New Opportunity for a new investor

[Cliff Ridge]

I found a river front property in Pre-Forclosure for $197,500.  Current mortgage is $1000.  I don't know how long or how much equity.  This would be a great AB&B or long term rental.  I am so green, but I see this as an opportunity to possibly take over the mortgage if there is a decent amount of equity.  Not sure if it is at the point I can work with the owner or take over the mortgage with the bank.  I may be off track.  I am reading as much as I can, but don't know if this might be over my head for the first deal.  Maybe a wholesale opportunity?  Comps are difficult since single family homes are so diverse mixed with vacation properties on this river.  We are also going into the winter, so probably not a lot of vacation rentals for awhile.  Please advise.

[Tyler Bains]

@Cliff Ridge I would be cautious about anything you find on Zillow. It has a mix of accurate vs inaccurate data. The best thing to do would be reach out to a local agent or skip trace the owner's # and reach out. Is the house listed as a FSBO currently? If not I would reach directly out to the owner and just discuss options.

The worst they can do is say no and hang up. I would encourage you to pick up the phone and give them a shout. Lay out your plan and how it could align with their goal. Explain that a foreclosure stays on your credit for many years and that it will prevent them from possibly getting another mortgage a few years down the line. 

Position yourself as their way out...because you are.