All Forum Posts by: Mitch Messer

@Felicia West In which U.S. state would you be looking to do short sales, REOs, or foreclosures?

Every state has a unique set of laws and regulations regarding the foreclosure process, so your ability to succeed will depend largely on where you're operating.

Also, all three of these require advanced skills and background, so I wouldn't necessarily start here.

That said, if you do then be sure to get top-notch training and complete deal documentation from folks who have seen at least one full real estate cycle.

Rather than specializing so soon in your real estate career, I would instead recommend just getting in front of as many real estate owners with problems.

Just getting really good at talking (and listening!) to sellers in need will serve you far better over the long-term than focusing on any specific tactic.

Good luck!

Hey @Nate Caffero, rather than putting someone else on the deed and pulling out equity to do deals ...

... why not keep your equity to yourself and just work with private money?

Assuming you can find a great fix-and-flip deal, you could borrow what you need from private lenders and not need a ton of cash (although you would need some money for the rehab).

Also, has your bank told you what the specific credit requirements for their loan would be? Are you close?

You may be better served fixing your credit rather than involving an equity partner at this early stage of your investing career.  

@Russell R Massey I can't DM here on BP. You'll need to either call.

I'm eager to help: Let's connect!

Hey @Russell R Massey, I'm happy to connect you with a super-smart Georgia real estate attorney I know who can give you the answer. (See my profile to reach me.)

That said, unless these Fi-Fas are substantial, the juice may not be worth the squeeze.
 

@Guillermo Rios Which states are you searching for?

Also, are you looking for pre-foreclosures or for properties that have already been foreclosed and are now back with the lender?

This latter group is called "REO" (for "real estate owned"). There are real estate brokerages that specialize in listing REO properties. You can easily find those brokers with a Google search.

Yes, we have been doing lease/purchase and lease-options deals for over two decades.

The rent+own strategy is particularly relevant when prospective buyers are having a hard time qualifying for a mortgage, either because mortgage rates are high or because prices are rising.

Kinda sounds like both are happening right now, doesn't it? 

@Nathaniel Kamp This sounds like an opportunity worth exploring, but time is not on your side here!

First, the bank won't even talk to you without some formal authorization from the owner's estate.

Since the owner died intestate, her estate will have to go through probate. You'll want to talk to a local probate attorney to see how much time that could take.

If the squatter is not making mortgage payments, you've got perhaps another month or two before the lender begins foreclosure proceedings.

In your situation, I would approach the squatter to see inside the property to assess the condition. I would express my interest in buying the house. I'd share that if I did, I'd be prepared to pay them to vacate. (I would not specify how much.)

If the property needs a ton of repairs, then even buying it subject to the existing mortgage may not be enough to make this a viable deal.

You need more info, and fast!

Good luck!

@Timothy Cooper Instead of seeking equity partners, have you considered working with debt partners?

I don't know anything about Montana, but if you're finding quality investment-grade deals, there's a lender out there that would be delighted to get in, get paid, and then get out, without demanding any equity.

If nothing else, it's worth exploring!

@Nicholas Henry Provided your ex continues to make on-time payments on your mortgage, there's no reason your credit score should move one bit.

You're selling it to her subject to the existing mortgage. It's definitely a "thing!"

Fortunately, it's the same here as it is for ALL personal relationships: transparency, consistency, and authenticity!