Alright REIClub…I need some help here. I have been visiting this site for some time now and recently decided to tap in to the forum. I am a new investor with lots of free time and ambition.
Here’s the scoop…there is a house down the street from me…about 6 houses (1 block) that through a number of public resources, I found is going in to foreclosure. Now, I live in a relatively mid-up scale neighborhood…the house in question is on the smaller side for this sub-development (by around 500sqft). Ours is on the mid-higher end at 3400.
I want this house! I am willing to do just about anything to get it (has to be legal people…). As I said…I am new. This would be my first and I want to make that first one happen so I can get over all fears you get when starting.
Here is the deal:
3BD, 3Bth, 2 Story, 1800sqft, 7000sqft lot, built in 2002
Owner is $15k in default (Ouch)
I can get the house for around $210k or less
Here’s the sweet part…it’s current ARV is $305k +/- $10k
All it needs is a sugar-coat (carpet, paint, etc…) and clean up landscaping.
I need money! Anyone want to join in with me on this? I can email a full property report upon request. What will be included in this report: Complete county tax history and public records, All resources from which the above figures were pulled from, a full comp report pulled 6 months back and in a radius of 10 miles from said property. I will however blackout all property identifying areas (address, prop ID, block/lot #, etc…).
Someone please help me make this happen. We can both walk away from it happy. ;D
Looking for:
Hard Money
Private Lender
Equity Partnership
Anything that will make this work
Can anyone help me find this?
PS…I have access to several more deals like this…just don’t have the capitol to get going on my own yet. Let’s work together…