I have one in the works as we speek. Lady is going under foreclosure and needs a way out. 1st - 180K mortgage, 2nd - 45k which brings this to $225k. My friend whom I initially helped on the $500k home holds the second for $45k on this property. The lady is going to quit claim the property to me and my buddy is going to drop the 2nd. Payments are $1100 a month (PITI) and have 4 interested tenants already. Property is 4 bedrooms/3bath, 2 story with 2 car garage.

Property was appraised 2 years ago for $260. This is a town home in an upscale area in Vestavia Hills, AL. Smaller properties on the same street are going for $245k and one recently sold for 237K.

The ladies interested have agreed to $750-800 per room.

**There is no work needed on this property. Will supply pictures later this week.**

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You can roll with me or under me. I don't care which one you choose! - - "me"

G looks like you are on a role.would this be # 4?

__________________
"People with goals succeed because they know where they are going... It's as simple as that." - Earl Nightingale

The Service Hut
The Lights on Hill Street

One For All and All For One

Yes sir #4 it is. I might include the brother-in-law on this one as he is finally showing some initiative to learn and grow! He just better be ready for the GYM TODAY!

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You can roll with me or under me. I don't care which one you choose! - - "me"

something tells me i will be doing the manual labor...

seen rambo lately?
i used to look like that 3yrs ago
before marriage and kid

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"I'll make you an offer you can't refuse"

Get some tax advice. If you take over the loans and then the 2nd is forgiven it could be taxable to you. Lots of reasons to think it will not but check just to be sure given you were not the original borrower.

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John Corey

Real Estate Investor (REI) with over 20 years of experience.
Multiple states and countries; present portfolio spans 11 time zones.

Always open to answering questions. See the contact page on my blog; link below.

Pay it forward.
www.ChelseaPrivateEquity.com/blog

FlipitBig would you be willing to teach me exactly what you're doing on the foreclosues or elaborate on the process. I am trying to learn more about working the foreclosures and short sales. I just learned the wholesaling startegy and trying to put that into works. I am trying to learn some more and keep learning the different strategies. Any good mentors around Birmingham?

Are you G's Bro?

__________________
"People with goals succeed because they know where they are going... It's as simple as that." - Earl Nightingale

The Service Hut
The Lights on Hill Street

One For All and All For One

in-law
our wives are sisters
we find it easier to do business while they are off doing whatever

__________________
"I'll make you an offer you can't refuse"

Thats funny I think I get more done with out the wife around also.



G has all you're property been word of mouth or fliers or what?

__________________
"People with goals succeed because they know where they are going... It's as simple as that." - Earl Nightingale

The Service Hut
The Lights on Hill Street

One For All and All For One