Buying Foreclosures at Auction

[Saar Shoshani]

Hi All! I'm fairly new to the real estate world with little experience across multiple areas. I've worked on private RE deals at hedge funds, I'm currently developing 2 projects, each 18 unit workforce MF's, and buying a property at foreclosure auction. My purchase was an HOA lien on an apartment. As you're probably already thinking as your reading, I made a huge mistake. There were multiple mortgages attached to the property after the auction and throughout four years, by luck, I was able to fix them with little money down and lots of headaches. I'm really interested in foreclosure/ pre-foreclosure purchases and have been studying on how to read court documents, title searches, and I have been watching the auctions daily. I find it difficult to step into foreclosures since, in my experience, books and courses I've crossed by are very surface level.

I'm writing this post to see if there is any advise to give me or a mentor that's willing to help me understand if this is an area in business that I can grow in. I'm also interested to see if there are individuals doing this or lawyers/ companies in this field. As an investor, I feel that I am in the correct position to succeed, both with cash in hand, and connections with rehab/ GC's in Miami.

Thank you for your help!

[Robert Ellis]

Quote from @Saar Shoshani:

Hi All! I'm fairly new to the real estate world with little experience across multiple areas. I've worked on private RE deals at hedge funds, I'm currently developing 2 projects, each 18 unit workforce MF's, and buying a property at foreclosure auction. My purchase was an HOA lien on an apartment. As you're probably already thinking as your reading, I made a huge mistake. There were multiple mortgages attached to the property after the auction and throughout four years, by luck, I was able to fix them with little money down and lots of headaches. I'm really interested in foreclosure/ pre-foreclosure purchases and have been studying on how to read court documents, title searches, and I have been watching the auctions daily. I find it difficult to step into foreclosures since, in my experience, books and courses I've crossed by are very surface level.

I'm writing this post to see if there is any advise to give me or a mentor that's willing to help me understand if this is an area in business that I can grow in. I'm also interested to see if there are individuals doing this or lawyers/ companies in this field. As an investor, I feel that I am in the correct position to succeed, both with cash in hand, and connections with rehab/ GC's in Miami.

Thank you for your help!

 I did auctions for a part of my 10 year career when I thought flipping homes or doing condo conversions were the way to go. then I got into ground up construction and national construction and ground up is the way to go. I'd recommend passing on auctions. take your time, focus on land and land development and real estate development. I'm in miami dade county as a focus area only if you consider ground up but I'd pass on auctions because they are sight unseen most the time and it's all cash purchases typically. you have no control. in land development and real estate development you have full control of every part of the process. don't buy something 50 years old or 100 years old.