OfflineI found a property in a nother state That the owners are wanting to sell They had been doing a rehab and ran out of money Is there away to find out what they owe with out going threw the property owner or LA.
Bill
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FOUND A PROPERTY
Posted on: Tue, 08/18/2009 - 01:08
FOUND A PROPERTY
- by cathunter10@tularosa.net
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Ok guys and gales I called the court house there is nothing recorded,so If I make a offer do I put in a contingense Or just wait for title commpany To take care of any problems.
Bill
If the price makes sense and its a positive cash flow I would go ahead and let the title co make sure it is clean. That is what you pay them for.
You are doing a great job! Finding great deals is exciting! I want you to really find out about the area itself before you are to invest any money into a deal. First we want to look for buyers in the area. Do some test marketing to find out if there are buyers for this type of property, and the price range. You might find out that people are only interested in renting.
If this is the case, are you prepared to rent this home out to individuals and does it cashflow? These are a few things that you should take into consideration to determine if something is a "good buy".
Sounds like it could be a good deal. You just want to ensure you complete your due diligence work up until the day of closing the sale. If contractors have done work on the property and have not received payment from the current owner they could be in the process of getting a lien on the property. Just something to consider. I hope the deal works out for you, keep us posted. Believe and Achieve!
- Joe