Help new investor

[Honora Ciancanelli]

Hi, I went past a FSBO, vacant, good neighborhood. I looked up tax records, appears bought house in 2011 as foreclosure, now has a Lis Pendens attached to it since 2014. How can I acquire this property without using own money or credit? Haven't reached out to the owner yet.

[Jeff Robert]

Broad question for your first post!  First of all, welcome.  Second of all, @Brandon Turnerwould probably agree, check out http://get.biggerpockets.com/nomoneydown/ to learn how to buy with no money down.

[Cynthia Smith]

You can try a hard money lender and a gap funder.Or try a partnership on the property, maybe you can find someone who would fund the deal and you do the work . A few options. Good luck to you.

[Ned Carey]

What is the Lis pendens for - another foreclosure? It is tough to buy a foreclosure property with no money. In fact it is tough to buy any property with no money. 

The first step is to contact the owner and find out 

• Is he willing to deal? No motivation = no deal.
• As much as you can about his or her situation. 

Only once you know the situation, can you then figure out how to make the deal happen.

[Matt Motil]

Best thing to do is talk to the owner and see what is going on. You don't know how you can help them and their situation until you find out what the deal is. From there you can help broker a win-win scenario (if possible). Without having all the details, it's hard to really have anyone here tell you what route to pursue at this point. 

[Honora Ciancanelli]

Yes, it is a broad question, but was thinking about wholesale situation. Any ideas are welcome! Thanks for your input!

[Honora Ciancanelli]

Okay, what are some main questions to ask the owner, other than what are you asking for it. Thanks again!

[Matt Motil]

Why are you selling? 

What do you need to get out of the property to make it a win for you? 

What is up with the Lis Pendens? How did it happen? How much is it for? 

What would motivate you to make a deal? 

Some sellers can't afford the back taxes or the judgement that's been assessed. Some sellers want out of the property and to move somewhere else. Some sellers would be happy with a check for $20k and to never deal with the property again. You don't know until you start talking to them. 

You mentioned in your original post that you wanted to acquire the property. Now you mention you want to wholesale it. Two totally different things. Do you want to own it or do you want to deal it? You need to know what you're trying to do before you go into the deal. 

[Honora Ciancanelli]

Okay, bad wording by me, I really don't want to hang on to it. Thanks for all the great questions.