All Forum Posts by: Jason Green

I found a foreclosure in a fantastic area where I live and was actually told about it by a neighbor. I have bought REO and at the Courthouse steps but this one has me stumped. Its empty and appears to have been for a long while. The owner still shows the last buyer on the tax records. I figured out which bank had her only recorded mortgage so I assume they have taken it back. They are a very small local bank so I assume they would have held the mortgage most likely. I would like to scoop it up as is before it hits the REO market. My question is, should I just call the bank and ask to talk to someone about the status of the property? Also in searching. The owner has a massive 6 figure judgement against her that is filed but I don't know how that affects this property if at all. The judgement just says who the plaintiff was and the awarded amount. Any advice would be helpful

Hopefully this is the right place to post and I appreciate any advice in advance. I am in Alabama, I have $200,000 in cash and zero debt. I have a background in homebuilding, real estate and renovations. I am trying to figure out how to leverage that $200,000 and get a bank to go in with me on some flips. I have no idea how or what bank would do something like this. Basically I want to say "ill deposit $200k in a CD or whatever vehicle and make you first position on any mortgage I take if I can get a line for say $350,000. I am just trying to not limit myself to $200,000 deals. Now I could certainly stick with that threshold and just build up my cash over time. I don't know from a banking standpoint it would work. At closing, there would have to be something that says they are in first position on the asset but it cant move at a typical loan approval pace. Hopefully I am making sense and any advice would be appreciated. The hard money route is out there just hate to pay 15% interest.