New to this hope I can help you help me

I have 2 friends and myself that are in pre-forclosure 1 CPA, myself a former painting contractor - new real estate investor (2 be), and the third a former mortgage loan officer for the largest Bank in America,
We will all need homes to move to if the loan mods don’t go through (Yeah Loan Modifications LOL)

What is the best way an investor can come in an earn some money on these. All are 5 years or less old $300,00.00 up after the bubble pop. homes just south of Charlotte NC in Fort Mill SC. great location but all underwater and behind in payments

Short sale? Lease options? (they have to have mortgage paid up for these?)
Anyone interested?

The Mortgage broker has had his up FSBO for a year, CPA is looking to list (with realtor) his now (should I tell him not to) and I’m just waiting till they kick me out and am using this time to learn how to chase my dream of Real Estate investing. Doing like so many others paralysis of analysis, looking for deals, afraid to make offers ( I might get them and don’t have funds and obviously no credit) Educating myself Looking to wholesale, lease option wrap, and or lease option wholesale (Joe McCall)

Can’t help you with the specific properties you mentioned above. They sound too far gone to do anything creative withi at this point.
But generally speaking, if you are looking to break into real estate, the best approach for most beginners is via lease options. In particular, Cooperative Assignments. I say this because you stated you have limited cash and credit. Check out The Naked Investor for some good advice on this stuff. Good luck.

What is your friend thinking? Listing a house that is under water? Who will buy an over priced house in a market with loads of inventory at below market value? I can assure you that it would not sell before foreclosure date.

The answer is a short sale. Process a short sale on all the properties. Also, pls don’t expect to cash in on your situation. You will only loose all at the end (the lender forbids the homeowner to make money on a short sale).

The greatest opportunity that I see is for you to work with an investor who specializes in shorts sales and learn the ropes while he is helping you out on yours.

You can then go into short sales as an investment strategy since you have a first hand experience with the process already. Usually, I have heard that if done properly, this is you can line up a buyer by the time the short is approved, you can double close the transactions on the same day (back to back closing using transactional funding).

Good Luck!

Thank you ER EWA,

I’m not looking for any reward for my house, I had hoped if a local investor took advantage of mine that I could watch the process whatever it may be. As for the other 2, I would also like to follow the process and learn but get a “finder or birddog” fee.

I also had a friend list his house 1 year ago or so it didn’t sell, he ended up renting it out for 6 months till the tenants couldn’t afford rent. He had me paint it but said he is just going to hold it for now (doing well at his job promotion and can swing both house payments) He lives in Charlottesville VA and his house is here in the Fort Mill SC area. Sounds like a good possiblility for a lease option? (assuming he is willing and I can make the #'s ). How do i approach him? What are the right ?'s, Do you still want to sell. Would you consider contracting a lease option with me if I can find you a buyer?
What is the least you will take for the house if I could get a contract today? What is the best rent price for you if I could find you someone that could rent it with the intention of buying in the next 12 to 18 months?

Example #2 Another home I know of sold at foreclosure for $260,000 cash, he now has it up FSBO for $360,000.00 (for 6 months or so) House originally sold in 2006 $380,000.00. Should I approach him with some of the same ?'s or is there a better approach.