All Forum Posts by: Joe Pitrolo

I guess 12k for a property that only needs 10 k and would sell for 80 , shouldn’t be a slam dunk.

     What’s your approach with Auction? Try to hit the reserve ? 

   It seems a bit frustrating and I hate to quit completely . It does seem to get s decent deal you have to spend close to the reserves.

The courteouse auctions typically go back to the Bank and then go to Auction.com.  This was an reo and I was told since I didn’t meet the reserve, the bank has the option of reviewing and rejecting the offer, but hey , I can bid again and win and get rejected again!   apparently a property can be “sold outright “ or “subject to,” which mine was and lender can review for 15 days while sitting on my deposit and probably earning some interest.   I should have know WF is a unscrupulous company 

I am the winning bidder on a good deal with Auction.com. I get all the paper work in quickly along with a $2500 deposit. I liquidate some funds from my brokerage account to show proof of funds and wait on Wells Fargo to approve my offer. So after waiting almost 4 weeks, not ever worrying that they would reject my contract after I won the bid, they reject my offer and say they will begin to refund my deposit.  What a joke. I've purchased 2 good deals on auction.com, so I'm not sure who to blame, auction.com or Wells Fargo. Either way, this is a big disappointment and has really tied me up financially for the time being. I sincerely doubt I will get any interest on my funds and I'm sure the contract is bullet proof not in my favor. Before this, I would highly recommend Auction.com    

Update, this deal fell through. Auction.com and Wells Fargo hold my 2500 deposit for a month and tell me they are not accepting after I was the winning bidder! oh well.  On to the next one.. 

Sounds like this is a tenant. If you do some quick research , ask the Hoa President or check tax records, you can find the owner and go to him. The tenants have zero incentive to help you out , so honestly if they are blocking your drive , just tow them.

Wow Deb, Thanks. You should add that to the BP blog post, very helpful.

I never considered structural engineer report and what room additions might do.

I am waiting back from WFargo to see if they accept my offer.

  This home was built in 2004 and on permanent foundation. At one point, financed for 100k, so I think it will fly and worst case, owner finance.

Cryptocurrency  is fascinating and something us investors need to keep up to date on. I think it will be more prevalent in the future and we are just at the beginning of a gold rush, lots of opportunity, but scary also.  I'm in the stage of trying to gather as much info as possible, listen to podcasts, read free books on Kindle prime and possibly take baby steps to get a wallet, hard storage and invest a small amount.  

You can also invest with a self directed IRA. Etherium is an interesting currency because it is a contract currency. Good Luck.

Thanks for the suggestions. I will keep everyone posted. I purchased through an auction and am awaiting closing. Its good to know FHA is an option and Laminate is a good suggestion.

We have an older building and looking to add office space or apartments,  1 to 2 bedroom.  Recently we excavated some of an old paint booth and the worker pulled out a hydraulic small tank for a lift that used to be in operation. A small amount of oil did spill and he removed the tank.   This was an auto body shop and paint booth for over 20 years and not used for mechanical work much at all.  I would like to finish it out and add retail or apartment space.   I spoke with an environmental firm about doing some elementary Environmental testing and they gave a  proposal simply in hourly amounts.  Without any definite $ proposal, this scares me in that it could be $500 or $10,000. 

   They recommended we speak with the Brownfield people to see if funding is available for testing and cleanup.  

  When the tank was removed,  we were excavating not to remove any tanks, but because the concrete floor had buckled and we were told we had to level it to be able to continue to use it.     We have since poured a new concrete pad.

 Has anyone had any success converting older garages to office or apartments?

 The back is the paint booth,  I thought about using it as a structure to build a 1 bed apartment and make an exit door on the other side.

The oil in front is from my maintenance person using the bay to park his truck.

I just purchased a 4 bed 2 bath 2004 Mobile Home on 1 acre with a Septic system and permanent foundation.  It had a 100k mortgage at one time.  I am expecting to have around 25 to 30k in it and probably try to flip or rent to own, aka Lonnie Deal. 

    I am including some pics. I was a winning bidder and was very surprised that the unit was not destroyed inside, but mainly needs new flooring.

    Looks like laminate in the Kitchen.  With a manufactured home, for flip purposes, would you go with laminate or hard wood?  Carpet in the bed rooms?

  It looks like I will need to do some landscaping, gravel driveway, crush and run and some shrubbery.

My realtor said that she thought banks would have tougher lending standards for manufactured homes and FHA may not be available?

 I would also consider selling about 10% under value to get a quicker turnaround.

The Septic system could be a land mine if its inoperable, hopefully not.  Also, I'm not sure about the heating and Cooling system yet.