OfflineHey 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.
Thanks..
Barbara
Owen Properties, LLC
flap your lips. Everyone you meet, ask them what they do and in return they'll ask you. When they do, tell them that you are a real estate investor who gives people a 10% return on their poor performing IRA accounts, CDs, etc. Go to vistaprint.com and have small postcards made up and start leaving them at country clubs, etc. Places that have money. Google some "trust deed investing" sites and see what they are saying to potential private lenders. Use their words to put on your postcards. Go to REI Clubs and see if you can partner with another investor. Split the profit 50/50. Also, I wouldn't stop at one bank. I would keep going to local banks until you get one to lend. Good luck...
KimmyJ,
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Sounds like some very good advice. Thank you! I'll try it!
Barbara
Owen Properties, LLC
Kimmy thanks again. I took your advice and tried a local bank for a HELOC and I was aproved. 1st one I went to. Yippi Skippy..........
I will work the private money thing too as I go.
Much success to you.
Barbara
Owen Properties, LLC
I didn't even get a chance to throw in my 2.5 cents and your approved. Great going. Did you miss the auction though? I will spread good KARMA for you!!!...Jan
So happy it worked out for you Barbara. Seems like smaller banks are the way to go these days. Great work, let us know how everything pans out and if you did get the farm home.
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
The auction was listed for today. Same day I just got approved. But, the property is in a inactive state right now from what I find online. Not sure what that's all about, if it's because personal property is left behind or what exactly. But the property is just a couple miles from me so I'll keep an eye on it. I kind of figured it will be cheaper as an REO anyway. I'm hoping so that is.
Thanks again for taking the time to read and respond.
Barbara
Owen Properties, LLC
Congratulations barbara2000! I am glad you were able to lock up a HELOC. Remember, don't ever take no for an answer. There are always ways around situations. You just have to be creative. Please keep us posted on your first deal... Good luck!
KimmyJ,
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Well I guess it is not over until it is over. You pursued it and you got it. Like my other family members said "you never take no for an answer", and "there are always ways around situations." I like to put it this way, "there are many ways to skin a cat." All the best to you, can't wait to hear offer submitted and accepted. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
"When you are down to nothing, God is up to something." Unknown
"Our lives begin to end, the day we become silent about those things that really matters." Dr. Martin Luther King Jr.
My HELOC loan had been accepted. Yesterday they came to appraise my place. Today I got a phone call from the bank saying the appraisal came back unable to find comparables to make the appraisal. So, the bank declined my loan. You see, I live in a barn home that I’ve built over the last 15yrs. These pictures are old and really don’t do it justice. I need to update them but you get the idea. I had asked them about this when they were here yesterday. They said that it might be a problem. I asked if they were able to be creative about the appraisal, you know, sqr. feet, beds, bath, ect. to compare with. I guess not.
Any way. I’m not giving up. Really disappointed but not giving up.
Barbara
Owen Properties, LLC
anything wrong with your house. It's nice inside. I think the appraiser was lazy and didn't want to hunt for other houses. I would go back to the bank and say what if I was selling my home and you were supplying the loan to the buyer? How would your appraiser have valued the home then? See if you can find another bank. Or spend the $350 and have an appraiser appraise the house. Ask the bank if you all agreed on an appraiser whether they would accept the appraisal? People are soooo lazy... Keep us posted.
KimmyJ,
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I got my HELOC. I'm ready to fly....
Many Thanks for all your support and ideas..
Blessings,
Barbara
Owen Properties, LLC
Please keep us updated on what you invest in!
KimmyJ
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