All Forum Posts by: Markeilsha R.

Detroit homes are DIRT CHEAP people are literally giving them away. Why aren't investors owning whole neighborhoods are this rate??

So now the even more naive question... What's the worst that can happen if I take one of the $50 houses??

Thank you all.  I will make sure to be careful about the contract language that in the deal.

Hello,

While I was viewing a property I saw two other vacant buildings right next door, one of which seemed to be in pretty good condition except for a few broken windows.  The owners live out of town and owe 18k in taxes, I found one of them (married couple) on linked in.  Would it be rude to contact them?  Has anyone one found/ contacted sellers this way?

@Wayne Brooks @Account Closed 

Thank you both for responding.  There is a tiny tiny bit of equity, about 13K. I was thinking that if I lease optioned this home for a tiny bit more than what it was worth ($170K) and got a decent down payment, in a years time it could be worth it.  It is a newer home in a really nice suburb of PA, with an estimated (according to trulia) rise in value.

Does that sound like an feasible plan?

@Wayne Brooks I thought it would be.  I had listened to soem information froma Marko Ruble course that mentioned 2nd mortgage forgiveness, but it was a just mention to sort on gain more equity in a sub2. In fact he's not the only one I've heard do it, but I'm not sure if its a foreclosure only sort of deal or some sort of guru trick that might hurt the seller in the long run.  I thought is might be counted as income, but with all the loan forgiveness going on I wondered if this may have something to do with that.

Hello,

I'm working a sub2 deal in PA where the owners are eager to move and willing to sell the property for what they owe.  The property is in excellent condition (only 9yrs old), they just would like to get it off their hands.   They owe two mortgages though, and I was wondering how I could go about getting the second forgiven so the debt will be less when I go to resale or lease.

I would also like to know if attempting this would jeopardize or damage their credit in any way, or come back as a tax headache for them in the future. I don't want to do anything that may harm the seller or their credit.

What situations should I use this tactic?

I had a home out in a land trust next door to my house.  There were a slew of investors there looking at it for days, and one mentioned that there were all sorts of resources and grants for rehabbing homes.  Does anyone know of  any of these?   I live in central NY.

I found a home on craigslist FSBO. trouble is its listed with an agent. The owner is willing to part with it Sub-2, how and what does the agent get paid? The owner owes almost as much as it is worth, and needs to move but she signed an agreement with an gent and is concerned about their payment. How do I work this deal? I was planning to lease option it.

I found a property in Hamilton, TX (2hours from Dallas, TX) but the info on it is less than what the owner is saying. For example he says it's 1500sqft, but the info online is saying that it's just under 900sqft. With the public info, it still comps at a good rate vs the price I'm able to get it at, but I wonder how reliable these comps since it's such a remote area.

This leads to the second issue with marketing? I need advice on how to quickly sell this property. The price is right 50% of a conservative ARV, what else do I need? It's on Craigslist, where else can I reach buyers for this area.

I have a really nice property that I'm looking at in a good area of East Stroudsburg, but I am having trouble getting reliable comps on it.  I usually run the comps through my freedomsoft software but that doesn't recognize the address. Zillow has the value at 3x what the average area sales are for, there's nothing on Eppraisal, ane realestate.com is outdated.  Itried using the address to the property next door but the comps came up for properties a mile away, each still 60-100K under the sellers asking price and the 200K under the zestimate.  There was one house that sold at the zillow estimate recently, but this seems to be the exception rather thatn the norm. Should I call a realtor?