The 16% solution

Discussion in 'Real Estate' started by aceofclubs26, May 11, 2006.

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  1. wtrgulf

    wtrgulf

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    It is difficult to make money this way. The best way to do something similar is to get a list of people with Lis Pendings, meaning they are close to being foreclosed on. Send them a letter if they contact you back what you can do, if you have decent credit, I would say 620 or better should do the trick, you can negotiate with the bank to allow you to start makeing the payments and have the owners sign a short sale deed. Sometimes you will have to give them 10 to 20K to get them to walk away also, just make sure that the house or property that you are trying to get is30% under value, take into account you may need a realtor to sell it for you so there is a commission there, the money you paid to the bank inpayments, and closing fees you would incurr, should leave you about 22% profit.
    Last edited: Jan 19, 2007
  2. Slinky Bender

    Slinky Bender The All Powerful Moderator

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  3. aceofclubs26

    aceofclubs26

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    I understand that. Most final bids in NJ are actually at 0%. Which brings me back to the original question of is there any way to make money doing this?
  4. louieb

    louieb

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    in NJ tax cert.'s start at 16% however you can bid them down, as low as 0%.
  5. aceofclubs26

    aceofclubs26

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    Is there any money to be made in tax liens? Or have their days come and gone?