All Forum Posts by: David Yates

I'm looking for a duplex or large SFR mother-in-law 3/2 and above to house hack in Utah or Salt Lake county Utah or land to build such a property in those counties. Any help is greatly appreciated!

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Yeah, I've heard short sales aren't ideal for wholesaling. I was thinking a lease option. They're great for people who want to sell, or at least get their mortgage payments made during the option period, but have little, no, or negative equity in the property and you help the tenant/buyer out as well since they are usually folks that can't qualify for conventional funding, but should be able to by the end of the option period.

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Originally posted by @Elizabeth Wilson:

@David Yates - we attempted to negotiate with the bank and do a short sale. We learned a lot during the process. Primarily that there isn't enough time for that to prevent foreclosure.

Do you have other suggestions? Would love to learn any other ways.

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Do you plan on renting to own it or are you wanting to find a tenant/buyer to wholesale/assign it to?

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Hi Liz, Just wondering what you did with the leads that were underwater?

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Originally posted by @Elizabeth Wilson:

@Adrian Reyes - We buy foreclosures. Been doing it for years. Started marketing to preforeclosure last year and have yet to get one before auction. You'd think they'd be the best motivated sellers but it isn't true (at least for us). We've done DM and knocked on doors. Most folks are either in denial, don't care, or something else. All that to say is that you might also want to look at other sources of leads too. The ones that have contacted us were either underwater or came to us too late.

Once you get the lead, then it can become complicated as you deal with the lenders on behalf of or with the seller. My husband is an agent so he does all of that for us.

Just a heads up that it isn't as easy as one might think; or at least it isn't as easy as I thought.

There are some great forum threads about this. I'd suggest you search for them and also read through the foreclosure forums as well.

Best of luck!! :)

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Thank you for replying Doug. Yes! that is what I'm looking to do (house-hack). I thought a duplex or triplex would be hard to find in SL or UT county, but I figured it doesn't hurt to ask. If you know of any larger SFR with mother-in-law that function like a duplex that fit what I'm looking for, I'd greatly appreciate some direction/help. I'm looking to move in with my family before August 1st.

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All Forum Posts by: David Yates

David Yates has started 13 posts and replied 52 times.

Post: REAL ESTATE WHOLESALING MISTAKES

Post: Tax Overages

Post: Looking for a duplex, large SFR or land to build on in Utah

Post: Looking for a duplex, large SFR or land to build on in Utah

Post: Wholesaling pre-forclosure properties

Post: Wholesaling pre-forclosure properties

Post: Guidance Needed on A Possible Lease Option Deal

Post: Wholesaling pre-forclosure properties

Post: Wholesaling pre-forclosure properties

Post: Looking for a duplex or triplex in Utah