All Forum Posts by: Jim Bob

worked great sold it as is for 125k after renting it for 6 months.

I have a 5.5 acres with house and shop in emmett id 15 miles from meridian I'm wholesaling at 120k if your interested.

I called a couple just to see what their tactics were. I offered them one of my properties at 15 k under any comparable and one offered half that amount. I asked him does he ever actually get people to basically hand him a crap load of money by doing that and he said all the time. Yeah right.

   The other wanted me to do seller financing. I  said ok what kind of terms and the guy didn't know how to respond and said he would get back to me. These guys are dreamers and bird dogs and really just seem to be wasting everybody's time and maybe occasionally really rip a super naive person. I was not impressed.

I owned a towing company and had a deal with sheriff to clear out properties being served a writ of execution and sometimes auctioning off items at my yard. 

I had family members bid at the auctions and bought items for pennies on the dollar. Some notable items were a numerous vehicles including a 65 fastback mustang and a 05 vette, over 50 k in tools, tractors, farm equip,etc.

Those were the good ones but we also had to  do writ of possessions on evictions. One was a mother and son paid 1st and dep and no more. Took owner a year to get writ done and we had to move them. They were hoarders and animal control took over 20 cats out of the house. The son was a transvestite drug addict with needles and porn and costumes and pics of his escapades everywhere. [HE WAS A COOK at a DENNY'S SCARY!] I still itch and have smell flashbacks everytime I see a cat and havent eaten out in that town since. We took over 10 loads with 21 foot flatbed trucks off the property. I had to store the good stuff per Sherriff and dumped the rest in my yard. Landlord [1st time investor] had to pay me and I felt so bad for her I gave her really good deal.

So the tenants call wanting their stuff and they were supposed to pay the moving fees but I told them you take every scrap of your junk off my property I won't charge you a penny. They never showed, so I got stuck with getting rid if it. I called a guy with 2nd hand store and gave him everything free if he moved it all and he told me he made a bunch of money on the huge collection of antique coca cola stuff.

 To give you a idea of the nastiness of this place. As a teenager working construction, I helped demo a house a guy died in and wasn't found for weeks. He made  goat cheese in his living room on a wood stove, it had a dead St Bernard in it and trails through the house in between the empty canned food containers and this place looked like a hospital compared to the tranny house.

Hello new guy to these forums and have been doing a little research on here about auction properties. 

I have bought a few homes through REO's and Trustee auctions with great success. I just bought the pictured home yesterday at a Sheriff's auction.

Paid 93k one other bidder, only one lien for 1st and bank had credit bid at 83k. Owner deceased and bank, HOA, IRS listed on notice. Home is in great condition it has sat for a year winterized and maintained by property management company. It is a easy flip with new carpet and clean up at $125k which is $5k less than any comparable or easy $800 mo. rent as-is on short term lease.

My question is about the 6 month right to rescind? I would like to flip ASAP but will not be granted clear title for 6 months and I would rather not rent to non-buyer. Is there anyway around the 6 month period? If not do I insure it? I already changed locks and have utilities ordered. I don't plan on improvements until clear title. My thought is advertise as Lease Purchase, not a option, but a purchase and sell agreement with a closing date with conveyance of clear title to me and discounted rent paid until closing. Thinking about like 5k down with 4k credited to buyer at closing for their down payment, flooring allowance, closing cost etc. 

Thoughts, concerns anything I have missed?