Suggestions Needed To Purchase Investors Pre-foreclosure Properties
To All:
I have been contacted by an investor that has five residential properties in foreclosure and would like help. What options do you suggest to help him and generate a little cash for myself.
One of the homes is currently going thru the Sheriff sale proccess.
This investor is desperate for assistance.
Really need more details.
Is this 5 of 5 in foreclosure? or 5 of 20 or something?
Why is he not paying the mortgages?
Sell?
This person was doing REI on the side with another full time job. 3-5 homes are vacant and the total number of properties he owns is five.
He has lost his job and has been unable to sell them, they need about $5000-$10,000 in repairs each and have past due mortgage amounts of about $4500 each not including late, penalties, legal costs etc.
He really was just a poor investor, took advantage of a opportunity without a plan.
The Sheriff sale is today one only one of the units.
Can I do a subject to on the home that is facing a sheriff sale today?
What was the outcome? Did you get any of the properties?
let us know how did it go .. interested in partnering?
To all:
I went for it and did a subject to on all four properties and have two tenants to lease option two of the three vacant ones. I am currently working with the bank Chase Home to get the fifth at a reduced price.
Thanks for all of the support and yes, I would like to partner with those interested in doing so.
Have a Great Day!
Wow. How did your phone number get with this poor investor? Did you fall into this, or were you out looking for these deals?
Good morning all,
I did infact subject to: the properties with several legal disclosures/out clauses for myself via my RE attorney. I was aware of the chance I was taking but, had my ducks in a row to quickly assign them to another experienced investor. I walked away with alittle under $8,900 for all five. I did basic exterior clean-up and provided him with three new tenants.