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Foreclosures

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Julio C.
  • Rental Property Investor
  • The Woodlands TX
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Has anyone recently bought a foreclosure in Houston?

Julio C.
  • Rental Property Investor
  • The Woodlands TX
Posted Jun 6 2023, 19:47

I'm interested in learning about the experience of brick and mortar people, not the gurus. If someone has bought a property, what is your strategy regarding the redemption period?

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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • Austin, TX
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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Investor
  • Austin, TX
Replied Jun 7 2023, 05:24

I buy many foreclosures, but not at the auction. I buy them before they actually foreclose, which is what you should be doing.

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Cody L.
  • Rental Property Investor
  • San Diego, Ca
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Cody L.
  • Rental Property Investor
  • San Diego, Ca
Replied Jun 7 2023, 08:56
Quote from @Julio C.:

I'm interested in learning about the experience of brick and mortar people, not the gurus. If someone has bought a property, what is your strategy regarding the redemption period?


 I haven't bought one recently.  I sent people to the courthouse when I know one is coming up.  In fact, I sent someone yesterday for a apartment that's about 10 units and about $1m in a nice area (I'll be vague since it's a well know deal).   But it was pulled (as most are)

Last deal I bought was about a year ago.  A 6 pack of new construction townhomes in Montrose.  About 90% built.   We bought, finished them up, sold them (well, all but one.  We're still leasing one unit)

I'm not a huge foreclosure buyer but in my life I've bought about 20 deals.  None had a redemption. 

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