All Forum Posts by: Eric Mitchell

Hello everyone. I went to the home and rang the door bell. No answer of course. To be honest , I had mixed emotions. Glad and disappointed at the same time. So plan B went in affect. I wrote this letter

Dear Homeowner,

Hello. My name is Eric and I would like to purchase your home. I will offer fair market value of your home based on homes sold in your area with the same bedrooms, bathrooms , and square footage. That price minus any mortgages, property tax , liens , judgments , and/or delinquencies will be my offer price to you. If you are interested in discussing actual numbers and time frame that you will be satisfied with please call me @ ( # ). Looking forward to hearing from you soon. Take care.

Sincerely

Eric

I put this letter in a envelop and taped it on their front door. On the envelope I wrote " YOU JUST GOTTA TAKE A LOOK INSIDE " with a big smiley face that I drew on it. I haven't receive a call yet but I will give it a few days. In the mean time I am looking for the next one that meets my criteria. I will keep you guys informed as promised. Good evening.

I am getting ready to go knock on the door of a potential deal. The nervousness that I am experiencing at this moment is similar to those that I had before I jumped off the high diving board at the local pool as a child. GERONIMO !!!!

@Joe Fairless

Lol. Thanks

@Zaid R.

Thank you

@Roy Schauer

What do you initially say to the home owners once you are at the door ? Have most of the people that you have tried to help get offended by your visit and said something to the tune of " If I need help I will call you. Don't come to my home anymore "?. I know that the foreclosure process can be a very emotional one for most that's going thru it so how do I approach them without their anger being directed towards me. Thank you for your response.

@Ali Boone

Hello. I would love to attend also. Just name the place and time.

@Joe Fairless

Thank you. I will document my adventures for all to see , including myself, and I do appreciate any and all comments. I am not afraid of correction and please do not hesitate to do so. If you feel that I may be headed for disaster , please stop me. Be stern if you must because as a newbie I will have occasional tunnel vision and stubbornness to get the deal done no matter what. LOL. I accept the fact that no matter how calculating my plans are , there will be a scenario that will leave me scratching my head in complete disbelieve of my own actions. This is why I will let you and the other BP family members know all of the steps that I plan on taking , formulate a plan based on the responses and make that move. Thank you again

@Roy Schauer

Thank you for the invaluable advice. Please feel free to go to any length necessary. LOL. I will apply what you said to the letter. Hypothetically , if they just want to get away from the stress of dealing with all of what they are going thru and need relocation money , I will give them $50k considering that it cost about 2k a month to live in a nice city out here. That will cover at least 2 yrs of having a roof over their head immediately and hopefully put them in a position to purchase again and avoid the previous pitfalls. That's just my idea hypothetical. As you stated , listening and asking a couple of " what if's " will allow me to narrow down my options. Of the different ways to invest in RE , I know that this will be the most satisfying for me. It's very rare that 2 parties can come away from a negotiation and feel happy and satisfied. Thank you again.

@Joseph Pytcher

Hello. Sorry to hear about your ordeal. Please don't let it discourage you from bidding on more HUD homes. Do some more studying about HUD policies and procedures and go at it again. Its only going to make you that much better. I guarantee that you wont make that previous mistake again. Take care and go get that HUD !!

@William T.

Thank you for the response. I agree with you about the owner being able to refinance the property. It makes logical sense. I wont know what the situation is until I talk to the owner. Thanks again for the reminders. I will keep you posted.

Happy Holidays to all. There is a pre-foreclosure that I am going to on Friday. Here is the data that I have so far

Foreclosed amount : $ 169,400 ( with no junior liens )

Delinquent amount : $ 6,000

Delinquent property tax amount : $ 3,2000

Comps avg of 4 homes sold within a 1/2 mile radius in the last 4 months : $ 386,000

I was thinking about actually living in this home because it is beautiful. I still have to get an appraisal and inspection but that's standard procedure. Here is what my offer is going to be

Starting @ $386,000 , I'm going to subtract all of the above numbers ( 169k - 6k - 3.2k ) which will equal $ 207,400. Then I'm going to add $75,000 to give the owner some cash for a fresh start which will bring my total offer to $282,400.

I can knock 2 birds out with one stone by helping the home owner avoid foreclosure and possibly filing a BK to keep the home. Give the homeowner $75,000 for a fresh start. Getting the home that I want to live in along with $103,600 of instant equity. Please let me know what you think since this will be my first deal. I made the decision to get my feet wet. Thank you all in advance for all responses.