All Forum Posts by: Philip Williams

@John Corbin Almost all of these are already listed at online auction sites so cleaning them out and then sending them back to the same auction sites would be a little redundant. Although to be fair I will be the first to admit that I don't understand banks in the slightest....

@Account Closed Yes I have heard that as well, again back to not understanding banks. It just seems pointless when the "free market" has spoken, the asset it not worth what they wanted so keep it longer and continue to lose money??

@Wayne Brooks thanks I am aware of that I meant more of what do they then do with the property? Do they continue to market it or accept bids or? Someone then buys these properties but not really sure who to contact after they have went back to the bank at auction. The law firms representing the banks are generally very unhelpful and unwilling to even have a conversation. 

Hi all was looking for a little help, I go to real estate auctions daily and often times properties are overpriced and no one bids. What happens next, do the bank just shrug and list with a realtor, put it up again months later etc? Can you put in a back up bid with the law firm representing the banks? Any and all help would be greatly appreciated!

My worst deal was a 6 unit seller financed apartment building, I lost the most valuable asset we have....time. I didn't do enough homework going into the deal, I knew that worst case I would just sue him and get my money back lol. Which isn't as easy as it sounds, yes we won the lawsuit, yes we recovered every cent we had into the deal but oh the time. The lawsuit should have taken about 9 months according to our lawyer and we were on track......8 and a half months in and the building mysteriously caught on fire. That dragged out the process about another 9 months, in the end we got a nice big check for all our money into the deal and our lawyer fees but that's a year and a half of paying lawyer fees instead of investing.

I don't know if I've ever offered what the seller was asking! Seriously I would be more worried about getting too many accepted offers than the other way around. If your offers are always getting accepted you are paying to much for properties. 

@Eric Calabrese I guess it depends what stage of your investing you are in, I was in the right around 20 units spread across a bunch of duplexes. It was so time intensive for a few reasons, although everything was relatively close to each other I spent a lot of time running between units doing a lot of low dollar tasks. I realized there was no way to scale with the way I was running my business, if I added another 20 units I would just get double the work load lol. Since you say you invest out of state you definitely need to have a great management team. Where do you invest?

@Eric Calabrese Management like your property managers or managing tenants yourself? I used to self manage everything and I cannot even imagine doing that again. It was such a waste of time energy and money. If your referring to your property managers then you should fire them and get new ones! Your property management team shouldn't be a pain for you. 

Banks defintely banks.....I can handle the tenants but I can't make the banks loan me money lol

Awesome job man and great numbers!

Well I've gotten plenty of motivation from around here so i'm glad I can provide a little bit back!