been in a similar situation and have any advice on how to purchase this property? Thanks in advance!!!

Does anybody have a rule of thumb price or percentage for estimating insurance costs based off home value/home size  when evaluating deals for a multifamily property? Is there even a way to get in the ballpark for this estimate with out reaching out to an insurance agent each time I want to evaluate a deal? I understand that there are many other factors than size and price and that I need to call an insurance agent to get a quote for an accurate evaluation, however, I am attempting to quickly analyze many deals daily. Thanks!