All Forum Posts by: Francis Morris

The local clerk in my market area sends out reports of recent foreclosure filing's. How can this be used to find deals. As an investor I am guessing it tips me off on a property that will likely go to auction, but does anyone know if you can reach out to the loan servicers/ or lender and get a jump on these properties prior to auction?

I am also an agent, and strictly speaking I guess i can expose any properties that will be auctioned to a client list to try and be of value?

Any tip's or useful ways to utilize this information would be great.

Thanks!

yes sir, if your serious, dm me

 Would be interested. Let's connect.

message me

Mamaroneck?

thats a good start, price it correctly, however you do limit yourself by not using brokers as they do have a good hold on the buyers, and I'd do some research first on for sale by owners yields and brokers, last I checked it was brokers on average yield 10% more, so unless a broker proposes to charge you 11% they will likely yield more money than you would on your own and handle the hassle that comes with the do it yourself approach, just hire a good one.

Many times, yes. New millennium even did my personal home, the owner kirk is aces, Ralph elefante handles all my RE deals, he strictly does RE. The best. Use my name, frank morris

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Ralph elefante esq in Eastchester 

new millennium contracting in Mahopac

solid team 

Additionally, I just noticed you mentioned your closings costs would be 60k? That's high! Also they dont just cover them they will roll them into your principal balance so just make sure this property will appraise if you intent to refi or in the least cash flow well and give you a good return in the case it doesnt appraise on a refi.

No, it not a bad strategy, allows you to hang on to your cashz just ask the right questions to the lender about the loan product and do due diligence, most FHA loans that I am aware of are for owner occupants firstly, not investment property, see what the terms are for refinancing I.e how long until you can. And ask what the closing costs are because FHA notoriously has high closing costs. Additionally I would look at comparables and make sure your going to be able to refi at 80% LTV after you do the work, at 850k purchase price with 3% down your going to need it to appraise for over a million when your done doing the work to rid of PMI, make sure that is a reasonable expectation and that there are homes in that market that sell for that number.