All Forum Posts by: Juan S.

Hello BP, 

I'm currently in search of a single family to close on in the next 60 days located in the 32225, 32246,32224, and 32256 zip codes 

I'm looking for at least 3/2 1300sqft 2 car garage priced below $200k that  would require rehab/renovation or possibly turnkey. 

I am open to all styles and layouts.

Wholesales, Foreclousres, Rentals, etc 

I have financing in place and looking to have a property completed by Novemember 2018

I'm working on a property in Jacksonville, Fl

Acquisition $150

Rehab 30k

ARV 240k

Comp properties in the area sell within 30 days most under contract within a week.

I'm looking for creative ways to finance the deal.

Originally I planned on using my prequal from a 203k lender since I planned on living in the property for a few years before selling. Problem is I currently live and work in Orlando, Fl. I plan to transfer companies of the same profession but until I do will be making the commute between home and work 2 hr drive. I'm a commercial driver so the commute is not a concern for me I'm used to it but lender has concerns about it and will not process the loan until I transfer.

I'm looking to close this deal quick

Any ideas of how to acquire this property any other creative ways?

My approach to this since the post has been to contact the bank directly via phone and ask to speak with someone about their REO portfolio. Some directed me to a bank website where the homes were offered for sale.

Some banks informed me that they wait until they have a certain number of properties in a given area with clear deeds and release them all at once during a certain time of year.

What I found was most common is that banks are waiting to ensure a clean deed before they list them for sale. 

Hows it going BP,

While driving through an area of town where I would like to invest (Diving for $$) I came across a ton of properties in really REALLY nice neighborhoods that seemed to be abandon. You know the typical signs to look for over grown grass, tons of newspapers sitting in the driveway, weeds growing over windows, just signs that scream my owners don't care about me, one house even had a few meteor sized holes in the roof. I took note of these properties and spoke with a few home owners about the houses and many say that the houses has been vacant for years.. 

I do my research and find out that most of the homes have been foreclosed on and the bank on county records are listed as the owner. The bank as been listed as the owner for a couple of years now on some while others where listed as the owner within the last six months to a year but not listed for sale. 

My question is can it be possible to purchase these properties although they are not listed for sale and how would someone go about doing that? Is there any typical reasons why the bank as not listed them for sale?

Sent you a PM

2/3 single family home. 

I have the winning bid on a REO buy and hold or flip

Purchase Price 106k

Rehab 20-25k 

ARV 165k

Rents 1250-1300

I'm currently searching for a partnership to help me with this deal. This will be my first deal and would like to learn from an investor with experience.

I can be reach at [email protected] 

Ive been debating about Springfield for a few months now.  Its a historic area with nice older homes that beg to be rehabbed that have great potential  to be equivalent to riverside. I agree with @Corey Clarkston new coffee shops and upscale restaurants will definitely help with growth. 

@Tom S. Nice thanks for the feed back. Will commercial lenders lend on SFH?

@Tom S. So if im understanding correctly you put what the seller would have seller financed as a down payment and took a 2nd mortgage from the seller after closing?