All Forum Posts by: Jay S.

@Anthony Giannette

Thanks a lot for the information you provided. I'm not to clear on reverse mortgages process but I will be doing my research into this solution for my knowledge. If you would briefly explain an example.

Thanks

Hi Hatti Dizmond

Thank you for the welcoming. (sorry for the late reply).

I recently went to a REI seminar Phill Grove. I was a great opportunity & experience to be around like minded individuals. I also got a chance to network & get a few contacts business cards, who are willing to help / partner up & do something together. So, yes you are correct about RE is about relationships.

BP is great & yes I will make it work & THANKS again for the information you shared & the kind words.

Thanks 

Jay

Hi, Elizabeth C.

Thank you as well for taking the time out to post on my introduction. (sorry for the late reply)

Thank you for the information you have shared here, & yes I will be diving into all the wealth of information here that you mentioned. I also will be checking out your website posted in your signature. I would love to hear about self managing.

I'm looking forward to seeing you around bigger pockets as well!

Thanks 

Jay

@John Van Uytve (sorry for the late reply)

Can you tell us something about yourself?

I'm 28 I once use to be a school (K-12) teacher, personal basketball trainer, & a basketball coach. I love getting to know people as well as helping them in any way I can.

How do you want to invest in Real Estate?

I want to invest in RE by teaming up with professional friends I have & use their money to help fund deals & split profits.

Do you want to WholeSale, Fix-n-Flip, Long Term buy and Holds?

I want to do ALL of these strategies but starting out wholesaling & fix n flip.

How would you like to help the Bigger Pockets community?

I would like to help by giving information about what I may have knowledge on & helping with creative ideas. Help others network by maybe introducing them to a like minded individual. 

How can the Bigger Pockets community help you become more successful?

By helping me learn ins & outs about REI, networking with others, & gaining as much knowledge on REI as possible.

Thanks John for taking the time out to post on my introduction.

And yes I will continue on listening to the Podcast and I agree with you they are get!

P.S. Tell me some things about you & your operation. How long have you been involved in the business? What are some of your goals for the future?

Thanks

Jay

Hi, BP 

I need some guidance on this lead that my mom got thrown her way at work. Her client's mother has her house paid off with a second mortgage of $50k on it, which she now owes $45k on still. The bank keeps calling them to see what they are going to do about the mortgage owed to avoid foreclosure on the home this Friday. I talked to her son & he says that he really doesn't want this foreclosure to happen because this may affect his mother's medicare she receives (I'm not sure about if it will or not). I really genuinely want to help them avoid this headache while at the same time getting my feet wet in the REI field by learning from this situation. He also told me that the inside of the house needs NO repairs, because they just got the home updated (but I will be finding out tomorrow or Friday when I go to walk the property), also said that the back deck patio might need some touching up & one piece of siding that has not been replaced.

Sqft: 1416

bdrms/bths: 2/2

1 car garage with another one 480 sqft behind the house

wood floors

built 1962

large driveway 

in a good neighborhood 

2nd mortgage payment $673/mo 

property taxes $1842/ yr

He mentioned to me that the tax assessment is $67k, so I'm assuming he wants around this price for the house. He mentioned he believes the house is worth more & ask me about what was FMV because the banker told him that's what the house is worth & should sell for. I really couldn't get a word in to ask more detailed questions to get the real information needed to structure options / an offer. I should got the official asking price from him but it's him (the son) & his uncle helping her through this situation.

So my question is where should I go from here? What more information should I be getting? & What are my potential strategies to use to acquire the property & use to my advantage? 

Hi, BP family!

I have been a member going on a week now. I'm very excited about all of the wisdom, abundance of information provided on BP. I have been on this site a lot since joining read articles, discussion forums & REI's profiles. Twitter? Facebook? Instagram? No BP!

Enjoy & have a good day everyone!

Jay