My big question is this: how did you find it? I’d love to find that deal.
Basically, you are getting an asset worth $210K by spending about $10K up front on back payments, $10K in additional investment, and taking over a $138K loan. That’s pretty darn close to the 70% target I always read about.
Now…WHAT are you planning to do with it? Flip it? How much cash flow would you get if you rented it out? What’s the market rent compared to the payment you’ll be taking over? Can you re-fi?
Question from begging “bwb”. I have located a foreclosure in the state of OR, a nonjudical foreclosure, which will go on the auction block block in july. called the owner and he just wantrs out. does not want any equity. Owner states that a real estate agent called today and will be bringing an offer. Owner very interested in me taking over pmts. forclosure notice states failure to make pmts since oct 2004 at 1,200 per mpth plus 60.00 per month late charges, "sums owing the obligation secureed by deed of trust… 138,000. This was in the paper, is this this the amount owed at time of printing, or when owner defaulted? house worth 210,00 and needs 10,000 investment, please help, owner tcb tomorrow after he speaks with his bank and gives personal right to work with his banker to take over pmts and work out a deal. is this good deal? and what do i do next? thanks in advance.
Posted by Natalie-VA on June 01, 2005 at 10:30:28:
You need to move FAST and get this under contract. He might be selling it to that agent’s client right now. Keep in mind that you’re not the only one contacting this guy. If you’ve established a rapport, you’ve got an advantage, but get over there FAST!