All Forum Posts by: Mark J.

Auctions will be a primary focus area for me in 2016 as I try to maximize the opportunities for finding great deals.

@Colin G Murphy-- I read your post and I think you summed it up well, and my experience has been very similar, except for the title search aspect. I found a title company that has offered, at least initially (they want volume), to run a free title search AFTER I've won the property. The advantage at least of this approach is that I could walk away, and although I'd lose my 5% deposit, that would likely be cheaper than being involved in a  long drawn out legal process as I continue to absorb holding costs (taxes/insurance/maintenance, etc.). This would only happen in the most extreme of situations and likely also bar me from bidding on the Hillsborough site.

Having said that, I am getting much better at analyzing properties on my own and have a specific set of criteria a property MUST meet and perform enough due-diligence research that the chance of missing major red flags are getting smaller and smaller.

And yes, as the overwhelming majority of foreclosures are either cancelled or "purchased" by the plaintiff (bank) and the limited inventory (at least in Hillsborough County) is often bid-up by neophytes or snatched up by large wholesalers and other REI firms that specialize in flipping C-class properties, there are few opportunities for us little fish.

To keep myself motivated, I've been keeping a log of properties that went to third-party bidders (i.e. private buyers) which I could have bought had I been monitoring the auctions during periods when I was too busy to do so. Roughly, a property that meets my specific criteria (price/location/condition, etc.) that goes to a third-party occurs about three times per month. As a little guy, having a shot at three properties per month when I could likely only deal with two or three properties in an entire year still works in my favor.

Let's get something organized in 2016. It'd be great to not only share knowledge and experience with others here, but potentially find a business partner and pool resources. This would enable us to expand the list of potential properties, increase the odds of winning auctions, and still generate a similar sized profits.

Hi-- I'm working on obtaining an unsecured line of credit. Is it required that I disclose an existing line of credit if the account has a zero balance?

Bump.

I'm definitely in the market for a REI-friendly CPA.

Any other recommendations out there?

THANKS!

Welcome Alex! It's a great community here and you couldn't ask for a better place to begin your education!!

@Tim McHaffie - welcome to BP! I'm a newbie investor in the Tampa area and have just completed the "fix" part of my first "fix and flip."

I'm thinking about organizing a get together by the end of the month or mid-November if there's enough interest. If so, I'll find a local space and report back here soon. Stay tuned...

And don't let @Dave Bingham scare you. (although he and his minions did beat me for $20 at poker last night.) ;) I'm still bullish on Hillsborough county. As I've heard repeated many times on the BP podcasts-- there are ALWAYS deals to be made, but they may just take more creativity, hard-work, and the ability to adapt to changing market conditions. But Dave is right about one thing-- in the Tampa market at least, the days of sitting back and cherry-picking multi-families off the MLS are likely over.

Now-- having said that, I bought my duplex off the MLS in Feb. 2015. But I was very clear about my game plan and strategy. I kept that focus. And, I was ready to jump when the opportunity presented itself. I had an all cash offer in within two hours of it popping-up on the MLS. Now, everything that happened AFTER that is something I'll share with y'all over a few beers! ;)

@Adrian Smude thanks for the plug! ;) The duplex is currently under contract (with a BP member-- YAY! BP rocks!).

@Gaurav Bahal - PM me for more info. I am taking back-up offers.

Thanks @Austin Davis. It'd be great to get together. @Dave Bingham was having monthly get together for area investors. May be time to reestablish those! 

I'll be looking for my next project soon, so perhaps a late October meet-up is in order? DAVE? What do you think? 

Hi Elihu-- If you're interested in multi-family investing (not just commercial), I just finished a complete rehab on a 6/4 duplex in a great neighborhood in Tampa. PM me if you're interested in hearing more.

Thanks and welcome!

Mark...

Welcome Tim! Since you mentioned you are looking to purchase a MF within the next six months, I have a 6/4 duplex I've just completed a full rehab on which you may be interested in. Please PM me for more info.

Welcome Lori. MF is the way to go IMHO! ;) I've learned a lot (but still a long way to go!) since I started investing this year.

BTW-- I have a 6/4 duplex I've just completed a full rehab on which you may be interested in. Please PM me for more info.