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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] HELP - Newbie needs some direction Posted by J Chan on May 29, 2003 at 0:32 AM Dear Ward, Can you please suggest? 1. How would you recommend to make the initial contact after finding the properties that have a Notice of Default? I knock at 2 of potential homes(with equity) but no answer? Do I mail? do I contiually knock at the doors or? Any proven methods you know that works and what scares me most is distress homeowners might seem unstable and possibly threatening? 2. And would you recommend me to offer to assume loans, provide some funds to the current distress homeowner(goodfaith money), or offer to assume loans, rehab then sell for a 50/50 split profit with current homeowner? 3. I also used county research records & found a Single unit home after research with equity of at max. 200-250K GROSS PROFIT if I can assume the loan, rehab(+/-10K invest) then sell. I know because I have been shopping for 3 months for my personal home right in that neighbourhood and just a few doors down the same exact foorplan unit is going for $399K. 4. What puzzles me is why would this distress homeowner not sell his home in 1-2wks after on market, clear it his debt, take the money(equity of about 200K easily) and run? Anyways, this is the first I am trying this, it's actually an experiement to see if I can buy cheap in the neighbourhood I really like and possibly flip it for quick dough? Appreciate your suggestions. Follow Ups: You've come to the right place. Ward-CA- 9:12 AM, 05/29/03 (6) Re: You've come to the right place. John Chan 11:45 AM, 05/29/03 (5) Researching Liens At The Courthouse SeanW 2:34 PM, 05/29/03 (4) Equity Split Questions John Chan 5:44 PM, 05/29/03 (1) Just be fair handed... Ward-CA- 10:25 PM, 05/29/03 (0) Re: Researching Liens At The Courthouse John Chan 2:45 PM, 05/29/03 (1) Escrow doesn't do any title research... Ward-CA- 10:06 PM, 05/29/03 (0) I'll answer #4 SeanW 4:10 AM, 05/29/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Dear Ward, : Can you please suggest? : 1. How would you recommend to make the initial contact after finding the properties that have a Notice of Default? I knock at : 2 of potential homes(with equity) but no answer? Do I mail? do I contiually knock at the doors or? Any proven methods you know that works and what scares me most is distress homeowners might seem unstable and possibly threatening? : 2. And would you recommend me to offer to assume loans, provide some funds to the current distress homeowner(goodfaith money), or offer to assume loans, rehab then sell for a 50/50 split profit with current homeowner? : 3. I also used county research records & found a Single unit home after research with equity of at max. 200-250K GROSS PROFIT if I can assume the loan, rehab(+/-10K invest) then sell. I know because I have been shopping for 3 months for my personal home right in that neighbourhood and just a few doors down the same exact foorplan unit is going for $399K. : 4. What puzzles me is why would this distress homeowner not sell his home in 1-2wks after on market, clear it his debt, take the money(equity of about 200K easily) and run? : Anyways, this is the first I am trying this, it's actually an experiement to see if I can buy cheap in the neighbourhood I really like and possibly flip it for quick dough? : Appreciate your suggestions. 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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