$167,000 FORECLOSURE/NEED HELP - Posted by GREEKVESTOR
Posted by GREEKVESTOR on November 03, 1998 at 16:58:39:
A few weeks ago I found a nearby house foreclosure for $167,000. I t was listed in the foreclosure magazine which I’m a subscriber.
I visited the subject and spoke twice to the owners wife. I showed her my interest in buying the property and thus helping them save their credit rating.
My problem is that I’ve never bought this way and do not know the best way to proceed. I want to move fast. I’ve invited the owner to my office to discuss the property.
I need a full-proof plan, that will help me buy this house quickly and efficiently, with the smallest down payment possible.
It’s a 2FAM, 25x100 lot, wood frame with aluminum siding, with a 2BED/1BATH on the 2nd floor, and a 2BED/1BATH on the 1st floor, and a finished semibasement apartment.
Legal rent rolls: 1st…$750/month
Other rent rolls: BAS…$700/Month
Total monthly rent rolls…$2,225
Initially, from what I’ve seen so far, I will need to spend about $5,000 on the house to refurbish it and make it rentable.
MY IMMEDIATE PROBLEM RIGHT NOW IS TO HOW TO PROCEED!