Preforeclosure Challenges: 2 currently
Experts, or anyone:
Okay have two persons who have replied to a letter I sent to preforeclosures:
Case 1: (Addressed by Derrick in another post)
House value $115K
Original Loan 2 years old: $109K
8 Months arrearage at $1000.00 per month
Payoff: $120K
Case2: (Sale happens in two days)
House worth: $156K
Original Loan: $138.5K
13 Months arrearage at $1213.00 / mo ($15,769)
Payoff: not certain, but it can't be more than loan.
Mortgagee: Countrywide
Now, let's play make a deal: What would you do?
Clintnull
Clint,
The first thing I would do is PASS and the second thing I would to is PASS.
There are no deals here.
Number 1 is self evident. There is not enough equity and your time would be better spent looking elsewhere.
Number 2 are you going to write a check for the house so it is not sold? You are talking two days until the auction, why are you even looking at this property?
Clint, everyone wants their first deal so bad they will chase a dead horse around the merry go round instead of finding true deals or grasp at any straw hoping beyond hope there is a deal where there is not one.
I know you know better than this, so get back on track, you know what you should be looking for, get out and look for it.
John $Cash$ Locke
John,
Thanks! Just what I needed! Other than going to practice my pitch, I have no other intentions. Just wanted to see who else should say pass, unfortunately the ony thing I could give away at this point is either Belly Button lint, or pocket fuzz. I don't have enough experience to even try what Derrick mentioned; nor do I want to put that much cash in it.
I don't want you to think I was wasting anyone's time either. Just a challenge to see if anyone could come up. -'Nuf said. Thanks for the wakeup.
Clint
CM2:
Throw this Dog my Way Baby!
I do these NO EQUITY deals by the dozens!
We Find NICE Homes for Tenant buyers having some or very little cash but can maintain the payments.
Also B/C I don't ever have to risk anytinh other than Coffe Money for and AD to find them...This deal could possibly get me a $100 to $300 Positive Cash Flow every Month EVEN IF THE HOME NEVER APPRECIATES One PENNY!
Why pass on Oppotunity if You Never really Know how and what it will Bring at such a small Risk?
Huh?
Am I missing something here?
[addsig]
Derrick,
I must have read your post wrong. I did read investor, but I was thinking it would be me.
Certainly don't mind throwing it your way.
Clint
Shoot me an email: cmiller@loadmail.com
I will give you my phone number.
Derrick,
OK, you jumped in on these two properties so I am going to hold your feet to the fire every day to see how you purchased them, I am sure it will be a lesson for all of us.
Remember this is your meat, so keep me informed as I am sure you will because I am going to remind you.
Got get um Derrick,
John $Cash$ Locke
Clint and Derrick,
Please make sure you post all the details here so we can all learn from this one, or two, including expenses and profit made.
This should be interesting.
John (LV)
Wow...holding breath to see how this one works out w/ Derrick! I'm making the calls and reading the scripts per his instruction and I know that the end result should be to make something out of (what appears to be) nothing w/ a no equity deal like this. Can't wait to see the details!
Good luck! Much $$$ to all!
[addsig]
woodchuk.
I'm with you, waiting to see how much Derrick made off these deals.
He does them all the time, by his own admission. If his system works these should be a cake walk.
John $Cash$ Locke
If this works as good as Derrick say it does, count me in.
How much was made on these deals anyway???
John (LV)