All Forum Posts by: Thomas Brooks

Thank you.  I don't think this is a deal I can swing on my own, however my partner probably could.  Assuming there was enough money for someone to take the large capital risk, would it be a sound investment, based on the appreciating area?

I was thinking best case scenario, catch up the note, pay half of what they want 5k instead of 10k, the rent comps actually leave you breaking even with a property manager, and if the trend of increasing value continues, arv in two years would be 250-255, and we would get it at 206, minus the another 24 months of payments, maybe the note is at 185k.  

If it is a strong rental area, and your tenant is most likely decent based on the cost and area, would it be a good investment property for someone who could take on that risk without sweating?

Any other sides to this I should look into?

I recently contacted a home owner in pre-foreclosure. They are interested in selling. The property is off market. They owe the bank 194k for a home built in 2012. The home was deeded to them, and they are wanting out. The tax appraisal is 233k and has increased by about 8k every year since being built. The comps in the area are similarly priced. Interest rate is 3.5 and they said the mortgage is 1600 including PITI. They were open to subject to, I was wondering if this is the best strategy, or if anyone had any other suggestions? Rentals in the area show a negative cash flow for 1600 a month.

Not sure if this is too much info for this forum.  If there is a better place for this type of inquiry, please let me know.  

How far back were you pulling?  

I just started pulling list to identify homes that have recently gone into foreclosure status.  I am scrubbing them to identify distressed sellers.  Would it be better to use a company like list source?  Has anyone had success using this method?  I am more than willing to make the hundreds of calls, I just want to make the most of my time.   Thank you in advance.

Hello,

I am new to investing and wanted to say hello.  I am looking to flipping/wholesaling real estate in the short term, and hope to build a strong portfolio over time full of investment properties.  I look forward to learning from everyone within this community.  Thank you in advance!