All Forum Posts by: Melanie Raine

I'm so glad for BiggerPockets and the help we can get here. I'm in need of some guidance. My girlfriend and her husband got a divorce. The court ordered him to sell the property. Instead, he let it go into foreclosure, then declared bankruptcy. She has been drug through all of this too and her credit is shot, as is her mental and physical health. She wants me to buy the property, finish the rehab, then sell it. She has two months left of her redemption period, she thinks. She's literally been an ostrich with her head in the sand because this is too much for her. But she wants to get something out of the property somehow, so she's proposed that she manage the rehab for me since the property is an hour away from me, then be paid something for her time after the property is sold at market price. So here are my questions: 1. The property is in Goodhue County, MN. Where/how can I find out when the sheriff's sale was and the amount that was paid? In other words, how can I find out what I should pay to buy the property? 2. Since the husband declared bankruptcy, does he have any title rights? 3. Would it even be legal for her to be involved in the rehab and receive payment after the sale? 4. Should I run away as fast as I can from this, or am I being given an opportunity? I don't know enough about REOs and bankruptcy to even know the right questions to ask. Any guidance would be very much appreciated. Thanks in advance! Melanie

@Michael Schmalzer are you able to help Rashad out?

You could check with Leader One. They're pretty investor friendly. I know they work with Pine Financial, who does hard money lending for the rehab itself. Then Leader One will refi after the rehab. Not sure about the seasoning period, though. I've seen Kim Burke from Leader One present at many investor meetings and she's great. Really knows her stuff.

@Michael Schmalzer -- thank you for taking the time to reply! All good advice and exactly what I needed to know. I was beginning to think the lack of response was my answer. The silence was deafening! :-)

If we find deals up here in the Cities and need financing, I'll definitely look you up. I'll also pass your name on to the people we come in contact with.

Thanks again!

Hi everybuddy,

My partner and I are relatively new to the world of investing (May 2016) so our learning curve has been huge. But we're already actively involved in note buying and 30+ unit apartment complexes ("involved" means Anthony Chara's boot camp, MNREIA training sessions and meetings as often as possible, note purchasing club where we're actually investing in one, etc). We'd also like to do wholesaling and/or joint venture rehabs of SFRs.

Where we're getting stuck is that we're finding opportunities in outstate Minnesota (we live in St. Paul) but can't find hard money lenders willing to lend outside of the metro area. And we don't know where to start with finding rehabbers in other towns other than searching Craigslist. Unfortunately, rehabbers in outstate Minnesota don't seem to be advertising on Craigslist.

What we'd really love is to start a partnership with a rehabber who is willing to travel and do the fixit work while we find and secure the properties (I know -- but if you're going to dream, dream big, right?) I don't like the thought of having to find/interview/hire/manage new rehabbers in every market. We'd like to lease option some properties and others we'd just sell, depending on the market, property, etc.

It feels like it's so hard to get started! But we're determined! So if anybody would be willing to offer some guidance for investing in outstate Minnesota, we'd really appreciate it. Anything and everything is welcome, even if it's to not waste our time in those markets.

Thank you, thank you, thank you!