All Forum Posts by: Account Closed

@Account Closed

Thank you! I will keep your offer in mind. I've been attending some local meetups lately looking for mentors, partners, or coaches. 

@Ian Walsh

It's not a deal at what she owes on it, plus 6 months of missed mortgage payments, plus the major rehab it needs. That is why I told her I would be interested in buying if she can short sale it. Otherwise, I'm not interested. 

She owes $63K. ARV for that neighborhood these days is probably $75K.

@Account Closed

I think some people, including me, are afraid of the due on sale clause. I want to learn more about sub2. I think it would help me get more rental properties without struggling to find the money or other financing for them. Due on sale concerns me though. 

@Undrea King

Congratulation! This is encouraging to me because I don't have a buyers list yet for the area that I'm sending yellow letters to. I just had to get started. I got my first call from my letters a couple days ago. 

I will be finding an experienced short sale realtor to help me. I want someone to walk me through the process and teach me.

As far as equity, it all depends on what price I get it at. The house is in a run down neighborhood that is full of other rentals. It needs a major rehab from what I can tell from the outside. The homeowner even agreed with me in that. I will be running numbers on it before I put in an offer. I want a lot of cash flow. I don't expect to ever have a lot of appreciation in this neighborhood. If I get it at the right price I'm sure it will be a great cash flowing property. 

The homeowner is supposed to talk to her mortgage co today and see if they will let her do a short sale. If so, I will go look at the property and give her an offer. If the mortgage co says no, then I'm moving on to the next deal. 

The homeowner hasn't made a payment in 6 months. She's been renting the home out to some people. It's vacant now. She said I can buy it or it can go back to the bank. She is kind of motivated because she did call me, but then she isn't worried about the bank taking it either. I think she's just over it. She has been talking to the mortgage co about deed in lieu.

@Kim Knox

Awesome info! Thank you! I was wondering if the relocation assistance could come from me or if it had to come from the bank or mortgage co. It looks like in the future I will tell homeowners that they may be eligible for some money, but that will be up to their mortgage company. 

@Jeff Valentino

It's my first attempt at a short sale. The time suck would be worth the knowledge I will gain. My offer is gonna be so low for this house, I doubt the bank will agree anyway. It needs A LOT of repairs. I haven't been inside yet, but the outside alone is a disaster. 

@Brett Goldsmith

I was thinking if she got anything it might be a few thousand or maybe $5k. I also was thinking that it could be used for "moving expenses". Thanks for the positive response.