All Forum Posts by: Gerald W.

@Ellis San Jose, I just went and spoke with the seller.  He really wants to get rid of it like, yesterday to avoid foreclosure or short sale.  He has a 30 year loan, 5.1% interest rate.  Mortgage is 540 per month and he was renting at 900.

However, he bought it at 70,000 and still owes 64,000 plus 3,000 to make the loan current...plus an additional 2,900 in judgements against the property...plus probably 10,000 in repairs. 

Doesn't seem like this could work...in my amateur opinion.

No problem @Jared K..  I appreciate the info.  This is stuff I need to know to be successful.  Thanks.

@Ellis San Jose, I'm getting the terms of the mortgage today.   It will rent for between $850 - $900 per month.

Thanks, @Jon Holdman.  That's what my gut said.  I'm getting in touch with him again, as he said he was "shooting from the hip" with some of his numbers, but I figured it would be a stretch to make this work.  Thanks, again for your guidance!

Hello all!

I have a motivated seller (from Craigslist, btw) who wants to sell his house to avoid foreclosure. He says he's not in foreclosure yet...only forbearance for the next few months. He owe's about $3,000 to bring the payments current. The ARV of the house is about $77,000 and he says he still owes $60,000. He says he 100% wants to get rid of the house and only wants to pocket $2,000 after all is said and done. Additionally, the house is in good condition and has a brand new roof.

I was thinking a sub2 deal was the best way to go (if seller agrees, of course)...is that correct?  Did I provide enough information to get guidance on this?

3/1, central A/C, brick/sheet rock, new ceiling, 882 sq ft.

Thank you all in advance for your expertise!

Thanks @Dmitriy Fomichenko and @Edward Synicky!  I fully intend to utilize all available resources here to continue to enhance my RE knowledge.  In fact, I recently listened to BP podcast #77 I think it was, where @Michael Q. was featured.  Awesome interview!!

Thanks @Calvin Hanshaw!!  We should link up some time...maybe Waterman's...

Thank you @Christopher Hunter and @James Wise!!  Very glad to be here.

What's up, BP fam!

I've been digging in to all things REI for about 8 weeks or so and nearly every time I'd Google a topic, I'd get lead to a BP thread which answered my question. So after about 2 weeks of strictly searching BP threads for my REI inquiries, I decided to join. I must say, this site is absolutely awesome!

I'm primarily learning about wholesaling and have already started my direct mail campaign in addition to attending my first REIA meeting and networking with other investors.

I'm glad to be a part of this community and I look forward to connecting and collaborating with many more real estate investors/professionals.