All Forum Posts by: Erin Legler

@Scott W. Its actually not super confusing once it's broken down.  Correct I picked it up in order to collect rent until the bank takes it.  I hired an attorney that is going to file a bunch of paperwork to delay the foreclosure proceedings.  Homeowners do it all the time.  There is a million dollar house in my neighborhood that has not paid their mortgage in 7 years.  So I'll recoup my investment back in 10 months to a year.  I originally didn't think it was going to take that long, lesson learned.  So I recoup my investment back and then I have another year or two of cash flow coming in each month.  So I could do that, but I've decided to try and negotiate with the bank and purchase from them for 90K.  I would then turn around and sell it for 125K.

Thank you for all the congratulations! I've definitely made some mistakes and learned a lot at the same time. Here is another property that I picked up via HOA foreclosure that could have gone horribly wrong.

HOA lien $7600

Back HOA lien dues and repairs $2453.20

Got it rented out for $1150 ($1350 was market value but since in pre-forecluse had to reduce rent)

5 months after i received certificate of title the bank moves forward with a judgement date.  A four letter word came to my mind lol.

Hired an attorney and won the case.  If I had not won the case I would of lost money.

I hire an attorney for all my rental properties.  It costs me $45 for them to write up the lease.  In the event the tenant sues me, the attorney would defend me.  He would not defend me if he did not write it up.  I'm sure there would be other attorneys that would, but I want the best in that event.

@Rod Desinord Sorry you had that experience.  Not all realtors are shady, but they are definitely out there.  I have seen the greed first hand.  Hopefully you have a better experience in the future with a new agent.

@Matt Welch I picked this one up at the courthouse.  I have had money on my account for online bidding, but never liked the numbers.  So I personally have never purchased online, but I do have friends that have.  Other online counties have pretty good deals, but that is too far for me to drive.

Property was not vacant and had to hire an attorney to do a Writ of Possession. Then she ended up renting a month while she found another place to live. The other investor and I both had other properties going on so our hold time was longer than expected. Our hold time was around 5 months. My original ARV was $185,000, the market down here is hot and 5 months appreciation equalled $199,000 which was good because the roof and AC both needed to replace.

@Anita Walter You can do it!  Just start doing it.  Listen to podcasts and blogs, take someone that is doing it out to lunch and pick their brain.  Do not spend thousands of dollars on some guy from Texas or Cali that is in town for one day holding a seminar.

@Account Closed Courthouse

@Scott W. Yes I put in 50% of my own money.  $76,655.40 to be exact.

@Scott W. Yes I went in 50/50 with another investor

@Jeremy Shinall Not my first deal, been in real estate since I was 20.  Feel free to reach out to my if you need any advice or help.  I've always done cash for my properties so I really don't have answers when it comes to creative financing or hard money.

@Andrew Davis is the king of creative financing and a great guy!  He's the one to ask for those questions.

Hello everyone,

For anyone that doesn't know me, I'm an agent/investor in the Central Orlando area.  A lot of people have been asking how my latest flip turned out so I thought I would share it with all of you.

Picked up at the auction for $112,100.00

Paid cash

Rehab $32,546.23

Closing costs, realtor fees and carrying costs $8,664.57

Sold in 3 days over asking at $199,000.00

Profit $45,689.20

Wish I would of taken before pictures.  I get so excited that I just want to start the rehab right away.  Will do before and after photos for my next one.  If anyone wants to see more of the after photos click here http://bit.ly/1N3O6Lt

If anyone has any questions feel free to reach out to me.