Seeking advice or mentor in foreclosure acution purchases
Hello BP Community!
One of my clients is interested in getting into buying houses at foreclosure auctions, and then rehabbing them for re-sale. Are there any local PDX investors in this area willing to share advice or be a mentor?
Thank you in advance!
Melissa
One of my clients is interested in getting into buying houses at foreclosure auctions, and then rehabbing them for re-sale. Are there any local PDX investors in this area willing to share advice or be a mentor?
Thank you in advance!
Melissa
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Real Estate Agent
Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- Austin, TX
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Your clients are going to have to close the deal in cash. Have them go to a few and spectate before purchasing. Most can be bought before auction.
Quote from @Melissa Hartvigsen:Ask your investor if they are willing to buy a house using cash, with the inside of the house sight unseen, from someone who stopped making their payments, who also stopped maintaining the property and you can't do a walkthrough or inspection before purchashing. Then have to evict them. By the way, some people destroy a house just before the sale. I've seen concrete poured down sinks and toilets and tub, wires stipped out of the walls, holes in walls from sledge hammers, drugs, feces, **** roaches, rats, and a raccoon or two. It's an interesting way to buy a job.
Hello BP Community!
One of my clients is interested in getting into buying houses at foreclosure auctions, and then rehabbing them for re-sale. Are there any local PDX investors in this area willing to share advice or be a mentor?
Thank you in advance!
Melissa
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Quote from @Eliott Elias:Thanks for the tip!
Your clients are going to have to close the deal in cash. Have them go to a few and spectate before purchasing. Most can be bought before auction.
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Real Estate Agent
Quote from @Mike Hern:Hi Mike,
Quote from @Melissa Hartvigsen:Ask your investor if they are willing to buy a house using cash, with the inside of the house sight unseen, from someone who stopped making their payments, who also stopped maintaining the property and you can't do a walkthrough or inspection before purchashing. Then have to evict them. By the way, some people destroy a house just before the sale. I've seen concrete poured down sinks and toilets and tub, wires stipped out of the walls, holes in walls from sledge hammers, drugs, feces, **** roaches, rats, and a raccoon or two. It's an interesting way to buy a job.
Hello BP Community!
One of my clients is interested in getting into buying houses at foreclosure auctions, and then rehabbing them for re-sale. Are there any local PDX investors in this area willing to share advice or be a mentor?
Thank you in advance!
Melissa
Thanks for your reply. I already had that conversation with my client and they are willing to those risks. Looking for advice or mentorship from folks that do it regularly.
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Real Estate Agent
Melissa, you seem like a good agent who has your client's best interest at heart!
Quote from @Melissa Hartvigsen:Not all foreclosure auctions require cash and not all are sight unseen. They're all different depending on the requirements of the bank, so don't let those things stop you.
Hello BP Community!
One of my clients is interested in getting into buying houses at foreclosure auctions, and then rehabbing them for re-sale. Are there any local PDX investors in this area willing to share advice or be a mentor?
Thank you in advance!
Melissa