Age old question… - Posted by Lee
Posted by Lee on January 19, 1999 at 12:04:29:
or mabe not.
I am working on 3 preforeclosures, although the numbers are lesser on the other 2, each example will gross at least $20,000 each.
5 year old, 4 br. 2 ba. 2,778 hsf brick, 3 car garage on 2 acres and on the water front (but UGLY, looks like a barn or prison).
It’s on the way to an “exclusive” subdivision with 150,000 to $600,000 houses.
Their are no comps. (solds) in this area however, their is a 2,344 hsf (pretty) house nearby that is on the market (for the second time) at 189,000.
The assessed value of the subject is 122,000 (19,000 land and 103,000 improvements).
The C H records show the original loan (Conv.) was $92,000 in 1993. the present balance is $72,000 plus 6 or 7 months payments, atty. fees ect. This house is on the market now for $149,000, reduced from $189,000.
The foreclosure sale date is Feb. 10/99.
I don’t have the cash to swing this and I don’t think a lease option would do the trick either because of the sale date and the cash requried - 6 to $10,000 plus holding cost.
My credit is A 1 but income is somewhat lacking to take on $80,000 (+ or-).
How to buy, then sell, retail without telling my competpition how to do what I do (PREforeclosures)?
I tried to partner with an invester once, he liked my ideas so much that he began using them himself, without me.
The age old question… What to do here?
Any comments you have, large or small, are welcome!