All Forum Posts by: Luke Carl

Michael Hicks I haven't bought a mess paper in years they still exist? Is there a way to find the newspaper ones on line?

I've heard so many horror stories and success stories. I'm making the plunge this week and going to an auction. I've heard you have to go to every single auction and get to know the bidders and often times throw hundred dollar bills at them to let you be the high bidder or they may outbid you just to keep you from coming back. Any truth? 

There are two properties I'm interested in on Auction.com. One goes up for auction this Thursday. I've driven past 3 times. It is occupied. It's clear they couldn't pay their note but it doesn't look in bad shape. HVAC is probably shot. The German Shepard makes it clear they don't want visitors. Auction starts a 80k, theres a house two doors down under contract for 168k. 

The second is in a different county (same town) and goes up for auction a week later. Its about the same size same shape same school district (one of the better ones). 

Are there more properties being auctioned that aren't listed on Auction.com? 

Any suggestions on how to approach things my first time out? My plan as of now is just to learn, but I'm closing on a new property on Wednesday so I'm eager to get the next thing going. 

Are all the courthouse foreclosures going to be listed on auction.com or are they listed elsewhere? 

Jeff Lezark great advice Jeff! Let me clarify This isn't a primary residence. It's a "second home" much more then the designated 65 miles from my primary. More like 4 hours. I most certainly do live in my primary which I actually just refinanced yesterday to get rid of the FHA.

Jeff Lezark I think it's because the second home rider has a bunch of legal talk about time shares etc. basically I'm trying to protect my *** and no one has a straight answer. I guess I'll just listen to the lender and do what we're doing and stop asking questions

Jeff Lezark maybe I'm reading it wrong but your post seems to contradict itself. I'm really trying to play by the rules here but our lender is telling us this is what we should do.

Jeff Lezark but if I pay my note on time with Autopay they're not going to bother me? This lender told us today we can do whatever we want with it including Airbnb as long as we're in control.

Michael Greenberg so we are in a tourist area. Millions of visitors. Extremely rental friendly. I'll just let you guys know I went so far as to ask the lender because I am really not looking for trouble and I have no problem converting to an investment loan. They told me I'm 100% fine to rent it out as long as I remain in control and don't put it with a management company. And they sent this text in an email so I have evidence. Works for me!

I just assumed this was totally kosher but now I'm reading things that are making me worried. I have a 10% down vacation home conventional mortgage with PMI that I ended up putting on Airbnb and switching to commercial insurance. We do still go and stay there about once per month. Am I breaking rules??

Looking at buying a house down the street from me that's on 6 acres. Theres a large section of road front (have not measured it) that looks perfect to build a house on. What steps do I need to take to find out if thats possible? And if it is possible what are my best options for making money? Get it zoned for a second house, find a builder and offer it as new construction on the MLS? (it's in a hot area. There are very few houses for sale around here).

Thanks.