OfflineI found an awesome deal on a property that is not on the realtors radar yet. The original mortgage company that had it went under in 2008. The owners abandon the house six months after purchasing it in Feb. 2008. The new mortgage company is out of state and has let the house sit vacant for two years. Unfortunately I don't have the funds to purchase the property myself. How do I make a deal out of this without putting the property in my name? Any advice?
Julie
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Have you been in touch with the bank/lender? Or were you able to find out if there are any liens on it.
You could try to purchase with an assignment. Or do you know any PML (private money lenders.)
What state are you in? I didn't check your profile to find out.
But I also can't afford to purchase, but do know how to get the money.
I will PM you and maybe depending on what state, might be able to do something with you.
But remember to never post the city or address until something is in writing, that will keep anyone from profiting on this, unless you get paid something for finding it.
I did bird dogging for investors, and was taken for a huge profit. I got a $10 gas card for all my work.
So be careful who you tell what to, but maybe someone here can help you.
Sandi
Vacant for 2 yrs is a great start.
What are the rent rates there and in your area? Comps? Asking price?
Research the property in the city/county records. Find out the FMV and price of property,when purchased at what price and any improvements. Run comps.
Once you know above info you can run the numbers and know it its a deal or not.
You don't need much to get a deal done.
Keep us posted
Mike
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