All Forum Posts by: Leigh C

I had this happen to me too, i posted a note on the inside of the front door and front window so people who came to the door could at least get a warning.     

Sadly this is really common

buy a lawn mower and build up a decent client base...then sell the "business" to roll into real estate.

https://angel.co/trex-samson

Shows trex signing in from Nigeria.    That was within 30 seconds on google.  

Look on the somewhat bright side, you got a little lesson from the school of hard knocks.    In return this person in Nigeria just got something like 90 years of income based on the min. wage rate of 185/month.     

I'd feel bad for you, but sending 17k for a 60k loan doesn't make any sense.

@Shawn Jacobs

My broker has an office full of people, what are you needing?    I'm also a board member to there but i don't actually use it.

I believe the realtor calls is about wanting to list her house.    I'm guessing though.  

Odds are he doesn't have the answers you are trying to extract from him and he feels annoyed with your constant nagging for clarity.   

Highly suggest having a realtor that deals with REOs walk through the house and see where you are at and give you some sort of valuation and end result comps if you finish.    Consider selling it as is and running away.

@Molly Krief

The school of hard knocks will teach you what mentors can help you learn....i'm not sure which is more expensive but I'd rather see you make less money on your first few deals than mess up and lose your family/friend's money.

Crawl...then Walk....then learn to run.    

The counties you are most looking for manatee/sarasota is pretty weak with inventory regarding huds.     They also tend to not warn people about chinese drywall and sinkholes that are pretty common in those areas.    

My first mentor taught me that buying REOs from Hud/Courthouse steps is a contact sport, wear a helmet and pads and expect to get beat up from time to time.

Mentor with a local investor for the first few deals.    It's going to cost maybe half of the profits but if the house makes sense it may be the only way for you to get your feet wet.

Typically, newbies who find "great deals" tend to learn quickly that they aren't as good as they first thought.

@Gabriel Jeroh

Nah, a 500k profit margin, or this property being purchased around 300k would be pretty easy to justify even from Florida.    I'm sure @J Scott would happily partner with me 50/50 on that deal.      LIke most wholesale deals it's just a little on the skinny side.    It's on my list to check back in 6 and 12 months from now to see how the story ends.