All Forum Posts by: Matthew Giegerich

I agree with the other posters and as a former resident investor of O-town,the property is a long term hold. the area has apprecited quite a bit in the last 6 years. I used to buy these cottages for 115k all day. The revitalization and growth of the area jacked them up. look at the market as peaked(I would) and look long term 5+ years, You will have a better chance.

you should always try to get the best deal, however when you have lemons you can only make lemonade. The loan program you want is not a out there.You can create a better situation after you own the property.

The reason you can assume only one party was served, and I have seen this many times, is DIVORCE! the one spouse moves on and the other stays. it happens all the time.

I know an associate of mine sold a block to block land parcel to walgreens . he did really well on the deal. cvs is the new walgreens looking to buy up land for new stores nationwide. contact either of these companies corporate depts and find out their expansion plans.

I can only say what I did and it worked.My wife went a local detective agency, an internet earch of county records and such is a minimum fee,I paid 40 bucks, to find the un-signed wife. the ex had remarried and luckily to a local guy. so I took the unsigned paper copies and showed up on her door step- boy was she surprised. after some conversation with her and her new husband she agreed to sign. I am $$ hungry( 5 kids will do that) and this deal paid 10k, so it depends how determined you are- how much you want the home? if I can be of any help-let me know :)

John makes good sense. Heres the real basic problem with preforeclosures- talking to the owners. As a preforeclosure veteran,I can state that families in distress are in an emotional and financial limbo. They are being harnged by the mortgage company, attorneys, realtors and investors. They just don't answer the phone, or the door until they are pushed. most want to save their home. I had one guy who was blind and hard of hearing and was unaware that his wife had gotten the home into a bind. She called after I repeatedly left my card and a note on her winshield b4 she went to work at 5 am!! You have to have a persistent behavior like a detective at times to get a hold of these people. the best advice I will preach is ,show empathy and understanding of their problems, not greed!! then go home and hug your wife and kids and thank your lucky stars if you have never fallen down emotionally and financially. Life does happen!!

James-
With the flood of foreclosure due on the market by early spring "08 its essential "speculators" understand how to make the most of it. Its manna from heaven. I made a small fortune in the 90's 125 equity debacle. I am not opposed to competition but this business is not for everyone!

Yea thats reasonable for Cali or South Fla :)

If above average rates don't make you comfortable I would say your not in the right type of deal.The deal is in the buy! Compare the rate on the deal with minimum investment versus the money you have to shell out to get the rate and term you want. If you compare it over 24 months it still will be a lot less than the cash outlay and overall equity position you will own.I'm not trying to be difficult but let me know if you understand.

The other source is private money. Have you tried advertising for local money. Have you gone to any REI meetings in your area. I used to know Rochester and the loan amounts were generally under 100k,closer to 50k.Try one of my sources Northern Funding they will do deals with 5% into it.