All Forum Posts by: Greg Felt

also you need to find out how long an attorney can get the county to approve the foreclosure. Counties in states like New Jersey, New York, and Florida have had timelines as long 7-10 years before it will get approved in the past. 

if it doesn't sell at the auction, then the county gets the property.

If a buyer buys it in foreclosure auction, you would only get the unpaid balance of $11,194. If it didn't sell in foreclosure, in some counties it might go back on the market again.  If you maximum bid is over the unpaid balance then you would have to pay the difference plus property taxes that are owed, if any, and the court costs.

Sometimes it's hard to find the right places that will appreciate. And we have to depend on the economy keeping from getting too hot or cold. A safer way to go for cashflow. Personally, I like a "safe 20-25%"... ( I have that in quotes, because you still have some things to hope go right. But, at least you can control those things a little more directly.) 

I also like to have as many options as possible...If you buy cashflow, then you don't have to depend on appreciation. But, you might get the appreciation anyway. Even if you get depreciation, it's ok as long as the cashflow keeps coming. I know that there can be plenty of arguments against this. But, I like cashflow...less to think about. And we don't have to worry about whether the Fed raises the interest rates & tanks the economy.

email me at [email protected]

thank you Ron.

no suggestions...but, if the owner deeds you the property, you would be the owner/borrower. My comment was if you buy the note, you would be the bank, not the owner...those are different sides of the loan.

Everyone will have their own opinion of pros & cons & where areas to stay away from. But, most like the west side better than the east side and the house needs to be brick. Pros are good cash flow & usually lower appreciation. But, Detroit is making comeback. So, appreciation is coming around. But, you will have opinions on this thread that will disagree with most of what I have said here. 

I have bought properties in C and C+ neighborhoods in Detroit, fix them, and put a tenant in and had no problem selling the properties. 

sorry...dumb question...if you're looking for a property manager...that answers the question. I should looked at the whole post.