All Forum Posts by: Scott VandenBerg

@Ron King Are you wondering about buying a junior lien to gain redemption rights after a sheriff sale? I would really like to know how that works.

Sounds like a scam I have heard of where people pretend to own a rental property. They get some poor sap to give them deposit and 1rst month (very reasonable I'm sure) and then take off. Maybe they get 5 people to pay them because the rent is so cheap! Maybe they figured out the lockbox code or have another way in and are even showing it. I'd call the cops honestly.

@Scott W. How long have you owned the property? I am assuming you had no mortgage for them to give you 85% LTV... I ask because I want to buy a rental for cash and then get a LOC on it shortly after (1 month) to do my flips with. Last bank I talked with sounded like the property had to be "seasoned" for 1yr +

Hello BP community! I want to purchase a house (FSBO) in Michigan from an owner who's house was sold at sheriff's sale. In Michigan, owner has 6 months to redeem if they come up with the cash (49K in this case). There are no junior liens that would be reinstated if owner redeems.

My Question: Since owner will need to use my cash (purchase money) to redeem the property should I hire an RE attorney, or can I find a title company that knows how to do this?

Would love to hear from someone that has done exactly this. Thanks!

Wondering the best way to address my letters to probate leads (executors)? Something like:

To:

Ms. __________

for the estate of __________

City, ST ZIP

Should I mention the estate in the address? Just trying to prepare them for what is inside....

Thanks

Thanks everyone for your responses! No deal this time, but I learned a lot about MH investing and what a deal looks like. Thanks again.

I recently started my marketing campaign for off market real estate/motivated sellers. I prefer fix and flip, but would keep a good cash flowing property for rent.

One thing I didn't anticipate at all were the calls from mobile home owners. It's a whole different can of worms and I have no idea what to do with them.

For example my lead today: owes 29K on a MH that needs zero rehab. Comp units in the park (being sold by park) are ~ 35K. Owner is in beginning stages of foreclosure, park is the lender - pretty sure. The park is good as far as MH parks go - but I am completely ignorant on this. Seems that @John Fredo is very experienced, I wish BP could get him on a podcast about this ;).

What do you think, is there a deal here at all? Finders fee to the right investor?

Our first flip before and after!

Any success with this Anthony? I was going to attempt the same thing. Thanks!

I have a mail carrier that rents from me . Her route (which she walks) is in a neighborhood where I look for a lot of my deals. Anyone have suggestions/experience in mail carriers turned bird-dog? I am interested in mostly fix and flips and some buy and hold . Thanks in advance!