All Forum Posts by: Stephen Sokolow

@Mike King check out the bigger pockets hard money lender directory. The REIA here in South Bend is also great. What I think you are going to find is that you will be able to find hard money lenders in the directory who will lend in South Bend but I do not know of any local lenders myself.

Ok after the great reception and feedback from my last post in this forum looking for investor friendly Realtors I am not looking for recommendations on Contractors - both General and sub contractors. For that matter I would love feedback from flippers in Memphis as to how most of your flips are completed. Is 90 days the usual assumption on completion? Is it difficult (besides the normal contractor issues) to find labor?

@Alex Craig thank you

@Douglas Skipworth thank you so very much. That is EXTREMELY helpful. Have a great weekend. 

I am looking for Realtors in Memphis who have experience in dealing with out of state investors. Any recommendations would be appreciated. Thank you

@Jeff Schechter I have been researching Indy for a little while. I agree with you that there is a ton going on there now. Can you tell me your thoughts on the Downtown area and what you feel the best zip codes to invest in there are and why? I will be down there in 2 weeks. We should definitely grab a coffee. 

@Jeff Kehl So based on the title work that I ran on the home they only have 1 one loan outstanding. There are no judgments, code violations or IRS liens attached. They paid $87,000 and through refinancing they now ow $244,000. 

As for motivation I am not sensing any for some weird reason. I suspect that since there is not auction date set the owner is not as motivated as I would have thought. 

Thanks @Barry H.

@Jeff Kehl I made a typo. ARV is between $160,00-$350,000. On the high side that is for commercial properties (which would make this a development deal) Rehab costs are estimated at this point to be min $45,000.

I am looking out of town because I am looking for higher returns on my time and money. The subject property is in a town I know very well. I spend time there and have relationships in place. I guess my question was geared more towards trying to understand how to make an offer on pre foreclosures. There is no auction date set as of yet. She has retained a lawyer to try and work with the bank up until now has not been cooperative. 

My main question is when buying a pre foreclosure am I buying out her mortgage? What do I pay her? Also is the only reason her equity is important is because she owes less on her mortgage? How is that a factor in my calculations?

I am working on a pre-foreclosure deal and need advice. The deal looks like this:

Loan outstanding: $244,000 QuickenLoan and it is a FNMA

Other debt: Base on my preliminary title search $0

Equity: $85,000

The owner wants $350,000 based on a recent comp in the area. The property is a home on a block of homes that also has commercial zoning. 

What is my next step? How much do I offer? The ARV based on Realtytrac comps are from $184,000-$350,000. I am not located in the same State as where the property is and have not seen the interior. The home is listed with a Realtor but they do not have pictures so I am assuming the worst on a rehab. Any advice?