AHH!!! I Need Help, Pronto!!! AHHHH!!!!!!!!

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Posted by dontjustrent on October 29, 2009 at 14:18:17:

Ok, so I am sure I got my first deal, exept I am not sure what to do next. PLease plaese advice.

So I have been trying to become an investor and it is finally time. The deal:

I got a guy in Pre-foreclosure in CA (S.F. Bay Area).
Owes $500k total
-436k 1stt
-43k 2nd
-21k behind (including this months due payment)
-Payments including taxes and ins are $3,300 (owe 4months)

The house is move-in ready, but he went through a divorce and cant make the payments. Very nice house. He is open to ideas and is open to a subject-to also.

The house is worth what he owes $500,000. No equity as it stands.
My thought?

I can make a cash offer (short-sale) to the 1st lender for a good discount, Im thinking $360k-380k (does this offer make sense?)Then I can find an investor who does have money to buy it after my offer is accepted and give me a good chunk of change.

Or I can get the deed (subject-to or how else?)I beelive I can then negotiate with the bank for a loan modification right? This is where I am not sure.

I would love to keep this property to rent as it is in a great location, but I dont have money or credit now. How can I do it?

If I can get this property for lets say $380k when the value is $500k (checked comps through appraiser and title company too. Also looked through MLS sold listings)

?????????????Questions????????????????????

What do I tell the owner that I want to do?
What is the best way for me to do this deal?
I would like to keep it somehow, is it possible and how?
SUbject-to? just make a cash offer to bank? lease-option? Please Please help. I know this is a deal somehow?

Do I get the deed and then wholesale to a cash investor?
Do I make cash offer, get it accepted and then wholesale?
What?
What way should I work this deal? AHHHHHHHHH!!!!!!!!1

Please help.

510 812 6815 cell
dontjustrent@gmail.com
Or reply.

ANYONE AND EVERYONE, PLEASE HELP. IM EXCITED,SCARED,HAPPY,NERVOUS AND SPEACIALLY CONFUSED. I THOUGHT I KNEW WHAT TO DO, BUT NOW THAT I CAN MAKE A DEAL IT ALL IS SCRAMBLED IN MY HEAD.
AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!

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