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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: JBB's in Flat Market? Posted by Jorge on April 19, 2003 at 8:50 AM In Reply to: Re: JBB's in Flat Market? posted by SeanW on April 18, 2003 at 11:31 AM Sean: I still have a missing link in your assupmtions. First is foreclosing, second panic and wants $5c on the dollar. You buy the 2nd ( you now have completed a JBB). From this point in time,How do you make money? JBB's works well here in CA to make some money because most of the time you find a good amount of equity on the properties due to fast price increase in the last 3 years. Therefore if a first is foreclosing and if I can buy the second at a great discount, then I wait for the first to take the property to sale and get paid full face value of the note from the overbid or just sit on the note if the owner file BK, refi, etc. ( I do go to the sale prepared with money just in case to defend my investment). What works for me, and as a humble suggestion to you is that instead of persuing 1st, 2nds, 3rd,s etc. persue "equity". IE. We did buy a second yesterday at the sale. We now own the house. If we add up what we paid at the sale and the payoff of the first $220K/FMV $275. Projected Investment is aprox 63K (30K at the sale for the 2nd + 12k reinstatement+ 10K repairs + 6 in payments to 1st + 5 misc) Projected net $39k Follow Ups: Make equity in the buyout. SeanW 3:47 PM, 04/19/03 (1) Re: TOO RISKY Jorge 11:18 AM, 04/20/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Sean: : I still have a missing link in your assupmtions. : First is foreclosing, second panic and wants $5c on the dollar. : You buy the 2nd ( you now have completed a JBB). : From this point in time,How do you make money? : : JBB's works well here in CA to make some money because most : of the time you find a good amount of equity on the properties : due to fast price increase in the last 3 years. Therefore : if a first is foreclosing and if I can buy the second at a great : discount, then I wait for the first to take the property to : sale and get paid full face value of the note from the : overbid or just sit on the note if the owner file BK, refi, etc. : ( I do go to the sale prepared with money just in case to defend : my investment). : What works for me, and as a humble suggestion to you is that instead : of persuing 1st, 2nds, 3rd,s etc. persue "equity". : IE. We did buy a second yesterday at the sale. We now own the house. : If we add up what we paid at the sale and the payoff of the : first $220K/FMV $275. Projected Investment is aprox 63K (30K at the sale : for the 2nd + 12k reinstatement+ 10K repairs + 6 in payments to 1st + 5 misc) : Projected net $39k : : 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

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