All Forum Posts by: Joey Dman

My state gives the borrower 1 year to pay back everything he owes before the house goes to auction.

I've recently found two properties in their 1 year redemption period. Assuming I can get a hold of the owner, what kind of deals could I conceivably put together with the borrower and the lender?

Has anyone done any deals with a property that was in its redemption period?

The property:

There's this 2 bedroom 1 bath house for sale in a small college town. It was described as a "small cottage" and has an attached garage. It was a distressed house that the owner bought and refurbed over the past 1.5 years (electricity, paint outside and in, flooring, bathroom, driveway).


The numbers:

$8500 down
$300 payments
$38,000 left on loan
1.5 years left on contract
Comparables at $55-$60k (supposedly)
Could be rented for $550/month (supposedly)


That's the information he gave me. I really don't know what to make of it. I'm guessing there's a balloon payment at the end of the 1.5 years. Help me out if you please, oh wise ones. I'm still learning.

Hey all.

Here's the deal. I live in South Dakota. I'm a recent college graduate doing freelance video work at the moment. Not very steady income. Might start supplementing with part time work. Currently living at home rent-free.

I have $90k in the bank. I want my money to start working for me. My investing experience is nil. Real estate seems appealing because of possible monthly cash flow, rather than waiting to cash in upon retirement.

I'd like to move into my own place, but rent seems like a waste. Therefore, I'm considering the owner occupant thing in a multi-unit property and managing as many others as I can finance. Another option would be a fix and flip SFH, which would solve my housing situation. I could also manage some multis or SFRs at the same time.

How would you proceed in my shoes?