Foreclosure in 11757>Question Details

Max Chimirri, Home Buyer in 11757

How do I get money or Find Investors?

Asked by Max Chimirri, 11757 Thu Sep 18, 2008

I just put an offer on a Duplex property Bank Owned in FL , Lost it due to someone offering all cash my offer was 25% down and a mortgage , I have the cash but its tied up in the stock market and I don't want to sell stock when the market is down if I don't have to . I am very serious about purchasing a property that I can rent out for a positive cash flow but I don't want to keep losing out on good deals because someones coming in with all cash, I will have no problem getting a mortgage (My fico score is 810 ) . What is my best approach to buying Bank Owned, Does anyone have experience on getting deals accepted that is not all cash ? Do I find Investors ? If so how would i structure it being that I am not flipping but renting them Long Term. Any advise would be appreciated ? and if anyone has rental property they are looking to sell let me know. Thanks Max

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I am not an attorney ..but please be careful with bank owned...especially if they have foreclosed illegally and the person who was foreclosed on decides to challenge the foreclosure...after you purchased it...If you plan to do work to it...see if your title insurance will include the total amount of money you will be putting into it~laura
0 votes Thank Flag Link Sat Feb 2, 2013
you're buying here on the island -
0 votes Thank Flag Link Thu Aug 20, 2009
Web Reference:
0 votes Thank Flag Link Fri Sep 19, 2008
Cash is king!

Banks will go for the easiest transaction as possible. When offered cash, they can close much faster, and with less hassle. The competition is there on the best values. You will have less competition on the "sleepers".
0 votes Thank Flag Link Fri Sep 19, 2008
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