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Updated over 9 years ago on . Most recent reply

User Stats

55
Posts
14
Votes
Michael Zagorsky
  • West Melbourne, FL
14
Votes |
55
Posts

Next action on lead (4 years behind on taxes, almost no equity)

Michael Zagorsky
  • West Melbourne, FL
Posted

So I'm new in real estate investing looking primarily into getting into buy and hold.  

I picked up on the following lead.  Right now as a newbie I'm thinking this situation is not something I can move forward with but wanted everyone else's opinion.  

A woman was looking to sell her house in Cocoa, Brevard, Florida. I would guess the ARV on the house is in the $45-65k range. It belonged to her husband and she said that the mortgage has not been paid in over 5 years. She does not have any documentation on the mortgage, but I show the mortgage in 2004 for $74k and the last assignment being in 2013.

I show 4 years of tax liens held by various investors totaling about $5k before interest, also a water lien and code violations.  

I have not inspected the house yet or met with the owner in person, so I am unsure of the properties condition, but I would guess the current value in the $25k range.  

I'm not really sure of my next steps in this situation.  It looks like I would have to deal with a ton of lien holders and the bank before I could get it and I figure the bank would get almost nothing.  

Also, if I pass on the house because of the level of rehab needed, should I try and get a wholesaler involved?

Any thoughts?  

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