All Forum Posts by: H. Duplechain

@Cambria Watson - welcome to BP. I'm in New Orleans also. Have you heard of NOREIA? It's a good group to join if you want to network with local investors and learn. Just go to Meetup and search for "real estate" and they'll come up. There's only 3 real estate related groups that I've found - and one isn't active.

As for BP - I can't recommend the podcasts enough. They are inspirational and motivational. The forums and blogs are also great, but I don't get the chance to read nearly as much as I'd like to.

If you'd like to have coffee one day and chat then feel free to drop me a line. I've been trying to network with other investors and BP'rs while I have the time.

Hope

@Darrin Wesenberg , I wouldn't take it personally or as a sign that you did anything wrong. She is right in that she has to be fair and non-biased and that means that what she does for you I.e. showing the property, etc., she has to do for everyone, and she may not want to open herself up to accusation of being unfair. She answered your questions. Now it's time to act. Make your offer. If you're worred about the value because of the condition of the property then add contingencies to your offer. She has told you that others are interested so act quickly.

Good luck!

Welcome to BP @Michael White . Glad you asked this question. I am also a relatively new investor and have been thinking of approaching pre-foreclosures in a similar way. 

You can't offer the owner money back if you do a short sale, but perhaps you negotiate with them to pay to reinstate the loan, and you "partner"(?) with them (since they are still the 'owner' and have all rights as such) in such a way where they agree to give you the right to rehab and/or sale the property and they receive a percentage of the proceeds. Being a partnership, you would sign paperwork to protect your interests, but I thought it would be a better approach and more welcomed than "let me buy your house for what you owe".

From my experience, many times people in foreclosure just don't know how to get out of the situation and/or don't have the money keep up with the bills, let alone to improve the property so that they can sell it. I like to approach situations from a "how can I help" manner and thought that this might work.

Is this sort of what you were thinking?

@Marcus Kennedy  Thanks for starting this thread. It is very educational and interesting. I like a challenge so who knows when something like this may pop up around here. I'm looking forward to seeing how this turns out.

Thanks

@Sam Alpha Sorry to hear that it fell thru at the last minute. I just read the entire thread and was hoping it was going to work out. Good thing is that you learned a lot, didn't loose much money, and already have your finances in place somthT you can move more swiftly in the next deal you come across. 

I'd be I terested I learning what the team that came in did and how they were able to move so swiftly, if you find out. Could possibly pick up a few tips.

Thanks,

I'm not so sure it would be so difficult.  Just as long as the property is worth more than is owed it should be worth it. I agree with @Joe Moore. If the owner has already 'walked away', he shouldn't mind signing something giving the bank permission to talk to you. He might not even mind signing his interesson in the property over to you whIle you're at it. Worth it to at least ask. I gave the lady who got mine advice and gave her everything she needed. Why not? I had nothing to loose. I had already made up my mind to walk away and was no longer emotionally attached to it.

Good luck! 

Hi Tony,

I have had a similar thing happen on a rental property I owned. I am curious as to why this happens too. I walked away from my house because I could not rent or sell the property because the neighborhood changed after Hurricane Katrina. I had renovated the property but most of the other properties in the area were still vacant.

I had tried to do a short sale and the bank refused. Then, someone got robbed and killed just across the street from the house. Several months later, someone broke into the house so I just decided my safety was more important than the house and I told the bank they could have it. The bank didn't foreclose on me. They stopped paying the taxes and someone bought my property in a tax sale. She got it about 3 years ago and has been paying the taxes. But my name still appears on the tax records. I didn't check to see if the bank filed a release of the oan, but the loan has been removed from my credit report.

If I were you, I would look at purchasing it at the tax sale if comes up. Or maybe you can gomdirectly to the county and pay the taxes and liens and have the owner quit claim his interest to you?

Just a thought.

good luck @John C. I'm looking forward to see how this turns out. It just so happens that the very first house my partner called on was a reverse mortgage situation similar to yours. He did speak to one of the successors but I haven't asked him if he heard anything back from them.

Good luck, and please be sure to post an update.

Great job @Victor Noriega !!

I am working on a list of delinquent tax properties to mail to now. We have an upcoming tax sale with more than 6,000 properties, so I'd love to hear your numbers too. Also, which podcast was it that@Seth Williams did? I am working my way thru but I don't think I heard that one yet.

great job. I'm getting more motivated every day!