All Forum Posts by: Michael Garrison

I have a property that is in pre forclosure status. I have the opportunity to pick it up "subject to". I have the option on my exit strategy to either hold it and rent it to pay the notes or do a "lease option" and attempt to sell that way OR just outright wholesale the property. It is 5 months in arrears in payments and they would need to be caught up immediately. Im certain taxes are that far behind as well unless escrowed. Insurance too. 

Im asking for opinions but what i really need is a contract that protects me from the seller reclaiming the property once the note, taxes and insurance is current. 

Please elaborate or point me to the correct source.

Thank You

Michael

I am a wholesaler in NW Florida.  I find many TRUE off market properties.  I offer them in various conditions, locations and price ranges. Beachfront is rather difficult to obtain because of the vacation rental business but not impossible. If you would like to know more please send me a colleague request. I would be more than happy to discuss any and all the options I might be able to help you with. 

I look forward to hearing from you.

Thank you

Michael

Find a good wholesaler like me who will provide you a ton of information for your properties to where you can make an informed decision about what you're buying and the area it is in.

Michael

David is right. Land in Destin is so limited and desired it will appreciate. How fast and how much is the question. ROI will more than limely be limited if he is buying retail and not wholesale. Why would anyone buy retail any more?

Its really hard to go wrong in Destin but this might not be the best move with the property being unimproved. Just my opinion.

Zillow........ I wouldn't put much stock into it. Might be a nice place to start but run as fast and as far as you can. The info is often wrong or outdated. If you see a preforclosure there look it up in your county clerks records and work on it from there. 

@AnthonyContento I'm curious as to why not as well. There should be a box to check that allows the agreement to be assigned. If not, draw up a very similar one and make your own contract assignable. That easy.

they have a listing agreement not a purchase and sale agreement.

This is interesting. I would definitely like to see where this goes. I understand exactly what your saying about top dollar asking prices. This might be a new strategy to implement. 

 I did this a year ago. I'm still following up on the leads. I've closed probably 1 a month by using this strategy. I just got fortunate enough that I picked a great list. Also keep adding to my list daily of other properties that I drive by or my bird dogs send me. I'm also researching lis pendens and hitting them up. Absentee owners are always a source for either sellers or buyers. This stuff is not going to just fall in your lap. Research! For lists or properties or REIAs or buyers or whatever else. Quit asking all these questions and just do it. GOOGLE knows everything and what it doesn't BP does. All this has been covered 100 times in here. Just get out and start doing something.

this is an excellent question and I think I see where you are going with it. I'm not to familiar with who/what else does assign contracts but I believe the Uniform Commercial Code will be able to sort out just about any contract laws you will need to know about. Thats what it all goes back to anyway is the UCC.