All Forum Posts by: Jared Garza

 I’ll be there! I made it to the one in May as well. 

See you there, Pat! Thank you. 

I’ve found a property which is 3000sqft 1 story home. The back portion of the home  was added on and that portion has no attic. It’s about 3/4 of the total house. The front portion has an attic and ventilation but the back part does not. The slope of the back portion is about 12/4

In the hot Mississippi summers I'm not sure how badly this will affect the temperature and also if it will affect the ARV of the property or not. Without considering the roof situation the property needs about 70k repairs to get it into great condition. ARV 140-170k, purchase price 35k.

If anyone could give me some pointers I’d greatly appreciate it!

 Hmm. Well, one thing is for sure and that is that the property has sat vacant and so if the bank had foreclosed on it and got a clean title it wouldn’t be in the state that it’s in so something’s going on with it even if the story isn’t 100% accurate. 

She said she spoke to an attorney a few years ago and they couldn’t do anything with it. I’ll talk to her about a release of information authorization tomorrow and keep this thread updated with any new information.. just trying to get any input from you more experienced folk. 

So I have quite an interesting situation with a person who called me today. She responded to my mailer to tell me that she isn’t able to sell the property to me because her husband died 5 years ago and the bank foreclosed on the property. He was the only one on the mortgage but since she has a 50% interest in the property (I’m assuming this is just because they were married? I’m not educated in this regard) the bank cannot get a clear title until she signs it over and she’s refused. 

So it has sat for 5 years slowly degrading and she lost all hope for it so I told her I would find out if there’s any possibilities with the property and she was very happy to hear that. She is calling tomorrow to get the total amount that her deceased husband owes on it. 

I know it is probably dependent on how much is owed on the property but with the information given, does anyone see potential in this? 

I would think at this point with it having sat for 5 years the bank is willing to bend backwards to get anything out of it and she seems to be happy just to get anything from it as well. But again I have 0 experience so I have no clue what the bank might be open to.

The property was built in 2006 in a nice area, has tons of flipping potential. It’s an eye sore in a nice neighborhood with its boarded windows and ripped out garage door. 

 I would have never thought about calling the lender to ask for an extension. That sounds like an amazing idea, thank you!! Have you heard of extensions happening often? 

 They are in foreclosure, auction on the 22. How quickly can they get HM? I was told a HM lender wouldn’t lend to him because he’s technically residential and not an investor. 

EDIT: just to be clear, this is a wholesale deal. The seller is in foreclosure. End buyer needs financing.

I’ve got a buyer prepared to purchase this property. He has 30k for down payment, needs the other 60k lent to him. His plan is to live in it for 2 years, make some upgrades, then sell for a profit. 

The problem is we have to close very fast (2 weeks from today) Before the property goes to auction. 

What are his options? Will a hard money lender get him money fast in this situation? 

 Thanks for the info Jay, not looking to waste anyone’s time! 

I have realized I can make the deal I currently have into a much bigger profit if I were to (instead of wholesale) buy it myself and list it for a great retail price. 

The issue is, I’m a complete newbie with no credit and all I have is a great deal on this property.

I’ve heard of private and hard money lenders.

The property is 65,000. I can easily turn around and sell for 95,000-105,000 fast. 

What’s the best way for me to get a loan, if at all possible? 

@Matthew McNeil thank you Matthew! The information that I have received from an attorney stated that the seller who is in the Islands can have a local (local to him) attorney do a power of attorney so that his aunt can sign for him at closing. And then they can simply email that document to the closing attorney.