Flipping a REO, First Deal...

[Bryson McKenzie]

First, I started a LLC to be a REI. The last year I have really been dragging my feet with trying to make my first deal so now I am back at the table

I found this house which seem to be under foreclosure in my town.  I went to the court house here in NW Indiana and check with the Accessor and Recorder office and got all the information that I need.  I found the owner, but kindav want to know is FB a viable solution of contacting her.

Since the house is in foreclosure, it has no liens on it. The taxes are paid and the mortgage is on hold at 33,000 in which she pulled out a mortgage for 65,000.  On recorded, it is appraised at $89,000.  It's in a good part of town in a decent neighbor hood. I just have to run the comps on the surrounding houses in the area.  

I really need help because if it is possible this would get my business going.  I need steps in order to pull this one out.  I would truly appreciate you guys help.

Thanks 

[Steve Babiak]

Originally posted by @Bryson McKenzie:

...

I found this house which seem to be under foreclosure in my town.  I went to the court house here in NW Indiana and check with the Accessor and Recorder office and got all the information that I need.  I found the owner, but kindav want to know is FB a viable solution of contacting her.

Since the house is in foreclosure, it has no liens on it. The taxes are paid and the mortgage is on hold at 33,000 in which she pulled out a mortgage for 65,000.  ... 

Seems you might be as confused about this as I am when I'm reading it. 

Your topic says it's REO, but then you say it is in foreclosure - so the bank does not own it yet and thus it is not REO.

"Since the house is in foreclosure, it has no liens on it. ..."

It may have no liens other than the mortgage being foreclosed, but the foreclosure certainly is not the reason which you seem to imply by using the word "since".

"The taxes are paid and the mortgage is on hold at 33,000 in which she pulled out a mortgage for 65,000. ..."

Not sure what "on hold" is supposed to mean here, so maybe you can explain.