All Forum Posts by: Morris Lucas

David, May i connect with you on some zip codes as well? Have several properties I have seen that look to be good neighborhoods, and I will be investing remotely from Atlanta.

did you ever purchase a lien?

Hi BP, has anyone had experience(preferably in Ga) with properties where owner was in Bankruptcy? I had a wholesale lead, and the owner wanted to sell the house, and has recently been discharged from Chapter 7. Of course, the bank still has an open mortgage on the house, which now, is double what the property is worth in present condition. 

Is this pretty much a done deal, or is there still an opportunity? The homeowner still has the home in their name, had almost went through tax sale multiple times, and the bank never stepped in. Homeowner wants to walk away from the house altogether(needs new AC and Heating as well as maybe 15k cosmetic work) and agreed to sign over the deed for a few thousand in moving expenses. 

The mortgage holder has agreed to short sale or even work out payments to stay in the home, however the homeowner still wants to move on.

Any thoughts? Shortsale? Pass altogether, too much headache?

Thanks!

@Sebastian E. Good point about the non-conforming designation, I am checking city ordinances today.

@Michael Krupp Whew! You definitely hit on some valuable points. I know the houses in Baltimore tend to be fairly older builds, so the lead may be a concern.

The POA may be the most lenghty process, but as you brought up, if the other concerns (rent, repairs, more vacants) that may be a mute point. I will definitely do some more digging. Thanks you all for the input!

Thanks @Ned Carey

Don't think i'll be able to ask the owner, as according to son, she will not be able to sign any documents going forward.

Guardianship or POA from the son looks like it is the only option, which takes a few months.

In the meantime, getting him to agree to contract will at least get me closer to the deal(hopefully) until he can make decisions with the bank/property on her behalf.

@Solomon Morris

Yes, see #2 on first post, that is what im debating, if it is worth working through that process for him to get guardianship over her affairs and control of property.

Thanks Ned. 

Should not have used "condo", it is a house, with 2 identical units(apartments if you will) on each level.

Baltimore has some weird configurations compared to here in Atlanta with all the row-houses, so kinda hard to describe, some of my family actually live in these type houses that are split up into individual dwellings.on separate floors.

But to your point, there are no condo fees, it is a private residence, 2 story home(not condo).

Thanks for info

Hello everyone. I got a deal that came back from direct mail that i am considering **may** be a good first rental property.

Split-level apartment condo, 2 bed, 1 bath on each floor, each unit generates roughly $800 rent. Minimal repairs, as it has been rehabbed. B- neighborhood.

Owner's son called whose parent owned the property, but is now ill and incapacitated. He lives on west coast and initially wanted to sell quick, but there is a 86k mortgage left on it, comps in neighborhood are at around 130k.

I believe given the circumstances, he would agree to possibly 95-100k to pay off debt and be done, as he has said he has no interest in managing or maintaining the place.

My initial challenges and strategies i have been debating..

1) To get traditional financing OR asking owner's son to seller-finance, as if i put a deposit down, and he gets to have a check every month and walk away, and I oversee the tenants.

2)Owner's son has to get guardianship/POA over the property which is couple grand to complete with an attorney, and takes a few months

3)There is a separate duplex next door that is vacant, that i have contacted that owner about that I may be able to contract as well, that could be a nice compliment to this unit.

4)Try to negotiate the mortgage/debt down with the bank since the owner(his mom) obviously cannot pay the note any longer, or can negotiate on her own behalf.

Any ideas on if this is too big of an undertaking? Thanks for any advice, different strategy or tips.

Hi BP, we got leads from marketing with land lot in between two residential properties.(house apparently burned down)

Not sure even where to begin on how to evaluate, comp, or make an offer on such a deal. If anyone has experience on how to go about this, any insight would be appreciated, especially in the South Atlanta market. Open to partnering if there is any real value. Pretty sure we will get more leads similar to this, so may as well dive into the process. Thanks!

Thing you gotta realize is wholesale marketing is the most frowned on and beat up tactic in RE anyway...stop putting up ugly signs, stop sending me postcards, don't call me, they're sending low-margin deals, etc etc, so your gonna get beat up either way, it's part of that business. Get your PPC, FB ads, and other non-evasive marketing etc to a point you don't have to be bothered with all the nonsense, and transition into buying/owning property as soon as you can.