Pre Foreclosure Question
I am new to this so any advice is appreciative.
Came across a man who is behind in mortgage. He wants to quick claim deed his 4 flat building to me for $15,000. The problem is I don't have $15K and don't know where to get it from.
The building needs a little work, about $5K, he says he owes some back heating bills which I will check out. And I will run a title search to see if there are any other liens or suprises. The building is in a up and coming area and is currently being appraised at $200K. There are currently 5 other rehabs occuring with 3 and 4 units on the block.
I really want this building, I want to invest in this area. After checking the title, and everything is okay, How do I find the Money to give to him for the deed? What would be the next step for me?
My main concern is finding Money to do this deal!
Howdy:
I'm new to this forum --- decided to sign up cause I like what I see, and if you don't mind I can take a stab at your question.
If you live in a major metro area look in your classified section for hard money lenders, those who advertise 'will pay cash for your house' etc, usually found under financing or real estate section.
If you have your homework done, call up a few and tell em you have located blah blah blah, and need $X dollars to make the deal work. For their contribution, you would be willing to give them $X for their profit, which they will be paid at closing, via escrow instructions.
This is not my specialty, so someone else may have another idea or a better way of doing it, but that's what I would do. I bet there are some good courses available on finding money when needed and maybe someone can pipe in on some suggestions.
Good luck!
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