How Do I Start The Process?
As a very novice investor and when I say novice I mean I’ve been reading a lot of posts on this site and a couple of books I got from the library. At any rate I thought that this might be a good opportunity for me. Not sure if this is a good investment for a rookie wannabe investor?
Anyway, a woman my girlfriend works with is in really bad financial shape. She is about 5-6 mortgage payments behind and owes over eight grand in back taxes. I would like to in someway rid her of this burden by buying the home and flip it. A new term I learned from this site! I would like to get to them before they foreclose on the home. I guess now that I know what I want to do, I now need some advice on how to take action in taking possession of the house? Also just to let you know I recently just purchased my current residence about 5 months ago and at the moment have very little money if any to put down on the house in question? Any help would be greatly appreciated!!
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"A smart person learns from their mistakes but a wise person learns from others mistakes." Unknown.
[ Edited by itpro15 on Date 07/23/2003 ]
You should start reading the articles here on "short sales". It requires no out of pocket cash from you and may help your friend. Also you can post the house in TCI realty for a bird dog fee, just make sure you give the date of foreclosure in you ad. If its in Florida I even may be interested.
Good Luck,
Kyle
Thanks Kyle! I'll take a look at those forums for some more details. By the way the property is in Illinois. Thanks again!
Brian
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