All Forum Posts by: Alton Lindsay Jr

Wow...I know gnats can be a huge annoyance here in Georgia in the summertime, but I never knew there were biting ones! Each time you open your door, they sneak in. And just having some dirty dishes in the sink and some old or rotten fruit sitting on a table somewhere can cause them to multiply quickly. Maybe you can try some of those sticky fly traps and a strong insect fogger. 

I hope this problem goes away for you. 

I recommend to network with an investor-friendly local agent or a reputable turnkey wholesaler that can find deals for you. Look up reviews on these individuals or services on message forums. You just may find some reviews on these people here on BP. You can try "Invidual/Company name City review" on Google. I sometimes use the word 'forum' instead of 'review'.

Or like me, find the time to drive around looking for FSBOs or vacant properties, use the tax assessor's website to find the name of the owner, use zabasearch or whitepages premium to get owner's contact info,  and use resources like BP's deal calculators to see if the numbers make sense. 

 You're welcome! As for your questions, the bank doesn't take possession, but sends out a default notice threatening  repossession/foreclosure. During this period, the home owner can try to find a buyer. But if the foreclosure takes place, the auction comes afterwards. 

The best way to search for liens is through a title company or you can try one of those paid title search services online. Another way is to try the county's tax assessor website or go to the local superior court.

A good time to purchase a foreclosure is during the pre-foreclusure phase since the competition may be lower around this time and the purchase price you negotiate may also be lower than when it goes public. But if you wait for the court's public auction sale, you'll need 100% of the cash or you can use OPC (other people's cash) ahead of time. So if you can obtain a private lender's cash in an amount you will be making bids with ahead of time, go for it. But you may want to watch out for the liens on the house that may be more than what you intend to pay off. But if you want to play it safe, you can also try post-foreclosures on sites like auction.com. I've seen auctions on auction.com that doesn't require all cash up front and the liens are supposed to be cleared around this time. But I've heard about shortcomings of that site like if you are the winning bidder and the amount doesn't meet the price the bank is looking for, they won't sell it to you.

 Before the auction date (first Tuesday of the month), I've seen lenders advertise to see the home, so you may be able to inspect the property during this time. The best thing I would recommend is to view these auctions in person to get a feel for how things work.

For Gorilla Capital, do you pay the 12% when the house gets sold? What is the length of the agreement?