All Forum Posts by: Charles McPherson

I am in the Florence area... if interested in selling contact me.

Good debt... I own a house so I get equity line and borrow from the equity. I then take that money and put it somewhere so it gains more than it cost. The equity is owed but it is a good debt as it is making me money. Bad debt... I take the equity line and use the money for purchases that decreases my net worth. This is just one way I have heard the term used.

I did not read the whole thread so this may be there already. Paneling must have been a craze in the 60's -70's around here. I have done a few houses with paneling so I take this approach. 1. cost... Of course that is always first. 2. Condition of the paneling ... Replace, paint or skim. Speaking of skimming I have had my sheet rock man skim paneling and if done right the wall will look great and feels like Sheetrock. Lots of work but can be cost effective in many situations. As far as wall paper is concerned it's hideous.

Lee Miller 843 661 5353

Hi Brandy, how gave things been going for you? Are you still investing?

Wayne, we have purchased 2 houses and each time we were out bid then the company called us and took our bid. After several times of being contacted and the sale being offered to us this is very suspicious. the banks have the right to protect the investment at the foreclosure sale and take ownership of the property if the bids are to low. But this is after the foreclosure.

My experience is no sales are final even when they take your deposit.

I would like to hear your experiences if you have bid or purchased a house through a real estate auction site.

My partner and I have purchased 2 but have bid on several others.

There is something.everyone should be aware of when using these sites. My partner asked a phone agent for one of the "Auction" sites if they bid on the homes to get the price up. The phone agent stated that they did. I really don't have a problem if they stop at the reserve but we have found it's not the case. There have been several times we have been out bided and it appeared the winners backed out and we would get a call from the auction asking if we still wanted the property. After thinking about it I realized that there was no other bidder as this had happened to often and bidders are not going to throw away the 2500 deposit that easy .

On another occasion my partner was called by the company and was asked if he still wanted a home he was out bid on and he excepted at his bid price and sent the $5000 deposit. They called a few days later and told him his offer was not excepted and now they can't find the $5000. We have receipts so it's taken care of but still a lot shaky if you asked me. There have been other issues but will not share here.

What have you experienced with auction sites?

Tim, there are a couple of things I do. If I am rehabbing a house or looking and I'm not sure how to price it I will call one of my favorite appraisers and ask for a desk top appraisal. It will cost a couple hundred but it's better than under or over valuing the house. I will sometime call the realtor I use to buy REOs. MLS is a great tool for those who have access to it. There's nothing wrong with having a few friends in the local real estate office.

I hope this helps

@Joshua, I use Credit Technologies. They market to mortgage brokers etc but will allow investors to join service. You must have an office with lockable file cabinet and a sign. They do send an inspector but it's not a big deal. If I remember correctly a tri-pull is about $18. There are some cool adons as well.

Hi Brandy, I'm Charles McPherson from Florence SC. It's great to see all the SC pros here. I've been in the business for 10+ years. If I can help just contact me.