Real Estate Investor · Elkridge, MD · Member since 2014 · 32 posts · 11 votes
Hello BPers, I'm very new to this network and never even knew that such a powerful network existed.
I first got interested in foreclosure real estate investing back in the 80s, when there was no internet. In fact the only way you knew about foreclosures was by going to the county clerk office and looking up the lis pendens records (In NY) or by subscribing to foreclosure magazines like Photo Foreclosures, where they would list the specs on a given pre-foreclosure.
So I'm back interested in investing in foreclosures again and wish I had had followed my pursuit from back then....especially since I know first hand that you can be paid to leave an auction by someone who wants the same property that you do. I was offered 5k to leave an auction and like what many other 17 year olds would have done....I took the money and ran. lol
@Vinny Gaines, I have never seen anyone paid to leave and auction. Mostly the bidders just punch it out until the bidding is over and one walks away signing checks. I don't think I'd consider being paid to not bid as an investment strategy, but...if you can make it work, more power to you.
Personally, I like the more realistic strategies of buying short sales, junior liens, REO's or partnering with homeowner and rehab. No disrespect intended, but there are plenty of ways to make money on foreclosures. I wouldn't count on being paid to leave the auction. Just saying....
Funny... I was at the sheriff's auction today; one of the bidders would of saved significant money had he of convinced a few of us to keep silent for 5k! Granted... 5k would not of bought my bid card.
Anyways! Welcome to BP - the community here is great! You'll find loads of useful information, conservative criticisms and reinforcement. Best of luck with past present and future investments!
lol..hey Tom, my point was not to say that being paid to leave an auction is my strategy to invest in real estate..absolutely not..lol. I was just saying that I was infact paid to leave an auction and that such payment was an indicator that I should have stayed in the real estate investing business..thats all. Can you imagine if that was really an antic? lol..I would have a better chance winning lotto. Tom, I had only mentioned it as an interesting experience that I went through. nothing more.
My investing approach is like yours and many within this forum...purchase discounted realestate, either from the foreclosure angle, estates, tax liens or other wise...buy and hold (or flip if the deals makes sense to flip).
Anyway I appreciate you looking out for me with that sound advice...just know that I recognize that making money by being paid at an auction to leave is clearly a dumb idea. It just happened to me by accident in the Hamptons and I took the money and ran..thats all.
Bill, it's definitely not a lead into a program, as I have no program to sell..(in fact I want to stay away from those programs) I was just remembering these so called 'tycoons' that had informercials about buying and selling real estate back in the 80s. I guess you had to see these informercials..they were exciting. lol.
@Bill Gulley, @Vinny Gaines I just looked up Carleton Sheets on the web and it looks like he is giving his course material away for free now! Maybe he has seen the light of BP and wants to give back? Someone should invite him to join BP!! (If he is still alive?)