All Forum Posts by: Nick Stone

Corey,

The house is in Beebe, Arkansas. Rehab would be about $4k. All minor fixes. This would be a rental property with a two car garage, privacy fenced in back yard in a good neighborhood. Sounds like a good starter investment property.

Hello BP community,

I just wanted to run something buy you guys to see what you think about it. I have found a 3/2 that is somewhat in a flood zone( it flood back in 2009, as did half the state). It's owned by Freddie Mac and posted as $41k. Last week it was $48k. Everything on the inside looks good. The sheet rock has been replaced all the carpet pulled up. It needs about $3-4k to get it livable again.

Now my credit is not the best, plus if I use conventional lending I would have to get flood insurance. I was thinking about making a $20k offer and see what they said. I would ask $30k from the lender to cover closing, repairs, and 2-3 months of payments. Then I would put a tenant in there for about $800 a mOnth, which is medium rent for that area. Would a lender finance me 100% for about 5 years? And do you think it's a good buy and hold strategy? Some house on this block sold for $13k and a block away for $70-80k. I would greatly appreciate some feedback from the BP community. Thank you for your time.

Thank you @Simon Campbell for that info. I had no idea that was a law. This is a good piece of information for future reference. I looked for the auction in that county paper. It's a small town paper, but couldn't find anything yet. I will call the classifieds tomorrow and see if they can look up previous ads. Thanks again

I have found out that it is going to auction Oct 1. CITIMORTGAGE is the lender. I've tried about 5 different numbers for CITI. And they are just about impossible to get in contact with. Unfortunately I think there is nothing I can do about this place just yet. I've looked for who has auction but came up with nothing. It's non-judicial so I don't believe it will be at the courthouse. It's been a fun expierence chasing down everything. I just would've liked a different outcome.

Hello BP friends, I am new to all of this. I am from Arkansas and learning about Real Estate. I was wondering what to do about a house that is right next to me. The owner is going through a pretty nasty divorce, and the house has been vacant for about a year now. They just picked up and left everything in the house cars in the driveway and everything. I just found the house on Zillow. It says its just now in Pre-Foreclosure. I know Divorce is a nasty process, especially with a house involved. Where could I start my due diligence on a property like this? I do have a CASH buyer that wants it super bad!! I appreciate any suggestions from the bigger pockets Community. Thank you very much.

thanks!! Got the Keywords set up. Joshua Dorkin

yes. How do I keep in touch??