All Forum Posts by: Jon Johnson

I don't have any experience with that but if you haven't already I do suggest signing up for a PRO account with Home Depot and grouping purchases over $3000 with a pro rep to the bid room for a discount. Also usually Black Friday has some good deals on flooring and appliances. I like to stock up for the whole year. 

Auction.com usually does 2 types of sales around here anyway

1. Trustee sale where the bank or anyone else may bid on the property and you will acquire the interest of the bank basically..just make sure you are acquiring the 1st mortgage which is 98% always the case. You may have to pay any existing back taxes and city/county liens and any junior liens should be extinguished from this sale.

2. Online auction where the bank already purchased it back at the trustee sale. In this case you will usually get a warranty deed or equivalent and the bank will prorate the current taxes and have already paid any back taxes or city/county liens. 

Normally either way is ok to acquire the property at least in the states I have done business. You might try knocking at the doors to see if the owner/tenant will let you in first and also ask if they have rental agreements or plans to move.

Good luck

They are likely considerably behind on the mortgage since its going into foreclosure so credit probably won't matter to them. I don't find notes help too much; its best if you can talk to them in person. Maybe propose to help them find  a rental and pay for a few months of rent in exchange and money to boot if there is significant equity. The issue that has always arose for me though is when I get the payoff from the bank the bank has added so many fees and bank interest charges (sometimes more than half that was actually owed on the principle) it didn't make it worth it and the bank would refuse to negotiate so it was better to buy at the foreclosure sale.  If you have more time before the sale you might just get the bank to push it back if you think you can make the deal work. Good luck. 

Townhouse with great rental income potential or clean and rehab for a flip. Out of town investor here. Can also be interested in partnering up with someone that wants to do a rehab and split the rental or profit on sale. Main floor is living room and open kitchen, upstairs 3 bedrooms and 1 bath, unfinished basement with garage. 

@Ming Ming Liu  I am not sure what you are looking for but I have a newer house I will be selling soon. 4710 Plum St in town. 2 bedroom, 1 bath.  All new laminate flooring, new paint, new roof, new light fixtures, newer windows nice big corner lot, will have new HVAC soon. $69,900. I would assume it would rent for $850/month. You can PM if interested. 

Seems like lots of properties in Knoxville that need some rehab work so I would imagine if you hunt you can find something as well. Good luck.

You will want to have a deed prepared and a deed of trust prepared for the financing. An attorney can do this; I would suggest Woodbine Legal in Nashville if you need someone. Good luck. 

Davidson County Nashville Tennessee

Woodbine Legal

@Todd Olivas

@Steve Dye

@Peter MacKercher

Thanks for recommendations.

Good morning

Recently put in a very low offer on a small brick home in St. Louis and it was accepted. The auction company is offering a 1.5% agent commission which is only going to come out to about a whopping $150 but its a free $150 if someone is an agent here in St. Louis and would like for me to list them. I need to send out my vesting info and agent info today. 

Secondly looking for a referral for a title company there with decent closing fees; I have to pay buyer and seller closing costs on this deal and some in TN and GA will charge less if both use the same title company; unsure about this in MO but please any investors let me know who you use.

I did drive by the property a few weeks ago when I was there and the outside looks decent and the neighborhood looked occupied which was good; it's just a small 900 sq ft brick ranch. After closing and I get inside I will probably look to wholesale it but if it only needs maybe just paint and cleaning I might do a rental if I can find someone there to manage it if that area is ok for rentals. Don't know much about the St. Louis market. The area is called "Castle Point". 

Thanks in advance.

Is this a high moisture area like a basement floor or just a concrete slab in a relatively dry climate? If it's a slab then you are probably ok with the pad. I've had several laminate floors laid on slabs and the contractor didn't lay a vapor barrier and only one of them moved a little. If it's in a basement I wouldn't take this chance at all though.