Foreclosure:leasing Property Back To Owner?
Hello to all fellow rookies and seasoned re investors. My hats off to those who can wake up on a Monday and have that feeling of financial accomplishment, you inspire me and its hard work to get over that hump, I appreciate all of you who share unbiast advice....Bless you with patience and good health. "Seek and you shall find"
Well.. I have purchased ten foreclosures in the past two years and felt like I made money but didnt save for capital gains and I feel like I am back to square one again financially...all that painting and knuckle wearing work! Oh well I have met some good contacts and the knowledge I am recieving is gratifying, I'm a slow learner, but I am out there doing it...for a financial gain I hope to see sometime. Here is my question, How can I show up to the defaulted person and say "I can help you keep your home " and still manage to make money. The reason I ask is because in my town there are a few investors that last time I checked have purchased about 45 defaulted properties in one year where they keep the owner on board for 45 days and rent back the place to them? Huh? is this not risky? where do they get so much cash to pay back the rears and then the high interest rate from the hard money lenders would only put more of a strain on the defaulted person to pay back every month right? or am I missing something here. Real estate in Sacramento is so hot that even homes falling apart ( literaly) are selling as much as the ones in great condition, and yet the savy investors are still holding to help out the owners? An acquintance of mine started at the same time I did and he had managed to purchase 60! homes in two years and now I bump into his brother and said his brother is cashing out and walking away with a liquid 2.5 million after all mortgages are paid off! Inspiring! but how? Where did I go wrong?
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