All Forum Posts by: George V.

Well, knowing the history of the house is a major benefit over buying another property but if there's no way I could pick it up for a discount I'll probably not bother.

She won't be remaining in the home. Sorry if I was unclear on that. I want to purchase it for a rental.

Ok, so would there be someone I could hire that would be the acting 3rd party?

I just got a call from my mother. She recently filed for bankruptcy and is pondering walking away from her house. The home does needs some interior tlc but is structurally sound. The problem is that she currently has a 2nd mortgage on it and now owes more than its worth. I'd estimate that it may appraise for $50k at most and both of her mortgages are around $35k each. What are my options to purchase the home if she decides to leave? How would a short sale work with a 2nd mortgage? Thanks for your advice in advance!

My wife and I have been looking to invest in real estate for a few years now but our situation has kept us from making any purchases yet. Here's a quick synopsis of what's going on. We're both gainfully employed (90k annual income) and have about 5k in savings. The problem for us has been a bankruptcy that we filed 7 years ago (03) that has our credit rating stuck in the mid 600's. We bought our home in 08 and probably were one of the last folks to get 100% financing. The crash later that year has left us slightly upside down. Ultimately I would like to get into rentals more than flipping with the market the way its been and with our limited access to cash. I've looked into a few hard money lenders but most require a credit rating slightly higher than where we currently are. So my question to you is what would you do in our situation? We're really looking to move away from our 9-5 jobs over the next few years and would like to become full time investors.

Thanks in advance!