Hey DG Family. I am sooo excited I am about to burst and not quite sure where to begin. I think my head is reeling from all the awesome information I'm still trying to comprehend. I have read both books BARM (going to read it again) and the newest Profit from Real Estate Right Now!. FANTASTIC READ; I LOVE THEM! THANK YOU SO MUCH DEAN. YOU ARE AN INSPIRATION AND I AM TRUELY GRATEFUL TO HAVE FOUND YOU.
I have been looking to get into real estate investing the correct way, and boy did I find my motivation. To be honest i've never read a book so fast in my life, it was literally glued to my hands. I read it in 2 days cover to cover. I was so excited and inspired by this book that I couldn't put it down. I kept thinking how I could get started RIGHT NOW! I was checking my voicemail and got a frantic message from my cousin (a renter/wannabe homeowner). I decided to kill two birds with one stone, so I gave her a call and find out 1) why she was spooked and 2) let her know what I was up to (becoming a REI).
In the course of conversation she told me that she received a letter a week or so prior to my call, which told her that the home would be forclosed on that following saturday, (this past March 21st). She then told me she did some investigating and called the mortgage company to find out that the owner has been pocketing her rent checks and not paying the note. She called to find out what SHE should be doing since she would be out of a home in 3 days. Needless to say the mortgage company let her know that something was worked out between the owner and them (the lender) to keep the home from foreclosing. The owner does not know my cousin is aware of all that has been going on since the notice was addressed to "Dear occupant". She found out the bank would have auctioned the home starting at $120k, where as the comps in that particular area are around $250k+. She asked for my help with a down payment, and for some advise.
I of course, was very excited and proud to say, "that I am now a real estate investor, and I'd be happy to check my resources and let her know my finding". She was telling me of her credit/loan issue and I immediately thought lease option. After saying that I have had soo many questions going through my head, I think im starting to over analyze more than I need to.
Well DG FAM, could this be a blessing in disguise and something I should pursuit? Since the owner has no idea that we are aware of the situation, how should I contact him to negotiate a purchase? Is there a way to go directly through the bank? Or should I just move on and let her know I can find her something else? I would appreciate the help. Thank you in advance.
P.S. I KNOW ITS LONG. SORRY, I WAS SO EXCITED I JUST HAD TO PUT ALL MY THOUGHTS DOWN AT ONCE .