All Forum Posts by: Terri Lewis

In searching for the owner of a property, I ran into this? Not sure who to try to contact to see if we can purchase the property. There are 2 side by side and a 3rd that the home owner has filed BR. Can anyone direct me how to follow this through?

What I was trying to say is talk to Wells Fargo or find out who is beneficiary and get the to sign an offer. It might be in probate for a while until some of the asserts are accounted for.

Good question. I just made an offer on a Qceanside mortgage that had some type of ties to Wells Fargo. At least in the response of balance owed their name was also on it.

I got with the home ower and made an offer along with a documate that gave me the authority to talk to the mortgager. We had the owner sign all the necessary papers, ands ubmitted them to the bank. I needed to stay on top of it and talked to several departments. We could not come to an understanding for the amount so it will probably go through the auction. 

Has anyone acquired funds from them? If so did it go smooth?

Congratulations! Very exciting to hear about success achieved through REI. Thanks for sharing.

I also wanted to mention that some of the $30k to $40k could bring $650 to $750 in certain areas. It's is all about location. Fully understanding the market is the key. I also know of more areas that owning a $40k your lucky to get $500 per month. 

I see @Armand P. your getting a lot of really good information. The rents in different areas of the mid west can vary quite a bit. I do know of properties that are almost turn key at $30 to $40k. That is about all they're worth though also. I have also seen some that the seller is wanting $30k, worth $40k but would take $45k to rehab. I understand your wanting to have investment properties but not quite sure on a flip out of your area unless you partner or JV.

I've been doing this for a while and realize I still have a lot to learn. I would suggest all the things most of us like to say. Read the posts, listen to the pod casts, interact here on BP, join your local REIA group. You might find a local person with the same interests that you have. Starting close to home is really a good idea. You might find someone that you could partner with on a property close to you, to get your feet wet with. If you look for someone with experience that is willing to help guide you on a few it would be profitable in many ways.

You will learn a lot here on BP.  Best of all it's free!

Sorry to disagree with @Daniel Lehman statement of 2 years of employment history. We just sold one that was for a relocation. He had not been employed for several years, with his employer here.

 also knew of another buyer that had 6 months with his current employer, but he was in the same field for 15 years (truck driver). 

There is a lot of financing options out there. I have had a bad experience with the VA lending program or the institute that was trying to give the buyer the loan. So at this time I would lean towards the conventional loan and save the entitlement for a future purchase if you want this to go smooth. Sometimes less headaches are worth it.

Congratulations @Gina Worsham. The one thing I have learned is you're there to help people out.  Sounds like you have a happy seller and buyer. 

I commend you on jumping in, and learning some things on the fly. Most people you will work with will want to help. 

Welcome to BP @Kevin Craig. This is a great place to start. There are a lot of experienced and very knowledgeable people here to network with, and learn from. You can go to your settings and select topics that you are interested in. The pod casts are great and can be downloaded to listen when you want off line also. 

Happy investing!