Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Classifieds
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 9 years ago, 05/23/2015

User Stats

4
Posts
0
Votes
Huy Nguyen
  • Real Estate Agent
  • Lakewood, CA
0
Votes |
4
Posts

Pre Foreclosure SFR House in Lakewood

Huy Nguyen
  • Real Estate Agent
  • Lakewood, CA
Posted

I found this property that is in pre foreclosure. The default amount is $11,000 and they got the notice in march. The total mortgage is $100,000. The total ARV for the house is $500,000 maybe more. I looked at their sales history and they bought the house in 1999 for 200,000. i think i can buy it for 400,000.

I was curious if anybody here wanted to partner up 50/50. The house is in Lakewood, CA where i live and we can figure the best plan of action. but i am thinking of flipping it.

Also,  I have several leads with the same type of situation if this doesn't work out.

PM if you are interested. 

Offering

User Stats

8
Posts
0
Votes
Matthew Okosodo
  • Investor
  • West Palm Beach, FL
0
Votes |
8
Posts
Matthew Okosodo
  • Investor
  • West Palm Beach, FL
Replied

Do you know how much the  repair will cost, if any? Do you know if the owner is willing to sell because they could just borrow $11,000 and settle the dept.

If the ARV is assumed to be $500,000 I will start at %65 ARV and not more than 75%.

However, I will find out what the owner have in mind about the house before I do anything.

If they are willing to sell, I will then check for repair estimate, and a quick comparable values before making an offer. If they are willing to accept an offer of 75% ARV and the price is right for your ARV, I will not hesitate but make the offer right there and give 45 days closing if that is acceptable in your area. Please do not forget to add funding contingency.

Thanks

Matthew.

User Stats

4
Posts
0
Votes
Huy Nguyen
  • Real Estate Agent
  • Lakewood, CA
0
Votes |
4
Posts
Huy Nguyen
  • Real Estate Agent
  • Lakewood, CA
Replied

I only saw the place from the outside. It looked really good.  I'll talk to the owner to see what they have in mind.

Rent To Retirement logo
Rent To Retirement
|
Sponsored
Turnkey Rentals 12+ States. SFR, MF & New Builds, High ROI! 3.99% rates, 5% down loans, below market prices across the US! Txt REI to 33777