Walk Aways & Foreclosures - Posted by Greg

Real Estate Investing
1

Posted by Greg on March 22, 2001 at 10:06:50:

My plan is to get control for as little as possible and then try to resell it with seller financing to max my profits :smiley:

I would get enough from the new buyer to cover back taxes & piti.

But being a newbie I don’t know how to approach the ‘walkaway’ or the mortgage company.

Thanks Harley
Greg

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Walk Aways & Foreclosures - Posted by Greg

Posted by Greg on March 21, 2001 at 12:20:30:

I need help… Any ideas on what to approach property owners with that just want to walk away from a property that is encumbered with more than the property is worth? How do I apporach the mortgage company?

They have stopped making payments on the mortgage and taxes!

Also?. I have found a few properties that are 2-3 years delinquent on taxes and would like to get control of the property before it goes back to state. Here again I reckon there are leins against the property. I have not got that far into the search yet cause I finally got a deal to close :smiley:

I put it under contract for 4K and two days later sold it for 12K.

Thx
Greg

3

Re: Walk Aways & Foreclosures - Posted by Harley-CA

Posted by Harley-CA on March 21, 2001 at 18:10:32:

Greg,

I guess the first thing to ask you is “what’s your strategy?” What are you planning to do with the “walk aways” where more is owed on the home than the home is worth?

Are you going to hold them for rentals, lease options, wraps? As investors, we’re always looking to see what the upside potential is in any given investment. We make our money “going in” to a deal, not on the back end, so it’s good to know what profit is made even before we acquire a property.

Let us know what you plan to do with these properties. That will help us give you useful info. Kind of lets us stand in your shoes for a second or two.

Harley-CA