All Forum Posts by: Guichard Belton

Yep. Got it.Will do.

So according to him:

the property isn't under foreclosure

he's not sure how much is left on the mortgage

he says there are no liens or environmental issues with the property

he says he will help with 25% of the demo cost

he says he does not know the bank that's holding the mortgage, probably National City Bank and gave me a 10 digit number.

he says I can come over and make a copy of all the paperwork he has on the property

This situation has a lot of moving pieces and time will have to be dedicated to this. Definitely have to talk to the bank and city because they just might give me a deal. This sounds like a project for a real seasoned veteran.

I'm just starting out and I don't know. The time it will take get everyone on the same page might not be worth any profit or revenue I could gain. Also I doubt cash buyers will take this from me even for free with all the moving parts. 

Thank you so much for your opinions guys. I've prepared a list of questions and will call the seller shortly. Thank you. 

ARV is about 200000, the price to tear down and rebuild is over a 100000 not looking like a good deal.

Could the mortgage and taxes be refinanced? Sorry if that sounds dumb I'm just starting out.

New Jersey 

Yes I have to do more legwork. Thanks for all your opinions.

OK I understand. Noted.

So today I was driving for dollars and someone called me who I had marketed to. After talking about their property I found out he wanted to give me the property for free.

The property is distressed, its burnt out on the inside and probably needs to be torn down.

He also told me the foundation is good.

It seems like he "stopped payment" on the mortgage and taxes but I don't know what that means he wasn't to clear. Also he bought the property in 2004 for 150k in that condition and the value decreased to 50K in 2008 where he stopped payment.

What should I do? Should I transfer the deed to me and market to buyers at a really low price or steer clear?