All Forum Posts by: Elizabeth Wilson

Hi ya'll.  My husband (@Sam Wilson) and I will be traveling from Vancouver to Calgary via Banff (and a few other places along the way) from May 1-12

We'd love to meet up with other investors for a coffee or a drink - especially if you are interested in investing in the Memphis market or just want to chat about REI in general.

Message me if you are interested (where you are and when is good to meet).  We set up an event in Vancouver but it might be easier to just hear from ya'll and go from there.

Look forward to meeting you!

elizabeth

So excited to be heading to Vancouver for a few days!  Look forward to meeting ya'll and sharing about the Memphis market!

@Jay Hinrichs - yep. yep. and yep.  All makes sense and from my experience I completely agree with you.

As for foreclosure auctions around here, we quit going when the hedgefunds and everyone's brother started paying almost retail for these homes.    We still get a lot of foreclosures.  Or at least a lot of notices of foreclosure.  

In other areas of the state where we work the foreclosures have almost dried up.

No real complaints.  I hate to see anyone lose their home.

@Jay Hinrichs -  not sure I fully understand your post.  Not sure what you mean by too early.

I’d still buy pre-foreclosure if a seller contacted me; we just don’t target market for those anymore.

@Reuben Royal - Before you head down this route and spend lots of time and money trying to wholesale pre-foreclosures, from our experience (almost 4 years) of trying to buy pre-foreclosures is that the owners either want to home to go into foreclosure (sounds crazy but true) or are so underwater that they can't do anything with it.

We did everything from door knocking, mailing, etc and the only way we ever bought them was at auction.

Also many states have strict laws regarding putting homes under contract that are in pre-foreclosure.  If you have the money to close, you should be fine but if you don't I would do some research.

Not to discourage you but wanted to share what our experience has been.

@Matthew A Kelly - We have both a LLC taxed as an S-Corp and a SDIRA (Self directed IRA). Besides a rough understanding of the tax implications of what I just wrote, I know only that we have a very good CPA who advises us on how to make money without giving an arm and leg to the government.

I always recommend that small business owners find a great CPA to advise them.  Well worth the investment.

@Cheree Harris - best of luck!  Love your heart!  You should also check with local churches and see what development plans they know about.  

@Cheree Harris - Love your heart in this but I agree with everyone else. But would add one thing. Non-profits (despite the name) make money and often good money ironically. You might consider starting one of those instead of an LLC and see what kind of grant money or gov't money is out there for projects like you want to start. I hate advising folks to go to the gov't for funds but I know that there are orgs like that locally who buy houses with either city/state money and/or tax benefits. Often HUD homes can only be bought by non-profits. I don't know anything else but it might be worth checking out.

@Justin F. - Thanks for that advice!  I completely agree with you!  The more I read and learn about online marketing in general, the more I realize how nuanced and how much personal preference has to do with i!  

@Michael Guzik - I so appreciate your compassion regarding this situation.  You are thinking beyond the numbers and that is admirable.

Not that it is about the deal but first of all do the numbers work?  Reverse mortgages can be paid off but usually there isn't enough equity to make a deal with it.  

I'm assuming that ya'll have Uber or Lyft in San Antonio?  In that case I'd offer to show her how to set that up if she truly has no friends willing to drive her around.    That should solve the car/furniture hunt problem.

I'm also sure there are agents in whatever city she want to move to.  You can help her find a good agent and that agent can help her find a new home.

You can definitely help by leveraging services and other people and putting her in contact with them.