All Forum Posts by: Jim Keegan

Thanks for the information.

I am interested in buying house that has a foreclosure notice on the door.  I don't know what stage of foreclosure it is in and have never purchased a foreclosure before. This is what I know...

1.  The house is in Va Beach 

2.  Bought in 2015 for 210k, Zillow estimate at $370k (so let's say $340k on the safe side)

3.  Real estate taxes owned according to city website is $3k.

4.  The name of the owner.  I unsuccessfully tried to contact him via Facebook. 

5.  House was recently rented. So, I am thinking it doesn't need too much work.

6.  Wells Fargo holds the note.

Here is where I need help from the biggerpocket community.

I am thinking of asking some people who posted on his Facebook page if they can get me in contact with the owner, as his page seems to be unused.  I am also thinking of using a skip tracing service to see if I can get additional contact information.  I haven't been able to find the foreclosure notice in the local paper. 

How should I proceed?  Should  I hire a title company, realtor, or foreclosure attorney to help me?  If I can't find the owner I can bid at the courthouse steps, should  I get a title search down ahead of time?  Any insight would be great!  

@Geoffrey Cornelsen You might want to check out http://www.nngnoteacademy.com/ as well to learn more about notes.

I took out a personal loan from Sofi to do my first flip.  They seemed to have higher borrowing limits. I did this so I could be a cash buyer.   Once I completed my brrr, I paid off the personal loan.   One thing I didn’t count on is that it took six months before I found a house.  The whole time I was using the loan to pay the loan plus the interest.  It worked out well for me and I would do it again but you have to get the right house. Best of luck Dennis!

@Account Closed,I believe Chesapeake is having a tax auction tomorrow night.   It is posted on their website.  

Thanks Dennis!

I'm a newbie who is ready to look for a property to flip. I would need a HML or crowd sourcing to finance. Once I find a property I can submit it to a HMLer/ CS to get approval for financing and a proof of funds letter. My concern is I'm afraid of being rejected. Is it okay to submit my property to multiple companies that do HML? Or it that frowned upon? Obviously if I write a contract on a house, contingent on financing then I only have say 30 days to get financing so I my mind it would be smarter to work multiple angles at the same time. I would be honest and let everyone know I'm shopping around and once I establish a relationship with one company I would return to them.

Also if once I get a POF letter from one place, submit my offer and get it accepted, can I get use the other HM, if need be? Any advice or comments about the progress I'm missing or misunderstanding would be greatly appreciated!

Thanks BP community!

Thanks for the info @Jessica.  I wish you had posted prior to the event, however I might met all of you at the next meeting.  

Tyler I would be interested I hearing more about your lending conditions.   I sent a request.

Thanks for sharing!