Need help with foreclosure - Posted by Scott C

Posted by Jim Kennedy - Houston, TX on February 01, 2000 at 14:27:41:


If your numbers are accurate, I can think of at least three ways to initially fund this deal.

  1. Bring in a partner.
  2. Use a hard money lender.
  3. Use funds from a private investor.

Your personal circumstances and your proposed exit strategy should dictate which is the best route for you to take. Also, there may be some more options that others may post here.

Hope this helps.

Best of Success!!

Jim Kennedy,
Houston, TX

Need help with foreclosure - Posted by Scott C

Posted by Scott C on February 01, 2000 at 13:14:34:

I have found a bank repo that has just been listed with a realtor. List price is 61k which is based off of BPO that the listing realtor perfomed for the bank. Realtor has stated that the home will probably go in the 50’s. I had my wife pull comp’s off of the MLS and all the comp’s point towards a selling price of 80-85k. I have been in the home and estimate repairs to be around 5k. All repairs are cosmetic in nature no structural damage.My problem is financing. My credit is good but my debt ratio is high and I have very little equity in my home because it is new. Someone is going to make 20-25k on this deal and I would like it to be me. In my last job I liquidated foreclosures for a major B&C lender until the company filed bankruptcy so I am not new to the foreclosure industry. I am looking for some guidance on alternative financing for someone in my situation. Any suggestions on what I could do to make this deal work would be greatly appreciated.

Re: Need help with foreclosure - Posted by Tom A.

Posted by Tom A. on February 02, 2000 at 24:35:12:

Michael Minnihan at

Tell him Tom Alfonsi sent you and send a copy of the post you placed above. He will show you how to do a “cash” purchase and sell your self created mortgage to him at the closing table. Piece of cake.

Hope this helps
Tom A.