All Forum Posts by: Simon Ruiz

@Wayne Brooks this is what the lender told me... I’m not sure if I’m using the correct terminology in this instance.. correct me if I’m wrong..

@Jay Hinrichs which product are you referring to?? The Sherif sale? I’m not sure if this property is going to be one... since I’m here in California.... What I do know is that property has a reverse mortgage I contacted the lender and they said after all the formality is done it’s expected to go to auction... after reading all this I’m still not sure If a lender exist to accommodate my needs... I’m familiar with the property because it’s next door to my parents place.. so I know risk will be minimal

Hello I would like to buy my neighbors house which is anticipated to eventually go to auction ( long story) I could not purchase this property through traditional means therefore, it eventually will become a Deed in Lou of foreclosure.. I would like to purchase this property using a hard-money however, I have noticed that the auctions in my area require that the full payment be made at point of sale... From what I have read Hardmoney lenders require a contract first is this true? What option do I have since I don’t have the full balance at hand??

@Matt M. Since there is six month sell window and with probate being so long it looks like there going to walk away from it... really unfortunate since there’s equity in the place too

@Matt M. Thank you for the reply... it’s value is about 450k and from what I understand there is about 300k to 330k owed on to the lender..

Bump...

Hello all a long time neighbor of my parents has recently passed she had no will or trust in place and had a reverse mortgage on a property (300k debt) her administrator (her daughter) is anticipating the house to go into probate.... After consulting a lawyer she is no longer interested in trying to obtain the house and plans giving the house up to the lender.... is there any creative solution available in trying to acquire this property? any advice would be appreciated.

Hello all... My brother will be transferring to the university of Michigan to obtain his masters degree and it gave me an idea.... I have been looking into getting into real estate and its a hard jump to make considering that I live in California..  Michigan has prices that seem more reasonable however, even Ann Arbor seems a bit pricey but the condos in the area are a bit more affordable... Does anyone here have rental condos in Ann arbor? how has been your experience so far? I know its a college town and I have seen some houses and condos outside the area that seem interesting too.. Just trying to get an inside scoop at the moment for now.... 

Does anyone know of a website that post information on what is being built on a area of interest... like for example a building permit has been approved for a condo complex in city X on xyz whatever street... I feel this information can be useful to a would be investor...

I listen to this podcast you speak of.... And heard the coffee farm pitch... if you know of anyone doing this please share there experience here..