Thank you for the warm welcome.
As of now, my strategy consists of searching Lafayette, and its adjacent parish's, sheriff sales, sorting for properties by zip code, (70508/70503 - South Lafayette and 70506 - North of Johnston Street being much more desirable than 70501) and heading to the clerk of courts office to check for liens and any useful mortgage information on the sorted foreclosures. Any properties that have favorable mortgage/civil documents attached to them we run numbers and drive out to the property for a better look.
Presumably, I can check zillow or another like site, sort by foreclosures, and continue my process at that point.
I attended a sheriff's auction last week just to check it out - I met a seasoned buy and hold investor that gave me a few tips.
Our plan is to contact the lenders associated with the particular properties and offer them based on our rehab calculation, while ensuring we can still get good cash flow and ROI. We are counting on the lenders not wanting to wait for the properties to go to auction if someone is ready to purchase then and there. A walk-thru/inspection contingency would be attached to all offers. Hopefully, the lenders would counter, giving my partner and me a couple days to check for deal-breaking issues. We expect to get turned down - we believe the amount of bids we submit will offset lender's unwillingness.
@Nick Hundley A good agent and his tools (MLS) would be beneficial, especially one with short sale experience.
Brent Causey Great story, that is how my wife and I bought our primary residence. My grandpa grew up in Ville Platte, I wouldn't be surprised if there was a relation.
