All Forum Posts by: J.j. McGuigan

@victor Thanks that is some good insight.  I will message you once I find out more.  Mainly I need to find the bank that now owns the property, because I just learned it went into foreclosure. However, the realtor I talked with also said the ex wife of the previous owner had ownership as well and she was trying to sell it. So that's confusing to me to have a bank own it as well as the ex wife. Just need to figure out who exactly owns it that we can buy it from.

Okay, just found out that my mother might want to buy it using her credit to get a loan possibly and I would go in on it with her. What would be a good way to get lending for this? Bare with me I know I'm incredibly new and these questions might not be even what I should be asking but any advice would help still if anyone is willing.  Just need to find a way to borrow some money to make the downpayment and renovate and then flip is now what the situation looks like.  We are wanting to buy the house ourselves and rehab and flip basically so any suggestions would help again, thank you all 

JJ

Never really called it a 'plan' LOL

That's something I'll do for sure.  I do know that several other rehab companies have tried to buy it and were denied, but maybe it's not actually written down. Just decided today that me purchasing it is not a good option for me now so I'm kind of stuck it seems on what is an option to do.  Seems I can't wholesale it or even bird dog it to the rehab company I know since they  can't be the ones to purchase it.  The house is no question a steal but with the restrictions the way they are it might not be doable.  Maybe there are some options that I don't know of, I'll be able to contact the realtor if not tomorrow then on Monday.  

Hello, I will appreciate anyones input on this situation and as I learn more I will be able to share more of what the deal may consist of. A villa in my neighborhood is on the market for about $100,000 because of it's current condition. My family is friends with the realtor of the place and it's in fairly bad condition from the previous owner. They hired a professional cleaning crew to come in and clean so now the house is pretty bare. Most of the villas in the neighborhood are going for over $200,000 if they have been well kept. I have a buyer in line who does rehabs and then flips homes. However the HOA for the community will not allow a company of such to purchase the property. I was thinking of purchasing myself or with a family member and then having the buyer rehab the house to where it could potentially sell for twice at what it's worth now. If I can't buy the property I'm unsure of how I could wholesale it or even bird dog it since the HOA won't allow the rehabber to directly buy it as it is now. I just found this deal today so I will learn more on it but that is the general description of the situation. Any thoughts would be helpful, thanks

JJ 

Awesome that's even better !! Thanks for the info !!

I'm a newbie and I've yet to do a deal, but I am trying to learn as much as I can, so I was wondering about this deal.  What are the best ways of getting those taxes current in order to avoid foreclosure and allow the owner to sell their home to @Cierra Seay then to whoever her investor may be. My initial thought might be once she has done the ARV then she can show the potential gains to an investor who is willing to pay the taxes in order to purchase the property from Cierra. I might be way off though. As well as is there ever a good time for the wholesaler to pay the taxes with it written that the owner will then sell the property to the wholesaler, if the wholesaler does not have a buyer lined up willing to pay the taxes themselves. thanks for this Forum Post !!

Hi Brandon, thanks for the information.  In referring to the bank I now see your point in that I shouldn't need lending if all I'm doing is controlling the property for a bit and then assigning it over to my buyer/investor.  I did however hear about wholesalers using banks because the deals they were looking for had to do with a lien being on the property and the bank wanting to get rid of it so I could come in and control the property and sell it to the buyer who basically pays back the bank on it's loan, whether it be due to foreclosure or a lien i think that's where I heard it from.  Again I'm just getting started so maybe I'm thinking too much here lol, but your input is appreciated, thank you, any tips on that you have would be welcome.

I have been researching wholesaling for a little while now and it is something I really want to do and be good at.  I am going in with a partner/friend of mine whom I trust and we are wanting to get started.  I know it's important to get a title company and lending/bank in place before submitting any deals to buyers so the process can move along quicker and more smoothly.  How do I find these title companies and should I go with a small bank or large bank to work with?