InnoVest Resource Management's Foreclosure Forum

Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Probably not much.. Posted by Ward-CA- on May 30, 2002 at 12:52 AM In Reply to: Foreclosures : what can be done posted by Bigv on May 29, 2002 at 8:57 PM : Most of the active people of this forum seems like they are from the West Coast. I am from the East Coast. We have a huge amount of people that are going to be foreclosed on in about a week. Most of the the people had there mortgage only for a year. So we could be looking at a $200,000 house that someone is willing to hand over to you the next day because he can't handle the payments. Is there anyone on this forum know of a benefit by obtaining the property? This may be a trade secret. I don't know. I would be even willing to hand a small compensation for the answer. To much money to be made, why not spread it around. Could you do a section 8 on it? How much would section 8 cover on a house that cost that much? Surly there is someway to benefit from those type of situations. : Thinking Cap??????? ========================= Bigv, If there's no equity in these houses then you probably wouldn't break even renting them out. Your outgo equals the principal and interest payments on the 1st, property taxes, insurance, repairs allowance, etc. I have no idea what's you local appreciation factor, or if you even have a positive or measureable appreciation. But if your local real estate is like ours, it's going up about 12% to 15% per year, fast enough to make it worth while to feed for a year or so. If not then don't bother. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Most of the active people of this forum seems like they are from the West Coast. I am from the East Coast. We have a huge amount of people that are going to be foreclosed on in about a week. Most of the the people had there mortgage only for a year. So we could be looking at a $200,000 house that someone is willing to hand over to you the next day because he can't handle the payments. Is there anyone on this forum know of a benefit by obtaining the property? This may be a trade secret. I don't know. I would be even willing to hand a small compensation for the answer. To much money to be made, why not spread it around. Could you do a section 8 on it? How much would section 8 cover on a house that cost that much? Surly there is someway to benefit from those type of situations. : : Thinking Cap??????? : ========================= : Bigv, : If there's no equity in these houses then you probably wouldn't break even renting them out. Your outgo equals the principal and interest payments on the 1st, property taxes, insurance, repairs allowance, etc. : I have no idea what's you local appreciation factor, or if you even have a positive or measureable appreciation. But if your local real estate is like ours, it's going up about 12% to 15% per year, fast enough to make it worth while to feed for a year or so. : If not then don't bother. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction.

Copyright © 1997-2002, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455