All Forum Posts by: Jay S.

Joel I'll keep a look out.  Thanks

Thanks for the responses.  As for as building or units, not sure what the diff is but the seller did say 20k per unit. However, he does have, what looks like over 10 building on property.  I'm planning to call and schedule at time to visit the property this week so I'll get more info.  And as far as having the ability to analyzing commercial prop, I will have to say, no. Very green to RE.  

Philip I'll be calling you later this week.  Thanks

Thanks Rick for the response. Before signing up I've seen you a lot on the different post and been very impressed with your knowledge. So to even get a response from you is really special.  I felt that this kind of deal would be way above my head, and with me being new,most everything does.  Thanks again 

Hi everyone. I'm very green to RE so its good to be able learn and brainstorm with others.  The situation is:   I met a guy while working(Non RE related) and he told me he wanted to sell his apartment building(10-15 buildings) but couldn't find anyone who could get financed.  I don't have the experience, knowledge or money to do so. But is there a way I can maneuver and still make money without being the buyer?  I've read a couple of thing on BP by a couple guys but while what they were saying seemed good; it also seemed too in depth for a newbie and to costly to get the info they were selling.  Any ideas and suggestions?   Thanks

Jay

Hi everyone, good to finally be a part of BP.  I am very new to RE, don't even own my own home yet. But this is why I was out scouting in this neighborhood in GA and found what looked to my green eyes a potential good deal. House looked abandoned, with overgrown grass etc. It is a 1963, 1008 sq ft brick, 3brm,1full bath, and 1half, total fair market value according to the assessor=65k.  Septic, HVAC, Roof has been updated. Electrical has not been updated. There is about $1300 tax lien on the property also.  I was able to tracked down the daughter of the owner and come to find out the the owner is an elder lady in a state nursing home. The daughter gave me info to the executor of the home and he told me his lawyer told him there was nothing he could do to prevent the state from taking the home.  Due to the owner continued stay in the state nursing home, the house is the only asset that is being used for recovery by the state.  Also, according to the executor the house can not be sold or rented because the state controls the property; and the state is the only one who can sell it, in an effort to recovery money owed.   

My question is, is there any creative way to get the house before it goes to the court house steps in four days(4 days is what the executor told me)? Is there anything you would suggest I ask if I call him back? Is there a way I can make money from this situation with no money of my own? Or this is a waste of time and I need to just chalk this one up as a lost cause. 

Thanks so much BP'ers for any advice

Jay