All Forum Posts by: Erin Legler

@Donovan Williams I know a lot of people in that area that do very well.  It's a good market.  I got started out of necessity.  When I was 20 years old I needed a place to love.  I was a bartender and did not show a lot of income on paper and no one would rent to me.  Back then they would give anyone with a pulse a mortgage, so I bought my first house.  About 3 years later I sold it and made $45K, it was like a light bulb went off.  I was like I just made money by doing nothing (obviously I wasn't doing nothing but at 23 years old that was my mentality).  From there I read every single real estate book I could get my hands on.  I read "the millionaire next door" and started following that.  I knew I needed cash to invest and started not going to Starbucks, getting rid of cable, not buying magazines etc.  Essentially living well below my means so I could start saving money.  It's crazy how the little things add up.   I would work nights, put my money in the bank the next day and only live off of $20 for the day to pay for food and gas.  I worked as much as I could to save money.  Took a little bit, but before I knew it I had a good chunk of money to invest in real estate.  

Hire a property management company to manage the place.

@William WallsWill do.  Just an FYI, if Fannie Mae holds the note they will not negotiate.

@Account Closed Correct I am trying to settle the lien.  It only has 1 mortgage on the property and no other liens.  My attorney is trying to settle it for 90K.

@Account Closed agree there are easier ways to make 10K.  I had the extra funds so I figured "hey why not".  Im a person that jumps in with 2 feet and figures things as they go.  This situation ended up positive for me as I'm know negotiating with the bank for purchase.  As I said before I probably would not pick up another one, but I do have an investor friend that just made 70K off of one so who knows.

@Cameron Price Message me and I will send you the contact info for the attorney I use.  They may be able to refer you to someone in SC.

@Account Closed My original plan was to just rent it out.  I did the title search prior to the auction and the LP (Lis Pendon) was not filed.  So I figured I had a good year and a half plus before the bank was going to take it.  It was a total gamble.  The LP was filed in the 10 day redemption period and not shortly after that the bank had pushed for a judgement date.  That is when I started to panic because if the judgement date was issued and the sale was to proceed I would be in the red.  So I hired an attorney that argued my corporation should of been named in the LP because my corporation had a financial interest in the property. He won the case and now the bank has to start the process all over again.  If you were to ask me if I would buy another one, absolutely not!  

@Arianne L. I paid the buyers agent 2.5% ($4975).  I did not take a commission. 

@Marcello Di Gerlando 10 business days

@Account Closed The HOA foreclosure does not wipe out the senior liens. I am not making payments to them as the note is not in the name of my corporation. It is in the name of the previous owner. My attorney is trying to negotiate with the bank to purchase the property. If they don't want to work with me for purchase, I will just keep collecting rent until they take it.

@Brendan O'Brien I sub everything out, essentially acting like a GC.  So I hired a roofer, electrician, painter, tile guy etc.  I mostly supplied the materials and paid for the labor.  I never wait for them to complete the job and let me know because it would not get done.  If they say they will be there at 7am and they are not, then they will be getting a phone call from me saying "get your butt here now".

@Leonard Maddox I buy at the auctions and off the MLS. Right now I'm currently looking for cash flow rentals. Just put an offer in on a property that had huge potential cash flow. Plan is to put the cash flow towards the principle to have it paid off sooner. So bummed that I didn't get the property, but there will always be another property. It was banked owned and unlike Fannie Mae that advises you highest and best, this bank decided to negotiate with the first offer in and then if that didn't work go to the second offer. Perfect example of the early bird gets the worm.