How Do We Invest Now?
Now that the housing market is down, there are more foreclosures than ever. How can we profit from all this?
Now that the housing market is down, there are more foreclosures than ever. How can we profit from all this?
Your question is extremely broad, but the short answer is that there is great opportunity to acquire properties well below market. After this it is "season to taste", i.e. lease option to buyer, rehab and sell, hold, refi your cash back out and repeat, etc.
I have been looking at the low end of the market, where there are State and Federal financing programs available.
You buy houses that are 25% to 30% market value. repair them and rent them out for a positive cashflow. Then if you have enough equity, you can refinance it out. Make sure you still have positive cashflow after the refi. Are you can hold them if you are in a down market like a lot of areas now and the price will go back up, then you sell. And doit over again. Deals are easy now. When the market goes up, it will harder but there will still be some there.
I still see good marging in commercial deals.
John,
I used to practice bk law and I would say the answer depends on how knowlegeable your title agent is.
Most likely they want the notice of filing plus the matrix that shows the listed creditors if they know alittle about the bk. If they are really picky they may want the entire 20 to 40+ pages.
It could get really ugly if they dont know much about bk. In Kansas the judgements never attach to the homestead and it is a matter of the Kansas Constitution. A Lot of the title companies dont seem to care and are often problematic in terms of refi and sales in that context requiring a motion in state of Fed BK court.[ Edited by otter1 on Date 03/27/2008 ]
Also, if the Debtor did not name the Party in the BK, the debt is not wiped out. Could be the Escrow Co. just wanted to see that all leins were addressed.