All Forum Posts by: Scott Van Straten

I'm looking at bidding on a property on Auction.com, but want to make sure it stays within the numbers I'm comfortable with.  The property has a mortgage of $21000 and a hand full of judgements that are shown in the picture attached.  It is a bank owned property, by Wells Fargo.  With this type of purchase are you responsible for the mortgage and judgements or are they wiped out by the foreclosure?  Any info would be great!

I am about to put in my first offer on a Multi-family Home.  I have ran through the numbers over and over and have found a property that I believe maximizing my Cash for Cash returns with the least amount of risk, in my area.  The property I am debating to make an offer on is asking $68,000  and shows good income, which I will post the details below.   My concern is that when I research the taxes the home value is only $52,000.  Most Multi-family properties with this income are valued higher.  Should I take the tax value into account, or value it based on what I see in the area?  Any advice would be appreciated.  Here is the details, assumed at full purchase price.