All Forum Posts by: NA Azul

Sherwin,

Keep us posted. What neighborhood is this house in? Also, what makes you feel like this would be a good deal and how much work does it need?

Amazing! I love the font on pages 2 & 3.

This is hilarious 

Hello Everyone,

This isn't my first post, and I'm not necessarily a new member. But I would like to increase my forum interactions and formally introduce myself to the BP community. I am very excited about real estate investing at this time in my life and am hoping to make my first deal by next summer. With that being said, I'm in between jobs and currently just working on projects as they come for my business.

I am calling out any investors, wholesalers, construction workers, property managers, flippers, etc in the MA, CT or RI (New England) area who want HELP! I have a multitude of skills and don't mind getting my hands dirty in exchange for building relationships and gaining new knowledge. So I decided to put it out there. I reside in Providence, but with this fabulous thing we call the internet I can help people worldwide. So let's talk. Let's see how we can help each other out or more importantly how I can help you.

This isn't a sales pitch. I am honestly just looking to continue expanding my local network. 

Feel free to text me or send me a colleague request with a message. Looking forward to making new friends. 

Hello Everyone,

I appreciate everyone's feedback thus far. Here's my latest update.

I got a nice referral from a realtor I know (who I convinced to join this site) Welcome @Bryant Da Cruz ! He referred me to an attorney who use to do real estate and now does bankruptcies. He researched the case for me & came back with this:

-About 293k is owed to Wells Fargo

-They appraised the property @ about 88k

-Agreed to have the sellers re modify the loan to that price as long as they made payments of $1,700 for the 5 years

-They will owe the house free & clear if they continued to make payments

-However they can't & are in over their heads

With that being said, this is what the lawyer is saying is my option & I wanted to check in with the community to see if it's worth it or not

A short sale

-have the bankruptcy dismissed

-sellers list the property

-we sign a p&s agreement

-bring offer to bank

Could take 3-4 months or even longer

This would be my first investment deal & I still have to get quotes on all repairs, I started but am still working on it...

Is this worth my time or should I place my energy elsewhere?

Thanks @Darrell Shepherd  & @Andy Collins 

I spoke to a couple of lawyers & one asked to see the court order before advising me on how to proceed. You both have made great points. I will have a hard copy in hand by 5pm in order to further research this situation.

She did mention not being able to speak to Wells Fargo and having to do everything via her lawyer ( who's name I have for further inquires as well.

Researching this information has been exciting & learning what I have access to is also exciting. Whether this is gonna work out or not, I'm definitely learning and building confidence to find deals. Thanks Biggerpockets' @Joshua Dorkin  

Hey @Wayne Brooks, I registered but won't get immediate access. Is there anyway you can help me search for it? What info do I need for searching? Address, First and Last Name? I'm trying to get in contact with them now to see if they can expedite my access. Thanks for the tip!

Hello @Wayne Brooks 

Great question! I contacted the homeowner immediately and was able to gather more information. She filed a Chapter 13 and the loan will be discharged in 2 years as long as she makes payments and stays in the house. She will owe the house free and clear. The mortgage payment is $1759 a month. They were garnishing her wages getting $879.50 biweekly from her account. The home was appraised at 75k. She thinks the money goes into a trust because her Wells Fargo statements don't show payments. She is responsible for her taxes separately and last year Wells Fargo paid them, she's not sure why but didn't question it. Water & Sewer current bill is about $900 combined. I am also making a full list of all the repairs in order to continue to asses the deal. Also the last payment on record is from June 30th.

In my eyes. Breaking even and paying the mortgage til she is free and clear for 2 years and then reaping the equity, resale or buy and hold benefits are worth my time.

Hey @Joe Villeneuve thanks for your feedback. I am attracted to complicated matters, I think the best deals are birth from the things people don't want to deal with. I don't know that there's a magic number that she can pay the mortgage off for. I also don't want to necessarily go through a lender for a conventional loan. 

Any experienced investors that you know out there interested in this deal? Let me know!

Hello Everyone,

I'm looking for some guidance from any seasoned investors, attorneys, lawyers, wholesalers, flippers, buy & hold, or any active forum members.

I am trying to find my first investment deal and what to make sure I'm going about things the best way possible and avoid any rookie mistakes. Any feedback would be appreciated!

Here's the deal: my mom's neighbor is abandoning her house on the 25th of this month & moving out of state. I immediately took this as an opportunity to find out what's going on. Per the homeowner here is the story.

-I have 2 years left on my mortgage

-There's about 44k left on the note

-I'm two months behind Oct 1st it'll be 3 months

-I claimed bankruptcy in 2011

-My loan mod wouldn't go thru

-I can't find a job that pays what I use to make in this state

-House needs a lot of work

With that being said, I asked if she'd add me to the house & have me take over payments and I'd handle repairs. No issues, didn't seem to want any compensation. Was leaving anyway, willing to do the favor.

I asked if there was a payoff amount & how much to get current. She wasn't sure, said she can find out. This was Saturday. I'm going to be following up shortly.

What I would like to do is call the lender on 3 way, find out what the note is & how much to get current. I also want to see if I can be added to access the account & get bill mailed to my house. But I don't wanna shoot myself in the foot if there's a smarter way of doing this.

I talked to a friend who said I should get a "lease to" option drafted & a power of attorney to make decision for the home. I added that I should get a quick claims deed as well in order to have rights to the property. Am I right?

Are these the 3 documents I should gather?

This is the information I've researched & come up with so far:

The city has assessed the home (btw it's a 2 bed 1 bath duplex) for $116

Zillow assesses it for $135

There's an identical duplex (needed no repairs) two houses down that sold for 83k in '98 & 80.5k in '12. Recently it sold, price unknown.

Rent-o-meter estimates $638 – $837

If I were to buy & hold this property I would make it section 8 ready.

Tax assessor says it sold for $143 in 2002 then $192,750 in 2004 to the current owners.

Record Deeds Info / aka Red Flags:

'05 Well Fargo Mortgage 207k

'05 Mortgage Discharge Mers Inc (3x)

06 Lien Municipal (City) 2.6k due

06 Wells Fargo Mortgage 228k till 11/2036

06 Wells Fargo 207k Released

08 US Bank National Assignment

'11 Intent to Foreclose (03/25/11 Auction Cancelled)

'11 228k US Bank National Citigroup Mortgage Loan

(Common sense is telling me they refi-ed about 30k a year after buying & I'm thinking in 3 years they couldn't have paid their mortgage down from 228 to 44k) but my real estate knowledge is limited. This is as far as I've gotten myself.

I am about to call city for more info on the lein, owed taxes, water & sewer companies as well for balances.

Any other suggestions?

Hello & welcome.