Quote from @Joseph Kirk: Hey everyone,I’m dealing with a frustrating situation and wanted to see if anyone else has experienced something similar.I was set to close on an off market purchase in two days, but I just found out that the mortgage company filed a Lis Pendens, meaning the foreclosure process has started because the seller hasn’t been paying their mortgage.

Alaska and Hawaii are my two markets.

In the last 18 months various states have instituted new rules, regulations or laws related to (1) need for licensure to wholesale (2) restrictions on marketing of a property in which you do not have ownership and (3) disclosure requirements when dealing with a homeowner that makes it clear to the homeowner that the contact signed with the wholesaler is not a definitive “sales” contract, therefore making it less likely home owners will sign4.

It is a very competitive market and units in the tens of thousands.

What are you all seeing in the market right now?

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

Did you have specific questions? 

Years ago I bought houses for $25k in my market.

It’s exciting to hear about your plans to dive into this field, and Chicago is a fantastic market to explore once you move there.It sounds like you’re on the right track with your interest in House Hacking, Mid-Term Rentals, Short-Term Rentals, and the BRRRR strategy.

See who is doing the most multifamily deals in the area and you may get some off-market/pre-listing opportunities.