Property in Forclosure
My next door neighbor knows I am a loan officer, so approached me about helping his sister who just recieved her 30 days to forclosure notice.
His sister who I should be talking to on Monday and meeting with during the week seems very willing to deed the title over to me for like $10, and a possible commision split once the house is sold.
At this point she knows she will be lucky to make anything at all since the house is so far gone.
Here are the details as I was told:
House in Jamaica, Queens (New York), SF 3ba/2ba, EIK, LR, Dr. has 200k remaining on mortgage, and with 25-35k could be easily worth 300k.
Now for my question. Lets say I like the deal and believe the house can be profitable, how do I go about flipping it to an investor? 
Thanks in advance,
Mike
Oh well, I called the house on Tuesday to go over details with the lady. Turns out a man stopped by to visit her, and offered her $2,000 for uhaul money and she agreed.
So this deal is dead, time to move on to my next deal.
Hey mpine, first of all I'd never give up that much dwn for a foreclosure. The owner will not get anything if the house is sold at an auction so how can she demand 10k? Try to get it for much less, say 1k and see if she bites, if she does, you have a very good deal depending on any other liens. Since you're a loan off. why not rehab it yourself and reap the rewards. or if that's not you then place an ad in the paper to attract investors. saying...$300k house going for $220. needs handymans TLC. Assign the contract, take the 20k and go work on the next one. Hope this helps
Clif [ Edited by pbodys on Date 04/26/2003 ]
not 10k, $10.00 to deed the title over
Also, once shes willing to deed you the house why make a deal to share the comm. with her? You're already doing her a service by helping her out of a bind. If she truly wants to save her credit she'll be more passive to your offer(s). You create the deal, not her! She needs you more than you need her.
She's not going to give up her house for $10 for a 30 day notice. Too many options available at this point. Not motivated enough. Remember, she's asking for 10k! Of course a lot of other things should be taken into consideration. Like is the house in a war zone or drug infested area. maybe then she'll be willing to let go for mere bucks. but if not and there's a lot of equity there, you'll have to make it a win-win. Should always be made a win-win and win. meaning you, the buyer/investor and the seller. [ Edited by pbodys on Date 04/26/2003 ]
Currently she is willing to leave for $10, as in ten one dollar bills, ten. She is looking to get 10% of the profits after repair and sale. In our brief conversation I did inform her that she may not be able to get 10% and may have to settle for less. She was definitly open to having me come over and speak with her and her husband.
I am going to look at the house during the week to assess the actual property/area and make sure they haven't taken axes to the walls.
If she is willing to give you the deed for $10 dollars then by all means go for it, I thought you said she wanted 10.000 and split the comm. make sure there's no structural damage, everything else is cosmetics. Get some comps and if all looks good do a simple track and Judgement title search. should only cost about $75.00.
Good luck
Clif
hi mike im in NY your deal sounds very intresting im in queens so jamaica is a fewminutes away if your intrested on flipping that property give me an email
at nyreinvestor@aol.com