Hey everyone, I have something that keeps changing by the week. If anyone has followed my journal you already know then that I’ve found an abandoned farm home that won’t sit long at all once it’s back on the market, needs probably 15K on the outside and I haven’t been inside but it was left with everything still in there (not in a real trashed out way) from last person living there. I found the owner (lives out of town) from going to the court house, and tried contacting them through mail but no response. I couldn’t find a phone number. Found out Chase Financial holds the mortgage. Can’t call these big boys up. Pretty much have to wait until the property is handed over to a agent before you can start dealing on the property.
Anyway, I found out it’s in pre-foreclosure and auction is set on 1-6. I applied for a HELOC and got denied. (My credit is great.....I have 50% equity in my house...I don’t think bailed out banks are loaning yet!)
My only other option that I can think of is to Bird Dog this one before it goes to auction. The auction price is 46K (I wasn’t going to bid if it was just the Bank there to buy it)my guess is 30-40K to put into it and my closes online FMV and knowing my area’s market I’ld say 135-145K. This would of been my first deal and it could of been a big pay check. If someone out there knows a secret to attracting Private investors please spill the beans.. I haven’t the courage to try HML first time out the shoot. If it were a quick fix/flip maybe, but this one might take 4-8 months to get back on market. Can’t say for sure because I haven’t been inside yet.
Anybody got any thoughts? Love to hear them.
Owen Properties, LLC