All Forum Posts by: Account Closed

@Jonathan Miller

Can you make your post a little bit clearer in what you are looking for?  I wish you mother the best.  

@Vassili Gerontas

I second @Glenn Thompson.  Bad markets also mean you are buying lower than previously.  Lowering in "barriers to entry" means more deals, more learning and hopefully more money.  

Are you saying that you are buying a house sight unseen?

@Shannon K.

When you are talking about a post foreclosed property AKA a bank owned property, you generally are getting the property with a free and clear title.  I say generally because houses that go through a foreclosure have a higher probability of having a title issue.  This is due to people on the legal side not doing their job correctly.  The good thing about REOs is your purchase agreement will have a contingency that the title will be free and clear.  When you purchase the property your attorney will look over the title and determine if in fact the title is clear.  If it is not, either the bank will clear up the issue, or you can walk.  So little worries. 

I am assuming your talking about an REO as opposed to a pre-foreclosure house, because you are having this conversation with a realtor.

When it come down to profit margins as it pertains to acquisition types such as a short sale, courthouse foreclosure, REO and the rest, I believe the best deals are had on the court steps.

Just make sure when you are having a conversation with someone about a foreclosure that you get clarity on whether the property is about to be foreclosed on, or it has been foreclosed on, and the bank has taken ownership of the property.  Folks often call REOs "foreclosures" and buying them is very different than going to the courthouse and buying at a foreclosure sale.  

Yes after I ended up paying the sewer bill, I felt I would have paid 20k anyway.

Not 130k, rather 113k for a sale price.

@Michaela G.

You wrote

That sounds so wrong, legally. If the fines are against the owner, wouldn't they have to first get a judgment, before they can tie them to the property? 

That is absolutely my understanding too, unless you are talking about property taxes for municipal related items.  Even when the arrears are not in the form a lien, the go with the property.

Well I will give you the real numbers.  So I got the house for 13k, plus something like 7k in sewer.  Sided the house and put on a metal roof.  New kitchen.  Put in a second full bath, where someone had started converting the garage into a 4th bedroom.  Redid the first full bath.  Put in a new concrete driveway and walk way.  Put in a partial french drain.  Redid the floors and walls.  Had about 25k in rehab costs.  It sold for 130k.  So I made close to 60k.  Yeah, I can live with those numbers all day, but was a lot of work too.  I did about 70% of the work less the siding and roof.  Had an employee do them by themselves.

@Sonia T.

I wont be back there for at least a week or so, but I bet you could finds it equivalent at your local county court law library, if they have one.  It was basically book on practicing law, as opposed to something like the consolidated laws which can be harder to understand.

Next time I am in the area I will get the title and update, but remember this was specific to Pa.

With the creation of communities like Bigger Pockets, IMO mentors aren't essential at all.  If anything I would rather have a community like this than anyone person.

@Lee Griff

If you call a place your primary residence for 2 years within a 5 year window, you will not have to pay any capital gains on the profit.