All Forum Posts by: Patrick Wheeler

@Jay Hinrichs Yeah in Mass there are daily auctions so I'm currently focused on trying to build a small team to be able to cover a much larger volume of auctions.

@Jeff Filali That amount of purchases in the past 10 months is encouraging to me at least. Right now I believe in attending auctions as potential leads so trying to put in the work. I'm the one that currently does all the research and looking for ones to attend.

@Bojan Juric Sure thing!

@Jeff Filali @Jay Hinrichs Definitely appreciate the feedback. That is basically the impression I have received so far, so going to try and commit to attending a large amount of them for a period of time and see how it goes. Also trying to get another body to help out so I don't have to attend every one.

Jeff over what period of time have you made those 6-7 purchases?

@Rich Hupper I hear ya. Ultimately, this reinforces my preference to get to these sellers before they lose their home to foreclosure.

@Rich Hupper I have a couple partners so we make all our purchases using LLCs.

@Igor Komerzan We aren't doing the work ourselves, rather hiring all the work out. One of my partners is a developer so he has experience acting as a GC which greatly helps.

@Igor Komerzan I'm not a flipper, but I am working on a BRRR right now. We don't have a GC for the job, but you just need to make sure all the proper permits are being pulled for the work being done. Not the most insight, but I'm sure an experienced flipper will be able to answer this better.

@Lauren Lockett Thanks for the reply. I was just checking out Auction.com yesterday. I just spoke with an auctioneer this morning while attending an auction to get some more insight into the process, but definitely plan on asking others as well. A couple quick questions I had were:

Is there a way for attendees to get an idea on whether or not the bank is going to have their own starting bid? Last mortgage on the property vs. what the property is worth, etc.

Why are auctions often times postponed or cancelled? Did the seller file an extension, declare bankruptcy, sold the property, etc.

Also curious if anyone knows if Mass also hosts auctions at the courthouse steps or just at the properties themselves.

@Garrett Pfau You mentioned your lease ends in August, but if you would like to get started looking at properties and getting a better feel for the prices in those areas let me know. I work with an agent that finds a lot of properties for people in your similar situation.

@Rich N. Great tips! Much appreciated. I definitely don't intend on having any long running issues without fixing them.

@Rich N. Very helpful information. I have a 3-family that I am looking to rent to Section 8 in April once renovations are done so it's great to get some more insight into how exactly their process works.