All Forum Posts by: JP Quesnel

good luck~! how did u get the deal?

look up the queen of the tax deeds. she is from central florida. but an expert in due diligance.

@Raymond B.

depends how deep underwater... less than 10% in most cases, but it really comes down to the monthly payments. people want to buy homes. they have bad credit because of some outside circumstances and the current loan is very cheap.

awesome job man. do you mind me asking how much your condos were bought for? how do you figure out all of your cash flow and offers? thanks!

mostly because during the foreclosure settlement, banks stopped all foreclosure proceedings, so we kind of got this big gap in inventory. but more supply will make its way by the end of the year. By that time though the market might be on a trend. so who knows really.

but short saling wont let him get away scot free though...
its a very long process and the bank will give him a 1099 for the difference in the sale. so he will owe taxes, plus his credit will be shot.
another option he may conisder is if his mortgage is at a very low rate... say 4.5 or you can try to find a new owner to assum the mortgage. people who have bad credit because of a divorce or some unique situation is what your looking for.

im pretty sure your going to be within your rights to change the doorlocks and such.
This situation, i would def get a lawyer though. I mean because there are so many people going in and out of there, they may have personal property in the appt. Naturally you dont know which is which. i can just see people claiming stolen goods and the like.

consult a lawyer and go over every scenario you see happening to decide whats the best route to take.

They may feel entitled to the apt and may not leave willingly, or may break lots of stuff....

Consult your lawyer and take tons of pix.

Yeah, technically we are still in recession, so what we are experiencing right now is the "dead cat bounce". Basically we still have another down leg to go. if you remember the Big banks stopped all foreclosure proceedings in the last 6-9 months. So inventory shrank in the last few months. Bank of America alone is getting ready to put 4000 homes in the market here in florida.

to be honest, i dont think we will have to wait till after the elections to at least begin seeing prices roll over. Unless the bottom drops from the dollar and inflation takes off, i cant see much more than 10-15% drop in the volatile states.

either way, the time to buy is now... owner financing with less than 5% interest on fixed 30 years is the way to go. Interest rates will move up. Its only a matter of time.

i say go visit him! actually another investor in my area had that same situation....
just go to the prison... ask for a visit, chances are they will take you since its not like they are busy anyway.
I guess just speak to a lawyer and have some sort of contract already drawn up and see if you could actually transact.
there maybe some laws about financial gains while in prison that may prevent things from moving forward. but im not a lawyer =P

just make sure that if u go the route of using the existing mortgage for financing, that at closing when u give the check to the bank, you put a condition of depositing the check is to not call the mortgage.

Also convincing the current owner that he will need to give up deed to the property, but also keep the mortgage under his name is a huge liability, but at least he doesnt have bankruptcy to name -=)