Hello all,
I’m another newbie investor (0 deals) but I’ve been reading this post for about a week now and see there is quite a mixture of experience out there. I must say that some of the “post” sparring going on between John and Gary and a few others is enlightening for me. Now for the newbie questions if some of you will entertain them. I’m interested in purchasing pre-foreclosure property and then fix and flip (need to build some capital “cash”) before I look into holding a few properties as rentals. I have limited cash just enough to reinstate a loan for about 10K and do about 10K-15K in rehab. Can anyone supply a step by step process for purchasing a property:
- sub2
- doing a short sale. Can this be done as a sub2 as well?
I don’t really want to deal with tenants at this point. I’d rather just flip a few properties. Get in and get out.
3) Also what other ideas or options can I provide to an owner in default to save his/her property or help him/her out some other way. I want to make money at this but I also want it to be win/win and if it means I don’t get a deal this time, maybe down the road the owner will call me back ready deal becuase I gained his/her trust.
Thanks for your patience with a newbie.