All Forum Posts by: Peder Moore

I grew up and lived in Anacortes for 20 years. Every time I go home to visit family I'm amazed at how gorgeous the place is although as a teenager all I wanted to do was leave. I hope to one day get a vacation house there but it would be a "toy" and not necessary an investment. Best of luck to you Gary.

Glad your OK! I can't think of how many times I have turned the dryer on as I left the house.

Personally it was 100% the best 1000 dollars I have ever spent in my life. 

I hope I can put into words the whole story.........

My wife and I bought our primary residence in 2009. It was a foreclosure and an awesome house for a "starter home" it was a great deal and we just were lucky to buy when we did. About 7-8 months later I came home to a notice of sale on posted on my door. This was long before I thought about real estate investing and being young and dumb I discarded it and didn't think anything about it. About 8 months later I came to a notice from a company saying they had bought our house at an auction, call this number, get ready for an eviction etc etc. I called the number very confused and was spoke to a rude gentleman saying yes I bought your house at an auction and called me by the previous owners name who had been foreclosed on. I told him he had the wrong guy and I called our realtor who got us in touch with our title insurance and it turned into a 2 year legal mess.......

Long story short the previous owner who had been foreclosed on had taken out a Heloc from a large national bank. The bank had the position that they wanted their money "around 60,000" from the HELOC and the loan was not reconvened when the foreclosure took place. Basically there was one box that was not checked stating that the loan was closed. Meanwhile the company that bought our house at the auction filed an unlawful detainer against my wife and I. There was three main parties: my wife and I, the company who bought our house and the national bank who wanted their money from the HELOC.

Fidelity the company that "underwrote our policy" was amazing! They got us great legal representation that put a hold on the unlawful detainer. They asked the national bank to undue the sale  basically let it go, they refused and hired a lawyer to defend the company.

Fidelity payed off the company that bought our house. They did a  quit claim deed back to us and got one party out of the picture. They did so all while being very clear to the national bank that we would sue them for damages because the entire time our position was that it was an illegal sale and the Heloc was legally  reconvened during the foreclosure prior to us purchasing the property. 

This all took about two years to sort out......CA can take forever for the court system to finish. When we finally had the trial the judge took one look at our case ruled the sale illegal and allowed my wife and I to sue for emotional damages and Fidelity to get there money back and lawyer fees (which I don't even want to know).

The bank quickly settled and we got a small settlement which after taxes was soooo not worth it. Fidelity received some compensation as well.

At the end I was so thankful for our amazing lawyers, fidelity for defending us and my wife for not killing me for throwing the notice on the door! I was an idiot and it could of turned out very bad for us..

Good luck I live in Whittier. I have been reading everything too these past couple of months. I'm trying to save like crazy to get in this game.

Hello from Los Angeles, thank you for your service. Good luck!

The only experience I had with them was about four years ago on my personal residence. I heard a great deal on t.v. But the next day they wanted about ten dollars a square foot! for hardwood floors....

Greetings from Whittier.
Good luck

Thanks so much Brandon. I grew up in the Northwest for 20 years and moved down to Los Angeles to attend college. The markets gone crazy here and I just don't think I can make it investing in my area based on my experience and savings.
I think my best option is investing in an area I can afford, am familiar with,and have a support system in place. I think I've read the beginning guide three times this week as well as listened to the podcast along with several other lol. Thanks again for putting all this knowledge out there I'm trying to soak as much in before I get my feet wet. I appreciate it. I'm a meat head football coach who has always been fascinated by real estate.

Thanks for the heads up Michelle I had no idea. I'll look into this for sure and if all else fails go the property manager route.

Thanks for the pleasant welcome.

A warm greeting to everyone. I currently live in Southern Ca and looking to jump into this game next year. Trying to learn as much as I can by reading everything.
This website is amazing. I have learned a ton in just one week. Thanks so much for all of you who have made money in real estate and share your knowledge.

I'm looking to invest out of state in Northern Washington. Buy and hold and try to get some property's cash flowing. I have a amazing sister who would run my properties and my best friend from high school is a carpenter. Looking to learn save and jump in soon.