All Forum Posts by: Robert Polanco

YES! This is huge! Thank you for your help, I'm now looking into having someone properly write it up now.

I was considering going with the BRRRR strategy, other than the fact that there isn't much renovation required. I'd live in it and later refinance. Rent in the area is 1400 on average and the mortgage pmt is 1079. I had no idea what a subject to mortgage was before now (just researched it).

So I was around driving for dollars and I stumbled upon what I believe is a preforclosure. Home is valued @197k his mortgage amount is 130k the house doesn't appear to NEED any work. I'd like to go with a rent to own option to pay the mortgage current and take over from there but I don't know how to go about doing so and getting it under contract. Do I need a lawyer??? PLEASE HELP!!!

@Dennis M. kept looking, and I may have found a GREAT deal!

@Tim Debronsky I am quite a bit conservative on my holdings mainly because I’m 10k over what I am pretty sure I can get the home for (highly motivated seller).

Pretty confident in my ARV as it was appraised at 158k as it sits before repairs. Seller is really just unaware of what he has and is in a tough spot. The exterior was remodeled 4 yrs or so ago. I'll be going to take an interior look here in the next couple of days with a contract who's agreed to a pro bono walkthrough as a good faith deal (I'll still get more quotes and ask more thorough questions) in hopes he and I can do more business. I'm still extremely green in this game so the feedback is greatly appreciated. Thank you!

@Dennis M. Ok, and what based upon the initial calculator makes you say that?

@Ralph Justiz that has got to be some of the best underrated advice! Greatly appreciated!

@Jacob Sampson I've bumped my purchase price about 10k to allow room for error (also my best friend will be the realtor) 

@Ralph Justiz pretty recently remodeled property (from the exterior) still looking to get pics of the interior as the deal was a stumble upon via a friend. Best friend would likely handle the actual sale of the home and I would be paying him out of the profit. However, I am also considering FSBO.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Zachary Olley I'm in the same boat here in Texas. Also looking at BRRRR on an FHA and a pre-forclosure