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Thanks for the post asking me to pass along any info I obtained,...but just for the record....I still need an answer out there ----you investors....

I've recently heard that this area is lucrative, & for that reason, those that understand this side of the business do not want to discuss it.

Does anyone that understands the "ins & outs" of this topic wish to shed some light on how it's most lucrativly done?

Here's a couple examples for those who don't understand what I'm referring to:

1. A medicaid recipient is placed in a nursing home. Thier family wants to sell the property. The proceeds of which go to the government, so the family doesn't care how much the buyer buys the house for.

2. A parent dies, and the property has to be liquidated for a number of reasons. Many times, its the same situation, ie family doesnt care how much it sells for.

How do you get the inside track of notification, to get such properties?
Keep in mind I'm in AL (sometimes termed a non legal state -where there's no legal court proceeding prior to foreclosure. Usually have no more than 1 month, many times just 2 weeks from the lawyer listing the foreclosure in the legal paper, the paper can take a week to get to you, you now have 1 week to look through the paper, contact the owners, do your due dilligence, and make a deal before the house is auctioned.)

As you know, people in foreclosure often wait till the last minute to give you an opportunity to help them.

I've come accross several deals that I needed more time then the impending auction date allowed, for me to do my due dilligence.

If it appeared to be a good deal, if the circumstances, numbers, property condition added up - before foreclosure, wouldn't it be such after the foreclosure? ie after title search, ownder's legal history, and any other due dilligence can be completed? In Alabama there is a 1 year "rite of redemption", couldn't I secure the owners rite of redemption, and redeem the property - shortly after foreclosure?

Here are two examples that illustrate my question. Home 1 owner owes 94k. Comparables in the area were going for between 117k-125k. Owner said needs some some minimal sheetrock work, paint, and carpet. The bank had already put a lockbox on the door, and the utilities were all off when I arrived to view the house. Auction was next day. I couldnt verify house condition inside. I couldn't get title & legal search done before then. How should I have handled the situation?

Home2: has 5 acres, owes 140k, appraises for approx 160k. House was newly refurbished. The lady thought foreclosure had been postponed, but it had actually, gone through. Now it's the banks. They list it with realtor. Can one secure the owners rite of redemption, and advertise the house for sale? If it sells, excercise rite of redemption? In this way there is no investment till it sells, and all transactions happen at once. This is assuming the house can bring a nice spread between what the realtor is asking and what I can ask due to rite of redemption.

Pro Habber: I could email you a few pics of the house, and property.
It's indeed a big house, although its just a 3 bdrm 3 bath, with a few extra rooms, ad good size den, double chininey, 2 "great rooms", one long skinny room the guy used to work out of his home in, a small room with no known designation, and a little workshop room....of course the room where the indoor pool is located. The kitchen would be great in a low end rental, but not in a house of this cost. The kitchen layout is wrong, and not open and airey like high end houses these days. Id join the dinette, and kitchen with a bar, and re doo the kitchen. The house still has the old pukey green carpet that was probably in it new 30 years ago...yes stains and all. The roof shingles could use some help. The house could be turned around and be great. One developer I talked to though, was struggling with the thought of only 13 acres, and buldozing the house, to get land for more than one house, etc. A house that size, with out bldgs and all, would definately stick out if some 2000 sq ft homes were built around it.
I don't think you could simply fix the house...sell it....and have the rest of the land "free". Yes, the thought is to sub divide off the land, and build more houses, and fix the existing structure, but the money partner would be needed. I cant float enough money to: buy it for $560k, then pay payments while building is going on..., pay for houses to be built, roads built, utilities run, etc.
But at the end - I anticipate that a good chunk could be made when all is sold off, and profits divided.
The challenge here is FINDING the money backing in the short time period. And being able to formulate somewhat hard numbers for money backing to make a decision on.
I'd welcome suggestions on that for sure

You both mentioned "do the numbers" and "do the research". I'm assuming you are talking about putting together what it's going to cost to build houses, build roads, run utilities in, etc. - right?

Any ideas on how to get builders to provide numbers that I can take to some investors, without paying them anything yet?

The one or two I've talked to so far do not want to tie themselves down to "cost per square", so it's been hard to get anything more than a wild number of approx $150k for a 1700 to 2000 sq new home built.

How could I get a resale figure...I guess, call realtor's in the area and ask going price for houses in that size currently?

I'm open for suggestions.

Yes, It is under contract. I have a friend that's been doing this for 2 years, he told me to do that.

Property is located at 2145 Golf Course Rd Pell City, AL 35178. Parcel # is 2904181000007000. If you go to http://www.emapsplus.com/ALStClair/maps/
Then, to the left, click the button that says "parcel number". Then type in "2904181000007000" and click search. You can then view the plot. Your computer will have to have java for the website to work.

This property is right next to a 9 hole golf course. Remember, all necessary facilities are available to the property: Gas, Alabama Power (not a cooperative), Cable, City water etc. (City sewer is being debated.) And, it is flat land (with a slight grade toward the road) and readily developable.

I'm currently waiting on a couple entities to offer. The foreclosure is scheduled for Mar 21st. I'm currently putting together a short sale offer for the mortgage co. I've taken 70 pictures of property defects to assist me in demonstrating repair work needed on the existing structure.

If the money people make an offer, the shortsale process will already be started.

What you think?

You would know the first project I can really sink my teeth in has to be a huge one. HELP HELP HELP!!!!

an appraiser on the local zoning board has talked of this property being approx million dollar property. The reinstatement is $31k. The current mtg amount is $560k. It appraised for $770k 2 years ago. Property by a golf course. 13 acres a 30 year old house with inside pool, and a large "out bldg". All tolled 11k square feet.

All I can think, is try to "pitch" the property to a few developers, or developers/builders in the area and hope one of them will offer a good deal. The problem is that it's not a big metroplex, and that kind of money isn't everywhere.

Any suggestions???????????