All Forum Posts by: Jason Schmidt

after talking on the phone with a client a few days ago, he casually mentioned that a family member of his was going to let his house - 3 years away from being paid off - foreclose, because he was sick of paying on it. My client swooped in, took over payments and after 3 short years - it is now his!

Boy, I'll tell you something - if that happened to me, i would INSTANTLY jump on it, but the problem is this...

it seems too good to be true.

Do you all find deals like this? Where specifically can I begin looking? I have looked on the web a lot, and havent found anything anywhere near soemthing like this.

Jason, where on the internet do you go? Are there lists or something you can get from your local tax office or something?

no i havent looked at any numbers - and because i don't know values, i don't even know what i would be looking for yet :) To steal from a commercial, i wouldn't know a great deal if it hopped up in my lap and called me daddy

I just read this on craigslist - do you think this is worth investigating, or does it sound like a scam?

My name is **** and I am a Broker for **** located in **** . I currently have over 1000 homes available NOW with equity in them from $20,000 to $650,000 in and around the **** area. I am a foreclosure SPECIALIST in the **** area and I am THE VA foreclosure "go to" guy in **** listed on their site. I deal with many foreclosed homes and have more and more being listed every day with equity already in them for you.
If you are SERIOUS about investing in Real Estate, whether it be to resale these homes or keep as a rental portfolio, you need to contact me direct at **** (cell) or email me with your info and I will get right to you. Please call me today for more info on these homes. Thank you.

i look on har.com realtor.com etc. and find it hard to believe that great deals can be found here, since they are so open to everyone. Has anyone ever found great deals on one of these websites? If so, please tell me your story!

wow Jim, very well put!

now, thats what i'm talkin about! I actually am thinking now that more is better if i can get setup with the right property management company. Heck, why not do 50 properties? 30 years down the road, at 1k each, that's 50k a month :)

it was just a half baked idea to begin with, but here was my thinking:

buy a 100k house at 70k. pull the 30k to live off of (fyi i have residuals of 2k a month from my existing business)

use the time to get another property and do the same thing over and over. this would assume that i have lower bills each month after my own house is paid off.

ok, perhaps i will stay away from it then - i was speaking of doing this with rental property :)

oh very interesting! it sounds like it is not adviseable to do. What if they cash in on the built in equity of a good deal, as oppossed to the appreciation? Or is that not wise as well?