All Forum Posts by: Raju Pothuraju

 Hi Char,

I am a newbie and was wondering what is the difference between 'getting it under contract with a $100' and 'get it under "subject 2" existing mortgage' step?

thanks

@Wallie HornsbyHow much mortgage does the owner have on the property now?

@Michael S.welcome to BP! As mentioned before I found the pod casts, articles, and fileplace under resources option of the main menu of the website

Hi all,

update after meeting with seller:

Property A: has a 140k line on it. the location in in A class neighborhood

Property B:  upside down and behind on payments is in B - C class neighborhood

I am thinking I would focus on Property A and take over the $140k line of credit which just switched from interest only to amortized and make payments on the rest of the amount which is $199k. May be $900 a month for 5 years and then a balloon payment?

Thanks

I have a prop in Fullerton 

Hi all,

Potential motivated seller but I am not sure if I am looking at this situation correctly.

Property A - the seller want to sell for $339k

Property B - the owner/seller of Property A is in foreclosure and needs the contract $339k on Prop A to stop foreclosure and eventually move into Property B.

The $339k is decent for the neighborhood but not slam dunk investor's price. Comps in the are that are $400k - $430k range.

The seller is open to seller financing on property A but with $139k down! - no can do on that kind of cash... probably they want to use it to stop the foreclosure on Property B.

Question1: is there anything I can do creatively to solve the problem of seller's foreclosure of Property B and get a better discount on Property A?

Question2: if I were to buy this at $339k as my primary residence using FHA should I be concerned that the payments are $100 -$200 more than rent in that area?

Question3: Is it worth it to try flipping it for that close of a range?

Thanks in advance.

Thanks Anish. That is a good principle that no rental home investment is completely hands off. I see what you mean about the two ways: 1. good location  or 2. good PM.

Thanks John. I have thought about larger multifamily properties - but just haven't had the guts to take the first concrete steps towards it. I can relate to the smaller SFR and doubles but probably it is just a mindset shift to go for multifamily properties.

 Thank you Joe. I was afraid that that might be case - no way around having to research and find a great PM as part of a really good ground team. Makes sense.

Does this sound like a good criteria for out of state owner  investment: at two least of three qualifiers (requires minimal involvement of property management)

Newer house 1985+

Good school district (yellow or green in zillow Schools info for the particular address)

Crime check-clear of certain crimes in neighborhood (suggestions on this category appreciated)

Thanks y'all- any input including criteria not listed would be great