Feedback on foreclosure plan, please - Posted by Joel -- MN

Real Estate Investing
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Posted by Ronald * Starr on June 18, 2001 at 19:57:03:

Joel–MN-----------

You have come up with a legitimate investment approach that could lead to super-bargain deals.

This technique is one of about two dozen which are discussed in Jack Reed’s book “How to Buy Real Estate for at Least 20% Below Market Value.” His website is at johntreed.com . It is call “buying the right of redemption” there.

You do not have the property owner “assign the mortgage to me.” You get a deed from the owner, probably a quit-claim deed. Or perhaps there is some other document which could transfer the right of redemption to you.

If you are going to get into foreclosures, I highly recommend that you read the law for your state, MN, I believe. You might want any paperwork to be scrutinized by an attorney that understands foreclosure laws in your state.

Good Investing and Good ThinkingRon Starr*****

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Feedback on foreclosure plan, please - Posted by Joel – MN

Posted by Joel – MN on June 18, 2001 at 18:00:10:

I’m thinking of contacting people whose homes have been foreclosed on and offering them a few thousand dollars to assign the mortgage to me. If there’s enough equity, I’d have a partner put up cash to pay off the mortage and any other items (liens, taxes, etc.) needed. Then I’d get it ready for resale. Might flip a couple to start.

The redemption period in Minnesota is six months.

Is anyone else doing this? Having any success? Got any tips?

Thanks.

Joel