You know what they say if it sounds too Good to be True…
I recruited several bird dogs in Tucson and one girl named Jane has been sending me a ton of distressed properties. Of course I’ve been sending out post cards to every address. What’s great about Jane is she goes into the tax records and gets their names and mailing addresses. I’m about 800 miles west in California.
Well this defies reality, An old timer named David calls says he has a nice house and walked away from it and tells me he owes 3 or $4,000
I ask, you mean 3 or 400 thousand? He laughs and says no, just 3 or 4. I asked him now why wud you walk away only owing 3 or 4 Grand? He says he can’t drive and the buss don’t stop there and now he’s getting ready to move back with his son in Pennsylvania. David, can you get me your most recent mortgage statement, No, I cant find it cuz I have everything packed up ready to move. He tells me he moved out just 2 months ago and the bank has been sending demands for payment.
I’m thinking it’s probably a dilapidated falling down structure. I bring it up on google maps and I’m shocked. It’s a gorgeous 3/2 in a new subdivision with an adobe Tile roof. It’s insane. Do I really believe I can make up a few back payments and pay off the mortgage for 3 or 4K & late fees and own this $200,000 Home?
Stay tuned. I got the bird dog going over to bring him a big mac and coke and go thru his boxes to locate his mortgage statements.
I know not to get to excited for this pie in the sky pot at the end of the rainbow deal, but hell, I’m riding high on the crazy train, I got my cowboy boots on and I’m headed to profit city.
Has anybody come across crazy deals like this? Or shud I crawl back in my cave and await impending doom?
I would get the address, call up a local title company and ask for a property profile. Most will give you one. That will show ownership, original loan balance, liens, etc.
I’m betting he really means he owes 3-4k in arrears, not as a loan balance. IDK
Seller claims he just moved out 2 months ago but yea your explanation sounds more like it. he probably owes quite a few payments and a mortgage,. The situation just don’t make any sense. His family wud have got involved, or friends, but his only son is across the country. Gonna get to the bottom of this and see if something can be done. Tax records show he is the owner, and paid $200,000 for it in the year 2000 The County Tax assessors put the value at $11,000 I’m confused.
I know Tucson and have property their, are you sure your looking at the right address? There are a lot of real estate investors in Tucson so I am surprised there would not be a competition for a home that could be acquired for $3k to $4k with good equity?
GR
Haha, just because there is a lot of competition don’t mean jack. They were not contacted by this homeowner. My bird dog drove thru that neighborhood and seen this gorgeous house that looked abandoned. It had high weeds, no car out front. The other investors cud hav done the same thing. But yea, it’s the right house and address, tax records show who owns it and it’s my guy. Now were trying to find out what mortgage company is handling it.
I’ll get the home owner to sign a quit claim deed and then try to find out whats owed and all the details.
This post is for the entire message board community here.
I’m asking you to cease posting the weird comments about me. I am here to learn and to interact with other people working in real estate. I have thrown insults around too but Im done. Im not into it. So I appreciate it if you set new boundries with whatever your insults are all about. Thanks