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Thank you for your input. As it turns out, i have been able to get in contact with some individuals who deal with these homes all the time. Fortunately, we have gotten the ball rolling, and we have also found that this couple is a few months behind on their payments. This makes a short sale a possibility. We'll see. Thank you for the advice.

As far as advertising, it was very simple. This couple in particular responded to a very simple online ad. It did not target luxury homes, however, it did encourage homes of any price or any situation to call. I have also placed ads in the paper, and shortly I will have signs all over the neighborhoods around me. In order to get started in the business, i have found that one thing you can't shortchange is marketing. Sometimes it can get pricey, but the returns are well worth it. Here in California, I have found that direct marketing and mailing has not been as successful as other methods. Of course, every market might be different. Hope that helps.

Hi,

I'm a new investor looking for my first house to flip. I finally have some motivated sellers contacting me trying to sell their house. This latest one has me extremely interested but I do not know how to approach it.

It is a divorce. The husband is moving out at the end of January and the wife(who contacted me) is moving out the first week in February. Coming up very soon!! They cannot afford the loan payments on their own, so they just want out. They are not interested in making any money on it, and they are willing to be as creative as necessary.

Property Info:

Luxury House built in 2001, 2 story, 6 bedrooms+loft, 2.5 baths, 3 car garage
--in great condition

Amount Owed:

1st Mortgage: $669,000 @ $3,500/mo
2nd Mortgage: $160,000 @ $1,350/mo

Total or both Mtgs =$829,000
Estimated Pre-payment penalty: $20,000

Total Payoff: $849,000

Estimated appraisal Value(according to wife's friend): $900,000 to $945,000

First, I would have to verify these amounts as I am only going off what the wife has told me so far. I know, not much equity, but sellers are extremely motivated. Is there anything I can do?? I would love to try to control it if there is a possibility of making money. Please help!!

Thank you