All Forum Posts by: Jeffrey Jones

My wife and I are about to put a bid on a HUD house and have just missed the exclusive bidding period and the bid is now in the extended period for all bidders. My questions are:

1.  Does that mean no one during the owner occupant period put in an acceptable bid?

2. If the asking price is 404k, what is HUD expecting to get on this house?

3.  Do they review bids as they come in or could there conceivably be bids from the owner occupant period that have not been reviewed?

4. Should I be more aggressive with my bid?

Considering offering 400k and as for 10k of closing costs from seller.  City assessment is 404k.  THoughts?

My partner has never invested in real estate through an LLC. He's pretty much an old loan wolf. He posed a great question to me that I wanted to get feedback on here to answer him. He asked me this:

If we were to purchase bank owned home or attend a foreclosure auction, how would we show proof of funds as an LLC? Do we all have to put the amount of money we need to purchase the house into that account and have it sitting there while we search for homes? Or is there some other way we can provide proof of funds to satisfy auction requirements?

His concern, or course, is the cost of money sitting in the account that could be gaining interest in his personal money market account.  Anyone have advice on this process?  Thanks!

Thank you all.  Thats what I figured.  Appreciate the responses!

Hey Garret - thanks for this list. I'm new to this thread and am in VA. Richmond is close to my home base. I haven't checked it out and have been looking out near Shenandoa valley area for the mountain market. Can you give me more insight on Richmond area as I would love to know more and see what that area has to offer.

Anyone have advice on a way to find STR approved listings other than Rabbu. I'm consistently finding properties that are in STR prohibited zones. Would any advice on a better way to find STR prospects (particularly in VA).

Thanks Jules. Many of these are close to major Universities and "outdoor" attractions. Hoping to get the best of both worlds but definitely focusing on income producing properties. As far as VA goes - this is the best market for STR in my cursory investigation. My area - Va Beach is pretty STR prohibitive. Eastern Shore is okay but seems to be rather saturated and out of my price point. So it's our best option right now. Appreciate your post.

So thank you all for responding to this thread as I am new to BP and new to STR and getting back into real estate investing after 20 years of having no money lol.

Update seemed appropriate - looking in the Shannondoah region of VA as I am a VA resident and love to vacation in mountain STRs. I have reached out to started to reach out to agents via Rabu and have taken the advice of many in these forums and am doing research on AirDNA. I love the Harrisonburg/Broadway VA area. I know it's not FL or TX which seems to dominate BP forums, but I'm not interested in those areas. Anyone have any experience in these markets and know a good agent who can help learn more about the market. All I know is that the last three times I've rented an STR as a guest it has been in these areas and I'd love to own one for the income and the vacay potential.

Thanks all!

Thank you so much!

 Hi Shannon - I guess my first question is that I just looked at Furnished Finder and the monthly rents on there are not much higher than what people are getting for long-term rents for comparables to my home.  Does that mean my MTR market might be weak?  

My wife and are considering purchasing a new home (living there a year and turning it to an STR - totally other topic) and I wanted to see if anyone here had any advice on turning our current home into a mid-term rental instead of going long-term. We are in Virginia Beach, VA and near many different hospitals (traveling nurses). How do I even begin?