All Forum Posts by: Wesley W.

Thanks for candid feedback on this property!  I'm thinking, this is not a property to sell but for low income housing (rental).  I've just found a potential renter for this home.  Realistically the property is in a community of renters.  For that $14K reinstatement fee and its repairs, with potential rent rate of $1400, this deal is not worth it? The rental rates are climbing in this area of Houston/Humble.  I'm seeing $signs (at 500/month).  If you have time and can see my contact information, please call me.    

Thanks @Brad,

I appreciate your advice.  I'm not sure how you get the $84k. By purchasing do you mean buying it at the $14k reinstatement cost? Its a better deal to assign and wholesale flip this property?   I will send this deal to my buyers list if that's the case.

I need help seeing if this deal is profitable.  I can obtain the property for approximately $13474.   That figure bring takes it out of foreclosure status.The repairs are around $5-7K.  The property has n nearly 50000 in equity and about 63000 remaining on the mortgage.   The market value of the property according to Zillow is 100,000.  The county tax appraised value of the home decline $17,000 from 2013 to 2014.  The mortgage monthly note is about $895 and 7.0 interest rate.  Rental rates in the area range from $1000-1200. This property is a rental that can generate about $150-$200 cash.  There are numerous home in the area that are section 8 rental properties.  Let me know if I should take the deal, wholesale flip (assigning it to another buyer) or take and flip sale it for full market value?  Thanks in advance for your advice and willingness to help.

Originally posted by @Wayne Brooks:

Wesley, stop.  It is either bank owned, OR it is a month away from foreclosure auction.....which is it?  Sounds like it is a month away from foreclosure, you say there are $12k in arrears payments, to bring the loan current.  What is the principal balance left on the loan?  If it hasn't gone to the foreclosure auction yet, stop calling it bank owned.                                                                                                                                                                                                                                                       

 The principal balance on the loan is $58,690. It is slated for sale at auction due to past due payments. 

The property is bank owned. At this point I want to generate capital from this deal. Jon- As far as I know and from what the title company has stated there are no other loans or mortgages for this property. why do you say it's headed nowhere. Let me know. Thanks There is $55k in equity and the home market value around $90k.

The property is bank owned. At this point I want to generate capital from this deal. Jon- As far as I know and from what the title company has stated there are no other loans or mortgages for this property. why do you say it's headed nowhere. Let me know. Thanks

Originally posted by @George Maka:

@Wesley W. What are you looking for and what are your resources? If you can cash flow on the property, are you willing to buy it and also have the means to rehab to make it rent ready? Are you looking for cash or cash-flow? If cash, I would say to put it under contract and then wholesale it. If cash-flow, buy and hold it. 

How much equity are we talking about here? Is there enough for seller-financing? If so, have them carry the note and agree to terms that will be favorable to both of you.

Thanks,

George Makakaufaki

 Thanks George; I want to get cash at this early phase of wholesaling and sell it to an investor. Equity is less than $100K. This homeowner wants nothing to do with the property and doesn't have the income to finance the note.  

Originally posted by @Ronnie Sparrow:

Wesley do you have the Pay-off amount from the lender?Must be in writing from the lender or attorney.

Yes I do have a off amount and a reinstatement figure.  I've since learned its a bank owned property and not a mortgage broker company.  Its been submitted to a collections service company. Its a little more than $12K delinquent. Should I modify the contract from a "subject to" to something different?  I want to simply create capital at this early phase of  my experience.  I appreciate your advice,  

Thanks guys for trying to process this with me with the details I'm providing.  The property is a month away from foreclosure and the mortgage lender is simply wanting the past due mortgage paid or have the property sold at auctioned.  The home owner has no interest in retaining the property nor has any ability to bring the loan current.  Essentially all he hopes to do is not have a foreclosure on his credit.  I obtained a contract with as a "subject to".  Its about $12k past due and has some minor work needed ($4-5K).  The property market value around $98K. It can generate a rental cash flow ($200-400 gestimating). Let me know how I can best do this deal. Thanks for ongoing feedback and questions.

The property is actually owned by a mortgage lender. The property's equity is just a bit greater that half the original amount. I've got it under contract as a "subject to" deal. But I'm reconsidering that. I'm a newbie and trying to finish my first deal. I really appreciate your advice on this? Let me know. I want to market it to my buyers list. But how do I acct for the 13 past due mortgage payments on this deal. I have access to some personal capital to bring it current, but not too sure how to ensure my equitable rights on the deal. I'm in houston Texas and soon will close my first deal. Thanks too good advice