OfflineContact fsbo in regards to his tenant occupied rental property. Bank is doing a short sale for $18k, current tenants pay $550/month. They would like to buy the property. He can't do a lease option because of the short sale. He owes around $4500 in back payments and fees. Trying to get him to see if bank will waive the fees to reinstate the loan and also what he still owes on the bank. Similar properties in the area have sold for $35k. I have no additional funds, if I were to do this deal to get the property subject to. Market rents for comparables rentals $625-$825.
--------------------------------------------------------
Update: He owes $112,000 on the loan, which equates to payments of about $945. Basically he wants out, he sees no benefit to keeping his current loan.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
You might want to have the owner give the bank permission to talk to you (three-way) or have the owner sign a release for you to talk to them. The lender may be able to put the money he owes at the back end of the mortage and continue making payments. Lenders are more willing to negotiate just so that they can get their money. They don't want the properties, they want a performing loan that is getting payments made.
Destrie
Destrie
Failure Is Not An Option
The owner informed me that the rent he is getting similar to other homes in the area. I don't want a property that will be up side down either. I much rather get it at the short sale price, only obstacle, I'm trying to overcome is not being able to qualify for a loan. I just want to make profit off of it
Destrie
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.
I may be new at this RSI but,the only way I see to make money on this potential deal is to use hard money to by at the short sale price and then flip it to a cash buyer?
Dare yourself to fail!
Try using hard money, but from what I have heard from other ivestors is that hard money went down with the mortgage companies. If you could find a equity partner, maybe that would be the way to go, therefore you would have more time to re-sell the property on that money from an ep. Flash funding is only for 1 day, and i have heard of a company that does up to 90 day "loans" by partnering up with investors. However, you have to take a six week course on short sales, REO's, foreclosures, etc. etc. before they will become your equity partner.
Just a thought....
Destrie
Destrie
Failure Is Not An Option
Yeah, I just return from my meeting with a lawyer who handles real estate transactions. He advise me hard money is the way to go for a new R.E. investor learning the ropes. I got to get a contract signed between me and the Seller and go present it to one of the hard money lenders here in Atlanta.
"I will NOT BE BROKE! ANYMORE!"
In the name of Allah, the Beneficent,
the Merciful.
22.He is Allah besides Whom there is no God: The Knower of the unseen and the seen; He is the Beneficent, the Merciful.
23. He is Allah besides Whom there is no God: the King, the Holy, the Author of Peace,the Granter of Security, Guardian over all, the Mighty, the Supreme, the Possessor of greatness. Glory be to Allah from that which they set up (with Him)!
24. He is Allah: the Creator, the Maker, the Fashioner: His are the most beautiful names. Whatever is in the heavens and the earth declares His glory: and He is the Mighty, the Wise.