All Forum Posts by: Raimel Diaz

I personally do not collect rent in person. I made a bank account just so the tenant can deposit the rent themselves at the bank. Make sure you make an account with a bank near the tenan/property.

Why not let the seller know you're going to sell the property for more than what they are selling it to you? I think you could have been more clear from the beginning with your seller would have helped you avoid all this running around. Reputation will always follow you, alway work as clear as possible with your seller and trust will never be lost.

Hello everyone. 

I won the bid on a Florida property at an online auction. They are waiting for me to submit the PS and escrow. The problem is that the bank won’t allow access to enter the property at all, until the title is transferred. I’m trying to purchase this property using a hardmoney lender but the lenders  I have spoken to have told me the same “ it’s a no deal without access to the property for appraisal”.

This is a great income producing duplex and I would hate to let it go. Unfortunately I’m on a 48hr time limit to sign the PS and submit the escrow. But I don’t want to put 5k in escrow at risk if I can’t get funding.

Have anybody have gone thru this situation before? Any advice on how to move forward with this deal? Your input and advice are greatly appreciated.

 Good morning BP. 

 Just wanted to share my  experience lately using auctiondotcom.  The past few weeks I’ve been looking at properties that I’ve been interested on that web page. Ended up finding a few of them that I was interested.  Obviously after doing my homework on each of those properties I settled on one and decided  to submit and offer.  The next day auctiondotcom calls me  to asked a few questions regarding the property I was the highest bidder on  (I said sure). 

Representative: We see that you are the highest offer on the property and would like to see if you would submit another offer to get closer to the reserved price? 

Me: No, why would I do that I am the highest offer? Why would I want to  inflate the price of the house?

representative:  We courage our bitters to get closer to the  reserve price so the seller will consider your offer. Also  what was the reason you offer that amount?

Me: Because the property needs a good amount of work. All mayor components need to be replace and also that‘s  where we are comfortable at bidding.

Representative: What’s going to be your final offer? Just so we can update our system.

Now, I’m pretty sure that auctiondotcom or any other online auction company has the rights/authorization to submit counter offers on behalf of the seller(in this case the bank). By me giving them that information wouldn’t they try to squeeze a counter bid to my higher offer to see if I bid one more time?

Another property I had on my saved assets they even asked me to bid on it since I had not bid yet. I explained to them that I will bid the property when the time is right.

Has anyone experienced anything like this with this company or any other? I have purchased properties through other auction websites and never had them call me asking me those questions or  telling me to bid on the property.

@Michael Ablan Thats completely true.

@James E. @John Warren. Thank you both your input. I didn't really use the wording "BRRRR" because I knew they wouldn't understand. Mainly try to explain the process I was using to acquire more properties, and how to expand. Yes maybe I need to find another lender who understands the process or have dealt more with investors.

Good day everyone.

Im in the process of finding a bank that would allow me to do a cashout refi. Now is there is correct terminology for Cashout refinancing when speaking with a bank? When I was speaking with the loan originator regarding my plans on purchasing the properties and explaining that I was doing the BRRRR strategy in order for me to take out 75-80 percent of the ARV, the loan originator seemed confused on my strategy because they thought I was taking avantage of them by taking money out. Instead I was offered a construction loan/203k. Am I not explaining it correctly to the bank? Should I not used the "cashout" refinance wording?

@Maria Luna I would stay far from doing month to month as much possible. Try setting up a good screening system for your tenant and get them on a 1yrd lease.  The month to month doesn't really give you, the owner much protection or any.

 Whatever you do do not give a discount on the rent for that month.  Its going to set a bad example for when something happens again. They are going to expected you to discount the rent.  Just buy some space heaters in the time been. And call the  Home warranty company,  speak to supervisor so they could send someone ASAP.

I own a duplex and just finished a flip winter spring. It’s hard find a deal but lucky my wife is an agent and having access to the mls is a huge plus.