All Forum Posts by: Lynn Bown

What @John Rogers advises is exactly correct. We have done this with a few investors overseas and it works great. Depending on your goals, if you are planning to buy and hold, consider using the LLC you form to buy the properties in a management function, and take title in a trust where you are a beneficiary, that you can hold 5-10 properties in. There are many factors to be aware of in this such as refinancing so it really depends on your end game.

Welcome to BP.  Lynn From North Port.  Always looking for good investment properties.  May have some in this area next week.  Well let you know.

Thanks to @Alejandro Gibbs we had a great meeting last night 

@Logan Hand

@Charles Peralta

@Wesley Wiencek

It was really nice to get together with like minded investors and discuss methods, progress, and opportunities.  Hopefully this will become a regular meeting organized by @Alejandro Gibbs

Based on a 270K ARV and your Rehab as stated and all other costs

Traditional Hard Money Offer 133,000
Private money offer 146,000

Will net you about 30k

On the buying, depends on who holds the judgement.  If it is a bank, harder to buy direct but call the them and see who is "servicing" the property for foreclosure and sale.  They may negotiate for a cash sale.  If it is a private lender/company you have a better chance of getting it out of auction.  Also (not a lawyer btw) the owner may have recourse to buy it out of auction, in that case you could approach them directly and get it under contract, and have them authorize you to talk to the bank and see if there is time to make a cash settlement.

I am an agent in a very competitive market for investors as well. This happens all the time. I am looking for new listings for a handful of investors usually at the pre-foreclosure stage and with absent owners. My investors and I have our criteria down, financing in place, and I know the area well and have already done ARV estimates. I actually call the companies servicing the property in pre F and find out who the agent is that will list the property.

When the Agent lists the property I have a contract already signed with my offer ready with proof of funds.  I just add the date and submit or If I can get to the agent before they list I submit and they list it, submit my offer, and take it pending all at the same time.

If your market is competitive for investment properties, this is very common.  Start looking at the pre foreclosure lists in the county records and "Stalk" the properties.  Also Absentee owners are a good source of motivated sellers, send them post cards, yellow letter, follow with formal letter.  Get a proactive investment agent.

Dont hate the player, get ahead of the game.

BTW an agent could lose his/her license for taking an property pending in the MLS with no "real" offer, so im sure it is one of the many options that could have taken place above, rather than lying about it.

Welcome to BP Joseph.  Im in North Port Florida is there is anything I can help with or answer feel free to contact me.

Send me anything y ou have in the port charlotte Fl area 3+ 1+ sfh - MDU.  I flip and represent a handful of investors also flipping. send to [email protected]

thanks lynn

I view this from an REO perspective. I know that tenants are a little different than a foreclosure but the principle here is not ethics or convictions it is business dollars and SENSE. I see it every day with 100s of foreclosure.

Cash for keys; Based on clean and broom swept condition ends the process, and results in less damage to the property.

Eviction costs:

1. Time 2-6 months depending on the tenants, knowledge and level of spite.
2. Money in court fees
3. Damage
   1. Kicked in doors
   2. Kicked in walls
   3. Stolen appliances, HVAC units, water heaters, fixtures, cut pumps on wells
   4. ruined pools
   5. broken windows
   6. Filth OMG the Filth Ive seen

This is a business decision of NET cost vs time.  If the screening was, or was not done in the past, NOW YOU HAVE TO MENTALLY SCREEN what type of person you are dealing with here.  Then decide what costs me more.

taking the high ground on this issue can result in:

He was dead, dead right, as he sped along -- now he is just as dead as if he were wrong!!

Food for thought

Welcome to BP from North Port Fl.

Welcome to BP, my husband lived in London, Ontario as a child.  If you need anything in west Florida, North Port region let me know.

Lynn