All Forum Posts by: Kevin Harrison

I’m looking into purchasing a property at auction. The property is currently posted on the county sherrif’s page with a mortgage company and amount owed. My question is this: before the am date of the auction 3 weeks from now, is there any way to find out if the mortgage has been paid and brought back to be in good standing, hence avoiding foreclosure and removed from the auction altogether? Are there any tools or methods to find out the current standing? (Still in default or paid up)?

As far as I know, the county does not update the list of properties going to the foreclosure auction. Unfortunately, I think potential buyers have to show up at the auction and will find out at that time if the property is still being foreclosed on or not.

Thank you all.

Quote from @Sunil Pinto:

I would like to post my experience in dealing with REI. They were a good company to start with but seem to have lost their way off late. Their charges for repairs have gone up the roof and they are not competitive at all. They don't provide any invoices for expenses and hold you at gunpoint so to speak. I would run away from these monsters as fast as possible. Especially their Texas properties in falls forthworth area is under terrible management. They just looking to bleed the investors so they are forced to sell. Death by thousand cuts….

Could you shed some more light on your experience with REI Nation? Most comments I’ve read are positive and then this one was a shocker. I’ve been seriously considering working with them to jumpstart my REI journey.

@Zach Lemaster

Thanks for explaining this for me. I love the numbers on these properties and hope to be speaking with you or your team in the near future.

@Patrick Bavaro

@Zach Lemaster I'm curious how insurance is handled on these. The insurance premium posted on your listings look like basic insurance, but aren't these builds (or basically any Florida properties) in an area with high probability of flooding/hurricanes? Wouldn't flood insurance cost an additional $2-3k per year? Or am I mistaken? thanks

Those terms (3.5%) seem pretty nice for an investment property! I've just discovered and am considering one of these new builds with RtR. Thanks for sharing and good luck!

@Patrick Bovaro, if you feel comfortable sharing, what kind of terms are you going seeing or being quoted for on this deal as far as your financing is concerned? 

Hi everyone, I'm looking for some feedback on a foreclosure at auction. Amount in default is $304k, no other liens, tax payments are current. The owner moved out of country and his son was living in the home and not making payments. It's been vacant but I've seen the inside...needs cosmetic work, paint and replacing carpet. Mechanicals are sound, roof is good. I estimate up to 20k in costs. Similar homes in neighborhood are 425-475k. Auction rules are 20% down on day of sale, and 5 weeks to pay the balance remaining on winning bid. If I were to win this home, I was thinking to use my own cash for the down payment and secure short term financing to complete the purchase. My plan would be to use my own cash or my HELOC to fund the rehab. Then flip for profit. What things should I be aware of? This is new territory for me. What is the best way to obtain this short term financing? I have never gone down the hard money road but am curious as to how easy this would be. There's a good chance the bidding will go higher than I am willing to go, but in the event that it doesn't and I can secure this home for 325k or less, I feel like there is minimal risk. Please tell me what I am missing in my thought process.

i was wondering how everything is working out or has worked out with this deal as i have an opportunity to do a similar deal in my state. 

I have seriously been considering started my RE investing journey with Memphis Invest and would also love to hear updates on your experiences of how it has gone. I also would love to hear more specifics with the numbers: my goal is COC 12%+ and want to know if this is realistic with Memphis Invest.

Thanks for this update! I’ve been looking to start with a TK property as well. Question is: Since hindsight is always 20/20, would you do it again