All Forum Posts by: Paul Cox

Tiffany Toukatly

Welcome to BP...I too am a new investor looking to make that first deal and am also in Upstate NY living in Rome...I understand there is a group that meets monthly in Syracuse. Have you heard about them? Looking forward to hearing about your successes

Thanks for your inputs...I'll update after the auction and let you know how it went

More on the house description:

Style: old style
Windows: vinyl double pane, tilt-in
Roof: asphalt, 11 years old
Siding: aluminum, vinyl
Water Heater: 40 gallon
Plumbing: copper
Heat: forced air
Electric Service: 200 amp / circuit breakers
Air Conditioning: central
Downstairs:
Living Room: 12’ x 16’
Kitchen: 12’ x 12’ (15 cupboards)
Dining Room: 12’ x 12’
Bath: 13’ x 8’
Bedroom 1 and 2: 8’ x 13’

Upstairs:
Living Room: 10’ x 14’
Kitchen: 8’ x 14’ (plumbing not completed)
Dining Room: 12’ x 10’
Bath: 8’ x 4 1/2’
Bedroom 1 and 2: 8’ x 14’
Laundry Area: 10’ x 9’
Front Foyer: 12’ x 5 1/2’
Storage Downstairs: 15’ x 6’

The Bidding rules that were sent to me were the following:

Only buyers who have come to the open house Saturday or Sunday (10-4) may bid.
• Bids may be left at any level, at any time prior to 7:00 pm Sunday evening.
• No one can enter the bidding after 7:00 pm Sunday evening.
• The bidding will be open. We will tell anyone the status of the bids at any time.
• This home will be sold to the highest qualifying bidder in round-robin bidding Sunday night.
• The highest bidder prior to the round-robin bidding will have the opportunity to make the first bid when the final bidding begins. Then the next highest bidder will get the second call, and so on down the list.
• Every bidder will have the opportunity to top the high bid until the highest bidder is established.
• If there is more than 1 bid at the same level, the earliest bid will be honored.
• Bids must be at least $500 apart. ($49,500/$50,000/$50,500 -- Etc.)
• The highest bidder will be offered the home at the bid price.
• On Monday, after establishing the highest bidder, I will contact my real estate attorney (and the bidder contacts theirs). The attorney’s write up the agreements.
• The house is being sold “as is” condition. Any fixing needing to be done will be done by the bidder, not the seller. I will have on hand at the open house the inspection report from 5 years before for every to look over.
• There are no real estate commissions being paid out of the bid price. If $50,000 is the highest bid, $50,000 is what is being paid to the seller.

Hello BP mentors,

I am brand new in the investing arena and have been reading a lot of articles here on BP as well as the UBG to Real Estate Investing. My wife was searching through the local Craig's List for properties, and we came across this For Sale by Owner offer on a property in town. I stopped by this afternoon for an outside look and would classify it as being in a B area and from the outside, it looks very nice. I have not seen anything like this type of auction before when it comes to selling your house, but I would be curious to get your inputs...The craigslist add can be found here:
http://utica.craigslist.org/reo/3874276669.html

I contacted the seller and told them I would be stopping by for the open house this Saturday. My initial thoughts are to buy and hold and rent it out as two units, but there's always the possibility of doing a little updating and flipping it if I can get it at a low enough price. Again any thoughts on this are appreciated.

Paul

Eric Tait

You're right in that the development in Sanctuary has a long way to go but they are making progress...I have not been to Ambergris Caye yet, but I hear great things about that area. I do want to check out that area as well and also the San Ignacio area. For me, Sanctuary would be an alternate destination for me to snow bird or live as an expat and then hopefully in a number of years, be able to use it as a destination location for tourist wanting to experience Belize for a week to a couple of months. That is obviously sometime in the future, but again, Belize has infatuated me!

Eric Tait

Welcome to the site...I am a new investor looking to make my first deal with a multi family unit. I too am looking at investing in Belize, only down in the southern portion of the country in the Sanctuary Belize development near Placencia. It's not a inexpensive venture, but I want to earn enough passive income through real estate to be able to invest down there in Belize. I fell in love with the area. Again welcome

Paul

Hello Anthony and welcome to this awesome education and courage building site. I too am new and just came across the site a little over a month ago. My cup is overflowing with the amount of information on here. Good Luck and happy hunting

Paul

Thanks Marco for the direction...I've written it down on my list of things to ask about and accomplish as I move down this road

Paul

Marco Santarelli...

I hear the term Due Dilligence a lot and I think I know some of the steps, but coming from a seasoned investor, what are your definitions of doing due dilligence on a property? Sorry for the novice question, but I just want to be sure I don't miss any steps...

Also Michael Buie and Patrick Jackson, thanks for the welcome and I extend my welcome to you as well Michael...I'm loving this site

Paul