All Forum Posts by: Eric Giovannucci

Hey there! 

It's been a few months and I'm curious how you're doing? I've been waiting around looking for deals up in Anchorage for a bit and just got a 4-plex under contract downtown a few weeks back. There is a lot of multi's around and a small number of people here on the forums from the area. Would be nice to connect with everyone. 

Hey All,

My knowledge of foreclosure and pre-forclosure is minimal, looking for insight.

Back story

A colleague of mine filed bankruptcy on a property in 2015 in Savannah, GA. Bought at 137k market looks like it can support 190-205k. It is need of minor repairs to the best of his knowledge.

Idea

Looking to somehow beat the bank on them auctioning or listing. Not sure this works?

If I can get this property on a discount and flip it, that would be ideal.

How can ornwhen can I contact the bank and how do I go about getting this property under contract before others have the chance?

Ive had two instances where a tenant did not pay. A nice letter from my lawyer worked. That being said, you can always try to offer cash for keys, worst they do is say no? 

Yes to the house hack the multi using the VA.

From what I understand you will have an easier time refinancing the multi while you are still living there as it seems that it will be more difficult to find a lender to let you pull cash out of the investment, not impossible just easier if its still a primary residence. 

If you time it correctly, I think it would work. However, maybe someone with more experience can help further dive into that. 

And no, Crystal City is right outside of Fort Myer, across the river from DC. 

Time to start looking at Virginia 

Is that what they're building southeast of the Richmond,VA area?

Have you read @David Greene 's book? Great read on buying and rehabbing out of state rentals. 

IF they have vacated, didn't pay and you still have the deposit, following @Jay Hinrichs might be your path of least resistance. Clean it up, change the locks and get someone else in there to avoid the vacancy. 

http://www.consumer.ga.gov/uploads/pdf/GA_Landlord...

If you haven't researched in this yet, I would become familiar with it. There is a lot going on here and if you are managing your own rental in that area, you should certainly become familiar with the law there. 

Have you spoken with an attorney? 

Being that you are in Columbus, are they military?