All Forum Posts by: Rick Mills

Thank you for all replies. Mr. Frasz, I will most likely be in touch.

Looking at a long-term hold.

Are there lending insitutions still doing loans for multi-unit properties ($250,000 & above). Most banks seem to be at at a standstill with the coronavirus.

It must be different in Missouri. The turn around time for me was only 2 weeks for the judge to sign off on the property and to receive a Sheriffs Deed. I'm not exactly sure but I believe it was a district judge who signed off on it. 

As an update, I sold and closed on the property at the end of last month for $63k as is. The only thing we did was clean the house out of all the junk and trash left by the previous owner occupant. Netted approximately $20k so it worked out well

Hi Sonya, I am fortunate in that being from a smaller community the regional USDA Director is easily accessible and the Director has been very open about the properties. She was very forthcoming in sharing information, including former appraisals. I actually went to the office and met with her one on one and developed somewhat of a relationship. I've bid on two of their properties so far and purchased one. In both cases, the winning bidder was responsible for 2015 taxes but I take that into consideration prior to bidding.

I did take it one step farther and had a title search done on each of the properties I bid on and both came back clean. The title searches were $80.00 each but worth the peace of mind.

It went very well. I had done my homework, including a title search on the property. The title search came back very clean so it looked like it could work out to my favor if the bidding did not exceed my maximum. Also visited the local USDA Rural Development office prior to the sale and they were very helpful, even shared the original appraisal on the property when it was purchased in 2009. The property at that time appraised for $120k. Based on local comps I figured the value at $80k+ in today's market.

There was one other person at the sale that bid against me at the sale but I still ended up winning the bid and purchasing the property for $37k. Presently, I'm just waiting for the sale to be approved by the court which should be in the next week or so. At that time I will receive a Sheriff's Deed and should be good to go.

Has anyone had experience bidding on a USDA Rural Development property at a Sherriff sale? This will be my first experience and would like to gain some insight.

Thank you all for your kind words. I've been blessed in many areas, especially with my partner in life, my wife Tami.  We are excited about what has been accomplished thus far in regards to our real estate investing initiatives and the challenges that surely lie ahead.

The properties we've purchased thus far have excellent cash flow and the ARV is significant in today's market so we are satisfied with the buy and hold strategy at present. Flips are always a consideration dependent on the property and the timing.

I've gained a considerable amount of knowledge in my lifetime through business and personal experiences, whether failures or successes.  The failures have always been valuable lessons and have used as stepping stones toward the successes, 

There are a number of things I personally would have done differently and investing in real estate at a younger age would have been one of them. Consequently, my passion is to give young people a hand up in life, whether it be by sharing my experiences or otherwise. 

I am 64 years old and started actively pursuing real investing last year with measurable success and attribute much of that success to the Bigger Pockets community.

Personally I find it exhilarating and look forward to growing my real estate portfolio.

Are there others in the BP community who began real estate investing at a late age?

Any input on the matter would be welcome.