All Forum Posts by: Alexander Whitlock

I'll be attending.

yeah, I called the company that handled the mortgage and was simply given fannie mae's number. they said it was out of their hands.

So, this morning I got a lead on a SFR. I found out that it is off market but listed in pre foreclosure. I took a drive over to the property hoping to have a chat with the owner. Maybe work a deal around back payments and mortgage remainder, yada, yada, save her from continuing her foreclosure. I get there and the property is vacant. It is in decent shape though. So I get back and call the mortgage company and they give me an FHA number to call. So it appears that the mortgage company called in the outstanding loan balance to fannie mae. Here is my question. My research indicates that when the owner defaulted on the property, she had roughly 80% equity. Also, it appears that FHA foreclosures seek to recover the lost amounts.

Is it realistic to think that I could submit a cash offer for the 20% remainder tomorrow for this off market foreclosure to help them make good on their initial investment or should I anticipate having to submit an offer closer to 70% ARV?

Also, can you buy FHA foreclosures while they are off market or do I have to wait for them to list it and deal with competitive investors and bargain hunting buyers?

Any advice is appreciated.

A brutally honest introduction...

My name is Alexander and I am 32 years old. I am located in Belvidere, IL. I am brand new to real estate investing. I am an Air Force vet and father to 4 kids. I have a stable government job. However, it is absolutely boring and only enough to pay the bills. I suppose this is better than not making enough to pay your bills! I have devoured 3 different books, watched countless podcasts, and YouTube'd like crazy over the last 3 weeks. I found some properties in my area that could yield some good results, I think, maybe. Information overload can be debilitating. Besides that, running the deal through my head spooked me. If I get a HM loan, even though I know how to fix it, I have absolutely no idea how to estimate it off the top of my head. The estimates matter. The juice on the HM load greatly affects the bottom line. Also, my credit score is just now 615. I BK'd medical bills back in '08 after I got out of the military in '06 (I know, stupid, stupid, stupid). So, how do I refi even after the repairs create the equity. So, then I applied for an apprenticeship with freedommentor.com but was told that I don't have enough startup capital and was denied. I was totally willing to do all footwork and trade 50% profits for knowledge. I want someone who can teach me how to fish. I know how to do a lot of cosmetic fixes myself and have access to professionals who do things I can't. My uncle is a plumber, brother in law is a roofer, etc. After all the hours of reading and watching, I see my number 1 problem is capital, period. Wholesaling resonates as a way to build that. Instead of researching everything and knowing a little about a lot. I want to learn a lot about a little. 

My cup is empty, not half full. I am an open book and need a mentor. I want to do exactly what I am told so I can learn through action. I am open to other forms of RE investing to learn. Wholesaling just seems like a good starting point. But, what do I know?

Absolutely any help from anybody who has been successful in REI locally, would be so appreciated.

Help!