Feedback On Deal...
I had this deal emailed to me by a real estate friend. My main question is how it can be in pre-foreclosure with a current tenant?? What do you guys think? This would be my first deal. Thanks in advance.
Brian
REDUCED 10K
Preforclosure
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xxxx xxx Ave 3xxxx 4/1 updated electric, plumbing…
· No repairs needed
· 4 Bedrooms 1Bathroom
· Living Room, Dining Room, Den
· Fenced Back yard
Quite Area and Stable Tenant (16 months remaining on lease).
Already Section 8 Rented
paying $1075 a month Instant Cash flow
New Construction in Area! Great Comps in
Area
Payments on 6% loan =809.00 $ 270+ Cash flow
· Serious inquires only please
· Don’t bother tenant
· 1000.00 earnest money
· I do have financing available
· Email or call me with questions
CASH FLOW & EQUITY! (end of ad)
"Don't bother tenant"
The tenant probably doesn't know that the property is in pre-foreclosure. He will when the sheriff arrives.
Preforeclosure on a property that cashflows with a stable tenant and the owner is offering financing??? With my limited experience, I cannot help but wonder what is going on. Check out how much he owes and see what type of financing he is willing to give. Also find out the FMV and let us know!!
At the risk of sounding like a jerk....someone owns a property that cashflows and it's going into foreclosure and you can't figure out what's going on? Seems to me like the owner isn't paying the mortgage. Is that possible? Maybe he wants 1k in his pocket or to go spend on some crap rather than pay the mortgage. Just a thought.
Now that you know the property is rented out I'd recommend going and finding where the taxes are sent to and then you'll have your hands on the owner's name and address. Go from there.
Ryan J. Schnabel