All Forum Posts by: Account Closed

How about low balling offers of REOs? anyone doing that successful?

@

Jeff L. whatever happen to your shortsale story?  https://www.biggerpockets.com/forums/48/topics/101237-can-i-use-a-sub-to-to-negotiate-short-sale

Thanks @

Peter M.

So i do not need to go through an REO realtor... if i see a house is going to auction in say 30 days... There is still a chance the bank would allow this person to make payments and become current?

The county site I am using already is showing a court judgement in favor of the lender... as if the property owner is already out of luck and in 2 months during aution their property will be gone.  This is where I am unclear.

I want to fix and flip.  My thought was to target owners close to a foreclosure auction (maybe 7 days out).  My local county website has the dates of property owners upcoming auction then if there is equity in the house and enough of a spread to make a profit... bring property owner current on mortgage and do a "Subject to" contract with 30 days to leave.  Assuming I can get property owner on board with this... We would contact the bank together to negotiate a shortsale or something?  Really I am lost, plan sucks.  What am I missing?

@ Ray Lai your replies were very helpful to me, ty :)

nevermind i read u paid yourself...

Did you use all your own money? Hard money loan?  

Hi I have been looking into flipping for about 3 years now... have done my homework and want to go full force and get a deal under my belt.  I fully plan on doing all the marketing/analyzing properties to get the first deal.

So... If I have a good deal using BP calculator or house flipper spreadsheet is it likely someone would go in with me as a cash partner? 

 I would of course put up my own money too.  I could put in like $10-15k.  

My only other option would be to do a hard money loan, right?

Has anyone done their first deal with a Hard money loan?

These are my thoughts... appreciate some feedback, thank you!