All Forum Posts by: Rob K.

I've found that these reports are close to useless. Sometimes they make a mountain out of a mole hill. One thing that they will do is pull a number out of the air if they see any mold in the basement. It's usually some ridiculous amount. They will also come up with a high number for plumbing if the lines don't hold air. It's usually some minor problem at one of the faucets.

One big thing I will tell you about HUD, is that whoever winterizes those houses does a horrible job. When I get a bid accepted on a HUD house in late fall and the closing won't happen until winter, I will go over on the weekend with my generator and air compressor and blow the lines out. I can't believe how much water comes out that would potentially freeze. I had one house that HUD claimed had been winterized. When I blew the lines out, enough water came out that I could've made a pot of coffee, brushed my teeth, and shaved.

I would like to see these applicants talk to Dave Ramsey. I think he would slap them accross the face for being so irresponsible with money.

My favorite is the Victoria Secret charges. Borrowing almost $500 to try and look hot. Nice priorities.

One of the fun facts that I always liked is this:

If every single person in the world moved to Texas, it would not be as crowded as Manhattan.

It kind of puts things into perspective as to why prices are so high in some areas.

I've found that is someone is under 62 and getting SS, that is a major red flag. I didn't see a mention of this girls age, but it sounds like she is young. Social Security was started as a program for retired people and has transformed into a system of paying people to be lazy.

I can't tell you how many people I've had look at a house and they're on SS and under 40. They always claim they have a bad back or some other nonsense. I always ask, "Why can't you get a job at a desk, or sell cars, or answer phones, etc?" They always look at me as if I'm nuts for suggesting that they actually do something productive.

In my area, we have investors from Israel and other middle eastern countries buying up property. I don't blame them or think they're greedy. They see a good deal and they're seizing the opportunity to buy up our country while it is on sale. This is our own fault for buying foreign cars, junk from China, sending jobs to India, and buying oil from our enemies instead of drilling our own. Our country is going downhill while others are prospering. Our weak dollars are benefiting others.

We have asked for this by voting for crooked poiliticians, having crazy environmental laws, having way too many lawyers to sue everyone, and catering to the union thugs that make outrageous demands.

Michael Czepil What is your score currently? I would think that after three years of payments, it would be good.

K. Marie Poe I agree that it might be a waste of cash to clean out every house, but this was more than your average trashout. It looked and smelled like a group of meth addicts were having underground cage fights there. I think even a seasoned investor would be afraid of getting hepatitis or cholera from touring this property.

Just a quick update on this story:

Most of these houses have been popping up for sale. From looking at the prices, this guy is trying to get top dollar. All of the pictures I've seen are of trashed out dumps.

Today, one of my friends called and was going to look at one of these houses. I was about two miles away, so I met him there to check it out. What a dump! Nothing had been done to it. I think they just threw a lockbox on and went to the next one. The screen door was hanging off. The front window screen was laying on the porch. As soon as we opened the front door, there was a nasty smell. Trash all over the living room. Apparantly they're not going to clean it out like banks do. We could hear water spraying in the basement. We didn't go down there, but called the agent to tell her.

I didn't even look at the rest of the house. I was afraid of getting fleas on me or having to shoot some squatter that might attack.

If anyone talks to this guy, please tell him to haul the trash out of these houses. It will make them a lot easier to sell.

I think this whole thing is driven by jealousy. If I had a dollar for everytime I heard, "I wish I was doing what you're doing", I'd have more cash than Donald Trump. People on the outside of this business always look at the profit and they don't see all of the work that goes in. It's like they watch a Carlton Sheets commercial and see all of the people bragging about their net worth, but no mention of even a minor problem.

I always tell these people that wish they were buying houses to buy one. Buy a house, fix it up, and sell it. If you make money, do it again. If not, now at least you know that it's not for you.

I've purchased many HUD houses. They use a closing agent that does nor provide title insurance. I always buy title insurance from the title company that I use. I don't see why you couldn't use your own company along with HUD's closing agent.

The problem that I see is that you will be buying from HUD in your name. They will require proof of funds from you. Do you have the cash in the bank to cover the purchase price? You will also need to put up a deposit. If your buyer flakes out, you will either need to close on the house yourself or lose your deposit.