Posted by Randy (SD) on October 17, 2003 at 13:44:37:
Do you have the $12 k/$15k to remedy the back payments? If so the first step would be the contact the sellers find out if they are interested in selling, get the property under contract. Then depending on your contract price you decide what you’re options are at that point you might ask the seller if they would consider a subject to sale.
If you don’t have the necessary funds to remedy the deficiency, it looks like a flip is you’re best option.
Posted by kfarzin on October 17, 2003 at 02:28:03:
Ok, i’ve been going through some NOD listings for foreclosures. I’ve found
a couple with the following data:
Ex1:
Loan: 455K, no other liens
Back Payments: 15K
Comps: 775-950K
Ex:2
Loan: 350K, no other liens
Back Payments: 12K
Comps: 675K-900K
How would I go about flipping such deals to investors? Would a subto deal be more appropriate? Would I be able to split the equity between the seller and myself? How would you guys go about structuring such deals?
The high numbers are due to me being in Southern California.