Posted by Ronald * Starr on April 22, 2001 at 19:02:23:
Dianna Fresno-----
I would suggest you immediately “tie up” the properties with separate purchase agreements. They need not be long contracts. Just be sure that you can back out–if you decide these are not good deals for you–without any penalty or requirement that you must buy them. It might be good to try to understand why the owner is in the situation: problem with the properties or personal circumstances? Some areas in Fresno are “very rough” and you might decide you don’t want to hold the properties as rentals.
One possibility, if the foreclosures are a couple of weeks away, is to get some investor(s) to buy one, two, or three of the properties, paying you cash for the contract(s). Use the cash to bring current the loans on the other properties that you keep for yourself or sell through the normal retail channels or with creative, seller financing.
If you are in Fresno, CA, I might be a potential buyer for one or two of these properties, provided that they were “good deals.” They need not be in good areas for me to be interested. My telephone number is (510) 534 - 6472, in Oakland, CA. [after 7pm or weekends best]. I know other investors who might be potential buyers.
If you have the addresses of the properties and know the loan balances and amount to pay the loans current, I can probably tell you whether there is any equity for you and what kind of profit you might be looking at.
Even if there is little or no equity, using some of the techniques discussed on the CREONLINE.COM forums, you still might be able to make some profit, espcially if the loans do not have very high interest rates, not over 12%/year, say. You would do this by selling to owner-occupant buyers (they generally pay higher prices than investors, but often can not move as fast), leaving in place the existing financing.
Good InvestingRon * Starr***