All Forum Posts by: David Griffey

Someone called me today about a house in bankruptcy. The seller is wanting to try and find someone to do a short sale on it so he can rent it for two years. He owes $160,000 to the bank still need to look at the property, but I think it may be worth $180,000. I am not familiar with short sales or bankruptcy. Can this deal be done? Can I rent it back to him on a lease to own if I get it? Can someone please give me some insight so I will know to look into it further. To me it is pretty complicated to get a property that will tie up cash. But at the same time if the price is low enough it maybe worth the headache.

Thanks Amy. I can't believe those numbers. It almost would seem like short selling would be the market to get into. I just don't get how the banks can take that kind of loss. I guess I need to get started on reading about short sales. Thanks again for the info.

She did not like the price so it is off. I had another guy call me wanting to get out of rental property. He is willing to do a short sale on it. I looked at it and he owes $100,000, but I am sure that it is only worth $70,000 after it is fixed up. Will the bank actually do a short sale with that much spread? If I got it I would leave the renter since she is a section 8 and keep the difference in rent. I have never done a short sale, but I find it hard to believe the bank would do this deal.

This deal is really small compared to others I have read. Anyway, the lady has been renting a 746 sq ft home that used to be her mom's. She wants $38000 I am not sure of the age yet but it is old. The yard is a half acre and the houses all around it, some good some bad. The taxes on the internet show it at $55000, but I would have changed that a long time ago if I had owned it. It is a one bedroom, one bath. The original owner knocked down a wall to make a dining room out of bedroom #2. The basement which I have not seen leaks and all of the windows looks like they have rot. I have not seen the inside only through the windows because she could not meet me at the property yet. She says she is motivated to sell, but does not seem to be in a hurry. I am going to tell her that I will need to look in the inside, but we are probably looking at $17000 instead of $38000. The houses around probably are about $50,000 but I am trying to get a real estate agent to let me know what the comps are. I will probably just turn around and sell it as a handy man special or a rent to own. I ran the numbers and this seems to be a fair price, but I think she may walk. It is hard to tell with this one. What do you all think?

Thanks Joel, I will check it out. This a great site with tons of info. Glad to have found it. Any other info you think I need to check out let me know. There is so much info it is hard to know where to start. Thanks again for the info.

Hello All, I have just started my journey into real estate. I absolutely love everything about it. I can not stop reading, even though most books have the same thing over and over. It seems like I at least find a new tidbit of information in every book. I currently live in Northern KY and would like to hook up with others that are investors to build a network. I have started several campaigns with signs and probate in my area. Although it has only been a couple of three weeks since I put out my first sign. The calls are not coming in like I had thought they would have. Can the experts on here give me some pointers on what I could do better or point me to some detailed forums. I have everything in place to make the first deal, but the deal itself. This is a great place and it looks like a wealth of knowledge. Glad to now be a part of it.