All Forum Posts by: Joseph Brown

A friend of mine filed bankruptcy in 2009, surrendering his interest in his home and thereby eliminating his personal liability on his mortgage note. After five years, the lender still has not foreclosed and my friend still owns the property.

The fact that he still owns the property is a burden, and it is preventing him from buying his new home and he is still liable for the upkeep of the surrendered property.

He asked if I would be interested in having him quitclaim the deed to me for $100, so I could then rent out the property. He needs to get the property out of his name, and this seems like a viable solution.

Theoretically, this would simply be a subject to deal, where I am buying the home for $100 subject to the existing financing. My friend does not care, as his personal liability on the existing financing was already eliminated by the bankruptcy.

The estimated current market value for the property is between $93 and $97k, and the balance on the note is $138,000.

Any thoughts on this fact pattern? Seems like an opportunity to at least rent the property for a period of time while awaiting the foreclosure, which has yet to be commenced.

I understand I cannot create an app and poof...instantly I have a comprehensive analysis of a potential deal. I was simply suggesting a tool that allows one to quickly enter an address, and the tools provides an estimated fair market value, will calculate instantly $10, $15 and say $20 per sq.ft, to give a rough idea of rehab cost, and provide a preliminary max offer guideline based on 65-70% ARV.

The tool could simply pull market values from zillow, eappraisal, etc...and perform these basic calculations instantly, on your phone. I just thought something like this may be useful for a quick reference. I did not realize it would offend so many brilliant real estate minds (or gurus).

I am looking for a certain app or software that allows you to simply enter an address on a property, and the software will give you a rough ARV, will provide a range for estimated rehab cost, and provide a max offer number.

Obviously this would not be a system to rely on to purchase properties, however I would like something to quickly provide some preliminary numbers. Does anything like this exist?

Would anyone else be interested in an app like this? I am a software developer and may just develop what I want myself if there is no other available solution.

Thanks

Hello everyone:

My name is Joseph Brown and I live with my wife and 2 year old daughter in Gainesville, Florida. I am completely new to real estate investing, and am hoping to get a good foundation of knowledge from the resources here at BiggerPockets so I can get started wholesaling in Gainesville.

I look forward to getting to know everyone and contributing to the community...

Hey good luck Hector!

I am also wanting to get started wholesaling in my area of Gainesville, Florida, and have been spending tons of time learning lately. I have read several different methods of determining ARV, including averaging the county assessed value, zillow, trulia, realtytrac, etc...however it appears to me the best method is to get comps from a friendly realtor. Keep in mind I am just getting started like you, and am certainly not an authority on the subject. Just wanted to pass along some techniques I recently discovered.

Joseph Brown

Hello everyone:

My name is Joseph Brown and I am completely new here at BiggerPockets, and for that matter completely new to real estate investing altogether. Like many I imagine, I have spent several months lurking here on the forums and learning about the various strategies and investing techniques for getting started.

I've decided to begin my real estate investment business by utilizing a wholesale strategy. I intend to dedicate full-time hours to building this business to the best of my ability, and my desire is to become a known trustworthy resource for investors in my area by providing accurate information and profitable opportunities.

I have so many questions to ask, but I do not want to drive everyone crazy. So the one question I will ask at this time is simply, what is the best way to approach potential buyers, investors, rehabbers in my area. I do not want to make any rookie mistakes with my first impressions, and I could use some guidance on how I can break the ice.

Thanks to everyone for contributing to this awesome resource here at BiggerPockets. Short of actually getting out there any getting my feet wet, I have not come across a better educational resource for a first-time real estate investor.