All Forum Posts by: Christopher Gravillis

I have removed this post sorry

Hello Everybody!!!!

Hope you are all well.

I was wondering if anybody has any suggestions in this scenario. I am currently talking to a homeowner who owns an investment property and is 5 payments behind on her mortgage because her tenents wont pay rent. She is now planning to have them evicted.

She is keen to sell the property once she has got the tenants out. I am in the process of trying to arrange for a member of my team to look at the house but they seem to be hiding from her so she can't get in.

Is there anything that can be done to get access to the property for viewing???

p.s. I do feel a bit bad that I have only logged on to the forum when I get stuck & I promise that when I get good at this game I will come on to make more suggestions, give advice and make an overall contribution.

At the minute I haven't done a 1st deal yet so I don't feel properly qualified to give ideas just yet. But when I do get good at this I will put back into this community infact you'll probably get tired of reading my opinions.

Thanks in advance for your help :D

Thanks Wheatie

I love this forum!!!!

Thanks for the response Wheatie. I will get round to updating my profile I might even put on a picture if I can find one that will do me justice!! 8)

I'm working Hillsborough County, Florida area. When I said only 3 properties I meant 3 properties on that particular street. All of these properties were built around the same time only 2 years ago all of them are very similar in terms of size number of rooms etc and apparently in very good condition & part of a housing association.

I will do more research on the area then try & get in touch with his
lenders. He says that he has one mortgage with a Lender for $116K and another one for $33K. Would this make much difference to how I approach them? My initial thought is to go to both of them, explain the situation & find out how/if they would be willing to work with me.

A freind of mine said I should aim for a discount of $75K or walk away.

If a homeowner does go down this route; The amount of debt that is cancelled by the short sale will be subject to federal income tax. So how would you overcome this objection when speaking to the homeowner? Espeacially as this guy has no equity any way & can't benefit financially from the sale of the house. So apart from keeping foreclosure off his record how does he benefit? Espeacially if he is just going to be left with a big tax bill.

Couldnt he just let the house be foreclosed, forget about his old mortgage and not face a big tax bill?

Thanks for the quick response All Cash. I appreciate the feedback.

I have just been looking at my notes & doing a bit more research & maybe I’m clutching at straws but could this be a potential Short Sale candidate?

• The Borrower’s financial condition is poor
• The property is in foreclosure
• There is not much equity in the property
• Property prices in the area have shown a 3.7% dip
• A very similar property in the local area sold for just $149,900 in July.

What do you think? Could it be worth spending the time/effort on?

Also I still can’t find rental values can anybody suggest a good website(s)??

Hello Everyone!!!

hope you are having a good weekend.

I have come across a homeowner his property is in Foreclosure I wondered if you had any ideas as to how I could help. Here is the situation.

Bob bought the property as an investment home 2 years ago.

Property has been on the Market for about 10 weeks for $175,000

Since October Last year 3 properties have sold for between $150,000 & $197,000

Bob would be willing to take $150,000 & walk away because that’s what is owed on the mortgage.

Has had a few people look at the property but the market is slow.

He is $10,000 dollars behind in his mortgage payments. He hasn’t paid since March.
Monthly payments are $1680 Interest rate is approx $8.5%. Interest only
Taxes & insurance are escrowed into his payments; there are no other liens on the property. He pays HOA $100 Per Month

Was renting it out to his mother in law and he was subsiding some of the mortgage payments. He says got into trouble because of interest rate & tax/insurance rises. He is self employed and his business wasn’t doing very well.

Can’t re-mortgage because of bad credit

Has spoken to his lenders attorney and he is just waiting a response from them about how they want to work with this situation.

It’s a brand new property built 2 years ago. In terms of repairs he says it would only need a bit of paint to fix it up.

2 Bed 3 Bath Townhouse 13,83 sq ft. The property is part of a gated community.

When he purchased the property he took mortgages with 2 companies. He got a loan for $116,000 from one company & $33,000 from the other.

If he does sell he will need to find a place for his mother in Law and is expecting to pay around $850 Per month for her rent.

My Idea

Put the property under a 2 year option, giving myself the option to purchase the property for $150,000 which is what he owes on the property.

I would then lease-option the property to somebody else with the option to buy it after two years for maybe $170,000.

Ask for a down payment of maybe around $20,000 this would pay the mortgage arrears and put $10k in my pocket. If they purchase the property the down payment would go towards the final price of the property.

I haven’t checked out the local rents yet but since I would be giving my tenants the opportunity to purchase the property I would ask for higher rent. So I would make 10K when they enter into the agreement & a monthly profit on the rent. That was my idea what do you guys/girls think?

Also I’m thinking there could be an opportunity for me to get a further discount from the lender. What do you think?

Do you have any better suggestions?

Is my plan flawed? If so, how flawed is it?

Is it a realistic plan?

Would you do this deal or do you think I should just walk away?

All ideas/criticism welcome you can be brutally honest I can take it!!!! :D

Hello All,

I was wondering if anybody could suggest to me a good yet reasonably priced Real Estate Attorney that practices in Florida. I need someone to prepare/review the following agreements/contracts for me.

1. Real Estate Purchase Agreement
2. Option Agreement
3. Memorandum of Real Estate Option Agreement
4. Assignment of Option agreement.

I have been recommended someone but at a cost of $300 dollars an hour and asking for a $1000 retainer I thought that was a bit steep. Espeacially as he was not willing to give me any indication as to how much time it would take for him to work on them.

Maybe I'm just being a bit stingy but I thought I would get some advice/suggestions before handing over my oh so precious credit card details. :D

Just thought I'd write a quick note to acknowledge the other people that welcomed me since I was last on here. I don't always have the time to log on so I apologise in advance if it takes me a few days to respond. I'll always write back (eventually)

Thank you all again I really look forward to chatting to you all. John I added myself to "The London Real Estate Buying & Investing Meetup Group" I will make time to attend one of your events.

I still work full time so it will be tricky for me to meet in the daytime. Hopefully this is just a temporary situation, I'm working on it :D

I think I will listen to what you have said & scrap the leaseback idea.

I'll just keep in touch with him & make him an offer to just purchase at least I should be able to just give him some cash to get on with his life.

Thanks for the advice everyone.

Thanks for the Warm welcome everyone

John, It would be great to meet up sometime, for a chat when your next in London. Or let me know when your next meeting is & I'll just turn up. I work full time so I spend most evenings working on the business but it would be well worth taking a night off to network with like minded folk!!

I learnt about pre-foreclosures from somebody who is doing it from the UK. I have just starting out & I'm making quite good progress. I can't remember her website address but when I do remember it I'll post it on here.