Helping Family .... Not sure what to do?

Foreclosures, Short Sales, Tax Foreclosures
1

Hey everyone!

Yes I am a newbie and trying to learn about wholesale real estate right now. I have come across some other types of real estate(short sales, pre-forclosures, forclosures, etc…), but Im still learning and trying to stick with it. I am getting a mentor next month which I feel will help alot!

Anyways, the point to this post is my aunt and uncle are getting behind on payments and its not looking good. My uncle got a cut-pay from UPS of like $1600 and bills are stacking. I tried not to ask to many questions, but now that I am learning real estate, im curious if I might be able to help them and possibly make some money by it. Plus, it would be a good hands on experience. I will say this though… I dont have a real estate license, i have bad credit and not much money floating around.

Im asking everyone here for some input. My aunt and uncle want to stay in the same house. I thought about a loan modification, but not to familiar with that. I heard maybe short sales? I dont know… I want them to keep the house and be ok since they are family.

Can anyone give me some input on which way to go, to handle this situation? I think this would be a good experience for me to see this type of situation.

Thank You,
Jack

2

Hi Jack,

Welcome to these forums, there is a lot of good information here. I would try to stay away from making any money off your family, if you can get information here to help your Aunt and Uncle, great. But I would not try to make any money out of it.

As far as yourself, I have learned the hard way that you do need good credit and at least a little bit of money for the majority of Real Estate Investments (Landlord, Fix and flip etc.) You can still make money doing assignment of contracts, Bird-dogging etc so read up on these topics while you build your cash-reserves and repair your credit.

Tex

3

Im mainly looking for ways to approach this situation if I ever came across one. Should I try for a short sale, maybe try to buy wholesale, foreclosure, lease option?

Im looking to do something with no credit and little money.

Thanks,
Jack

4

Jack,
The only way I can see to help out your aunt and uncle is to move in with them, rent a room and pay them. Help them keep their house.

Then take them to the nearest Dave Ramsey course (usually offered in a church basement somewhere) and help them budget with their new constrained circumstances.

Good luck and let us know how it goes.

Furnishedowner