All Forum Posts by: Account Closed

Brian Wobbe I do. And I can totally imagine it go awkward if I lowball it. Lol. Thanks!

Brian Pulaski here is what I was thinking. Make him an offer of $35,000 and I take over the house, and then remodel it, and then put it out for rent. Mortgage is about 700 so if I rent it out for let's say 1,100 I still save couple of hundreds after I pay the monthly mortgage and then once I have paid off the mortgage, I sell it. He would walk away with $35,000 in his pocket. He wants to retire soon anyway. So I think he'll like that. I am a very newbie so I might have worded it wrong in the initial post. I meant like he has paid so far $70,000 but don't want to anymore. So I can make an offer like I'll give you $35,000 to over the papers so he doesn't loose all $70,000 after it forecloses and he walks away with $35 G. And this way I can start building experience for me. What do you think? Is this a right way to go about it or a bad way?

Brent Coombs thanks for the advice! I will definitely look into the numbers before anything and make sure that what he says actually is matching with what's on papers! I love BiggerPockets! Such a wonderful and insightful tool! Thanks a lot.

Christian Bors if it was 36 acres for that price I would have taken it by now haha. If only. Thank you as always :).

Valerie Hiscoe , thanks for your reply! The owner is behind on his mortgage about $5,000. I know the guy, he just want to get out. I will go through the property more throughly and get more accurate number before I make any kind of decision. Thanks for your help! Rather than selling the house. I was gonna offer him let's $35,000 or $40,000 in cash right his account. That's if the number line up for me. If not I might just help him pay what he owes. He is my father in law. Just depends. Relationship complicates the matter. But we'll see.

Thanks Brian. $35,000 is the number what I was thinking! I appreciate it!

Thank for taking the time. I will think about this a little more longer.

I am looking at a property, that is worth about $130,000 to $150,000 depending on how much I end up putting to remodel the place. It's on .36 acres of a lot with 1,366 square of single family unit. There is a pond behind it and it's in a decent neighborhood. The owner has paid so far $70,000 on his mortgage(bought the property for $105,000) but due to personal reason he hasn't been able to make last few months mortgages, in total he is $5,000 behind. He is looking to get out. I haven't decided on what I plan on doing with it but either way it'll need pretty hefty interior remodeling and minor exterior fix ups. After that I might put it out for rent or just sell it(Fix n Flip). My question is what would you offer to the owner? What number would you throw to buy him out. In a way where he is happy and where I am happy. He plans on retiring by 2020. Thank you! A bonus question : How many months does the bank give a person to pay their mortgage that they are behind on before they foreclose it?

I am looking at a property, that is worth about $130,000 to $150,000 depending on how much I end up putting to remodel the place. It's on .36 acres of a lot with 1,366 square of single family unit. There is a pond behind it and it's in a decent neighborhood. The owner has paid so far $70,000 on his mortgage(bought the property for $105,000) but due to personal reason he hasn't been able to make last few months mortgages, in total he is $5,000 behind. He is looking to get out. I haven't decided on what I plan on doing with it but either way it'll need pretty hefty interior remodeling and minor exterior fix ups. After that I might put it out for rent or just sell it(Fix n Flip). My question is what would you offer to the owner? What number would you throw to buy him out. In a way where he is happy and where I am happy. He plans on retiring by 2020. Thank you! A bonus question : How many months does the bank give a person to pay their mortgage that they are behind on before they foreclose it?

@Bryan L. Thank you

@Dominic Turner Thank you. I will try to find an Agent.