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Updated almost 9 years ago,

User Stats

40
Posts
10
Votes
John Armando
  • Dartmouth, MA
10
Votes |
40
Posts

New to Short Sale Investing - great property available

John Armando
  • Dartmouth, MA
Posted

Hello, I have a general Short Sale question. I am in the market for multi-family properties in my investment area and looking to get my start in real estate investing. 

I've located a short sale property that is a 3 family, currently 2/3 occupied, and fully rented would cashflow $300/month, so I know it would be a great cash-flowing property. (I am confident in my numbers, accounting for property management, long-term and short term maintenance, 8% vacancy, etc. etc. for a total expense of 55% of gross income, and and expenses + income growth of 3% per annum). 

I've located the current owner contact information, the listing agent, as well as the mortgagor, and at this point I'm wondering what my next steps should be. Contact both the current owner and mortgagor citing my interest in the property and present an offer? Reaching out to the listing agent? Building a documentation package? 

Any guidance would be great help, I've been scouring the forums and blogs to find more information but would love to get in contact with someone well versed in short-sales. 

@Molly Armando

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