Pipeline Turned into a Fire Hydrant- HELP

[Austin Hughes]

Seriously, with the little amount of marketing I've done for real estate deals, I've been getting a bunch of responses. Although I've done a lot of research, I'm inexperienced, and would LOVE some advice.

I am in negotiations on two different properties, one a multi-family buy and hold opportunity (cash flowing like crazy), and another a pre-foreclosure (in a bad area). I've connected with a local investor who is helping me through the process of the pre-foreclosure. He also gave me great advice on a way to structure the multi-family buy and hold, and I got a local bank here to agree to it! Woohoo...now to get the seller to agee. :)

Strategies: On the multi-family, I got a local commercial lender to agree to finance 80% of the purchase price if the seller will carry back 20% of the note (as my down payment). The owner has 100% equity, and they would get a majority of the purchase price immediately, so they might consider this more so than straight owner financing.

Pre-foreclosure, I'm working to get access to his mortgage information to see exactly how much he owes in back payments and how much is remaining in principle. The seller said he'd call them and authorize me, but I haven't heard from him since then (3 days ago). If/When that happens, I'll make an offer to him for his property (including the land next door to the house), pay his back fees, and take over the title under his current mortgage, subject-to. I would make the minor repairs necessary (and cut the ginormous weeds), then sell the house to an owner occupant or investor.

What other ideas are out there, guys?

p.s. I've gotten 2 more calls today from sellers with 100% equity and 1 with a lot of property. Another post coming about that one.