All Forum Posts by: Justin Hammond

Is the 125k you have just cash or is it bank debt? If you have 125k in cash, it should be easy to get a 70k 1st position hard money loan to bridge the gap.

I don't know any attorneys in your area who can help with this, but I have bought and sold hundreds of creative finance deals over the last decade. If you have an opportunity you are working on, I'd be happy to partner with you and provide you with the tools needed to get it done. 

@Stephen Brown only worth chasing if there’s a ton of equity in it. You can usually ballpark it based on the amount the loan was taken out for and how long ago it was. If there is plenty of equity then you’ll have to help the son through the probate process. This is a decent amount of work, but if you end up with a house at 30 cents on the dollar it can be worth it.

@Connor Lorio how much cash do you have total?

@Laura Johnson-Morris I sent you a dm

@Christopher Rugile is there an executor of the estate? Do you know when the auction date is?

@Mike Mosby the property could be in an HOA and defaulted on the dues, or they could have refinanced it after purchase. If there for sure is no mortgage on the property, then my guess is another lien holder is foreclosing

@Carissa Holmes I would look at private lending until you have figured out your acquisition strategy. You could make $2,000-$2,500/month in short term, low risk private loans for the time being, and then roll over your capital into acquisitions as they come up. That's what I do. And it allows me to be a little more patient and not chase acquisitions. I just lend my money out, and when I want to buy something I buy it.

@Steve K., sent you a pm

@Micah Bolch if the seller is willing to rent to own to you, maybe they would also consider seller financing and placing you on title. If that's the case it would be safe enough (depending on your seller carry terms) for you to start putting money into the place. 

Another exit strategy would be for you to do a "sandwich lease option". This is where you enter into a lease option with the current owner, and then turn around and arbitrage the lease option as the landlord now. 

For instance, let's say option purchase price 100k, but ARV is 200k. lease amount is 750$/month. $3k down.

If your deal is good enough, you can probably find someone to lease option it from you at a strike price of $120k, $5k down, and $1,000/month payment. Maybe they feel comfortable putting work into it, but you don't.