All Forum Posts by: Jaylan Archer

Just wanted to post a brief success story that hopefully will help someone else out. 

I purchased a foreclosed home with my brother last year for $52k that needed just about everything. We went in as partners and that in itself taught me a lot. 

We had two options on this house, spend a little, paint it and make sure everything was working or go all out. We made budgets for both and decided that the upside was much better if we went all out. 

We closed May of 2014 and didn't get the property sold until August of 2015. I know that this is incredibly long but I also finished up my senior year of college in another state during this time. 

Couple lessons: Choose your partner wisely and be on the same page throughout. You MUST talk about how each of you will be compensated beforehand, and perhaps discuss financial consequences if a partner couldn't hold up their end of the bargain. Whether it be time, finances or even connections, fair compensation and an exit strategy need to be discussed BEFORE becoming a partner.

Plan on going over budget. I don't know if this is something every flipper runs into or its just cause I am new. You will go over your budget, work it into the numbers.

Hire a competent real estate investor. I say this one with a touch of humor because I was actually the real estate agent for the property as well. However, your agent should use a professional photographer and be proficient in marketing.

Lastly, go above and beyond in finishes. This is more so my opinion but I still think it was a good lesson learned. Make your flips something special in each one and shoot for making your home the nicest on the street. This doesn't always necessarily mean spending a ton of money. Neutral paint colors or even ten bucks on a fancier door knob can make a difference between what a buyer think as 'cheap' and 'high end'.

Finally the numbers.

Purchase price: 52k

Renovation: 78k

All in: 130k

Sale price: 210K

After closing costs my partner and I split 60k which I was pleased with. I know this isn't a great return with the amount of time that we owned the property. However, the lessons I learned and the experience I had was priceless. 

Thank you Wayne!

My computer has been acting up so I haven't been able to load any of the documents but I will be sure to take a further look at them today.

Then I guess I have no idea what this document is for. It tells me there is pending litigation. The title company is Title 365.

The document just discusses title insurance, an amended commitment, deed information and certificate of liability insurance. 

My friend that has bought a lot of foreclosures said that it was a robo signing issue when I sent the document over to him and said that he had a similar problem and it took 9 months for them to clear. I just didn't know how long it might take to clear.

Does this answer that? 

This is what the title company sent over to me with a 22 page document.

Please find the attached updated commitment. We are currently not clear as there is an open Foreclosure Suite that will need to be Dismissed

Out title team will work to get this cleared

Dissmissal of suit to foreclose the mortgage recorded in Book 14774 Page 82 of Official Records has

commenced, as evidenced by document recorded July 2, 2014 at Instrument Number 2014023827 in

Book 16846 Page 364, of Official Records:

Court: District

Case No.: RE-14-156

Hello,

Buying my second flip and I ran into a snag that is holding me up. The property was auctioned off through Homesearch.com and its been about a month and a half under contract. The title company just came back and said that there was a foreclosure suite still on the property. After doing some research it looks like its an incident of robo-signing. I know generally what robo-signing is, but does anyone have any experience on how long it took for your property to close?

Thanks,

Jaylan

@Wendell De Guzman I just wanted to say thank you for posting these weekly updates for BP to enjoy. I was just able to read through them all and found them educational and inspiring. I am currently finishing up my Finance degree at Cedarville University roughly an hour north of Cincinnati, Ohio. 

I have started the process of doing my own fix and flip myself. I do have one question for you. What would be the best way to locate wholesalers like yourself in our own real estate market?

Thanks again. 

@Brandon Sturgill Yeah, Beavercreek is about twenty minutes from me. 

I am in my senior year pursuing a finance degree at Cedarville University. I plan on returning to New Hampshire this May.

Thank you for all the warm welcomes today. 

@Brandon Sturgill I am currently in Ohio. Roughly ten minutes away from Springfield, Ohio. Or 45 minutes outside of Dayton.

I agree completely. Unfortunately my partner stepped out and didn't see anything wrong with it. I have called the installer and he is coming back to take a look at it. I just wasn't sure if it was something that was a common practice having the seams themselves not line up.