Which Course?
Hello,
I am looking to add another tool to my toolbox to diversify.
There are a lot of foreclosures in my area now so I was thinking.
Short Sales
Subject To
???
It seems like Short Sales are more of a paperwork pain compared to Subject To. Letters of Credit and everything.
Any suggestions on Courses? Any suggestions on another tool instead?
I have done L/Os in the past.
I have chased foreclosures before and delt with their owners.
Thanks in advance,
Steve
I saw that you were from vegas, I have heard alot about bullhead city and kingman. People are telling me they are suppose to be great investments because of a bridge being built over the dam. This may be something to look into.
Fortsonenterprise,
I think a lot depends on what your overall investment strategy is.
I own property in Lake Havasu, which is a little south of Bullhead City. It’s done extremely well on appreciation -- but they’ve gone up so much, you can’t cash-flow anymore. And I think Bullhead and Kingman are in the same situation. You might be okay in Bullhead if you did a vacation rental. But that probably wouldn’t work in Kingman, as it’s too far from the river.
I would have to agree with Panic Films. Look for something you can flip with minor rehab.
Just my 2¢
In Michigan property is often sold on a "contract for deed" or land contract. This means that the buyer signs a contract to make a down payment and a number of aditional payments for some amount of time, usually followed by a balloon; when the buyer has fufilled the contract the seller issues a deed to them. The buyer has an equity interest and is treated as the owner of the property. It sounds like this is what you are looking at here. No deed has been filed because the buyer has not fufilled the contract yet.
Chris