All Forum Posts by: Sean Folkson

Thanks Troy...the owner would have no part of it.  he insisted it was all a misunderstanding and he would save the house.

Unfortunately, that almost never works out.  I tried

sean

Thanks guys.

property would probably list on MLS for $629 or $649K. landlord owed approx $475K. Legal fees and other has taken that up to about $570K, I believe.

Foreclosure judgement has been issued, so I think the old landlord is out of the picture at this time.  Not sure what the bank would accept for the house.  Taxes are approx $15K, leaving about $31K in free cash flow after taxes and insurance.  If property is acquired for $600K, that's just over 5% cash on cash.  At auction, I believe it's possible to acquire the house for much less, but who knows?  Could the house be acquired for less, that would not only improve the return on cash, but also build equity into the deal.

In addition to the cash on cash return (and we could possibly nudge the rent up a bit to make it more attractive), there are definitely other ways we can increase the upside for our investor as I expect my financial position to improve drastically over the next 6-24 months.  I'm in a very unique financial position (you can google me), and we can discuss in detail over the phone or some other private medium.  

FHA loan wouldn't work for us even if we could come up with the down payment, as my DTI is quite high. Don't see how we can make this work without an outside investor. I can make it worth your while.

Just don't want to be forced to move right now.

Thanks!

sean

Hey guys,

our landlord stopped paying his mortgage long ago, and the house is now pretty much through the foreclosure process.  I guess courthouse steps are next.

We pay our $4K monthly rent like clockwork, and want to stay in this house if at all possible. Because of my current financial situation, we cannot qualify for a mortgage. Scores are good, but I've got all my money invested in my business, so we'll have a challenge with DTI and also down payment.

Would love to find an investor to come in and buy the house and have us be their tenant, but acquisition cost may be too high to justify the return on cash.

 I'm open to finding a way to get financed as well, but just don't think that's currently possible.  I'm trying to work with the bank to see if they'd let us assume the mortgage.

any thoughts? Ideas?  I know this is a long shot, but it's really important for me and my family, so any help is appreciated.

Thanks!

sean

my current financial situation doesn't allow me to.  If I could, I'd jump on it. 

I don't want to post all the particulars of my current situation, and the upside we can include in the deal, but would be happy to discuss by phone with anybody who might have interest in learning more.

let me know.

Hey guys, I did a few real estate deals back in '08-'10, so maybe know just enough to be dangerous at this time.

I own a couple of smaller properties which are now investments, and my family and I live in a bigger, more expensive house, which we have been renting for over 2 years.

Our landlord stopped paying his mortgage, and the bank finally was able to take back the house from him.  I'd like to remain in the house, and happy to keep paying our rent...to you!

Would love to find an investor who may want to acquire the house, and be our new landlord.  The return on cash should be acceptable...not great.  minimum of 6%...maybe as high as 8% depending on how much we end up getting the house for.  At full market price, you'd be around 6%.

The x-factor is that my financial situation is unique, and we can build in plenty of additional upside for the right partner, with your downside being a safe 6%.

let me know if you're interested in discussing.   I know that in a different time of my life, if I were the investor reading this ad, I'd pounce on this deal.

thanks
sean

zillow definitely has a TON of listings, and alot of good info. But, what Joe is asking is how could he use those sites to identify 2% properties. Not sure on that, Joe. by the time a listing hits Zillow, if it's got that kind of potential, somebody probably already got to it.

Just so you know, the info on Zillow is not always that timely. I just looked up a coupld of my properties, and they show as being still unowned.

My guess is trying to use Zillow and Trulia will have you spinning your wheels more than it will help.

Hi Joe,

if you're looking for properties for cash flow, and you're not ready to do REI full time, why not just buy cash-flow ready properties?

You'd eliminate almost all of your risk that way, and it's easier to find the properties.

[SOLICITATION REMOVED]

sean