All Forum Posts by: Roy Benson

It's not likely.

Is the property still considered a "foreclosed" property once it is re-sold, or can the borrower receive conventional lending?  

BP,

Yesterday I attended an auction in New Jersey and gave my card to a Real Estate investor (call him Rick) who was buying properties.  I'm not in the market yet but I'm exploring with my bro-in-law.  

Rick purchased a property for $158k  and after discussing said he was going to "sell it quickly for around $170k."  

Is this common?  How quickly can you purchase/repurchase properties, and why wouldn't a buyer just attend the auction and buy it for $158k?  

Also, if someone purchases this property, can a buyer then get a conventional loan on it?  

Appreciate any thoughts on this scenario. Could be rather common, for I am somewhat new to this and trying to learn.

I won't be buying anything for quite some time, but I have liquidity and my partner has GC skills, so we're looking.

Thanks,

Roy

I think purchasing materials online is a great way to go, especially if you can have them delivered to the location (or nearby) you're doing the work to save you the time and energy of having to move everything.  

How did this property end up? 

Because of the divorce, etc, and his last home being underwater, he came up with very little.  Plus he has two kids to support, etc.  

Yes, he has general contractor skills, but currently still works in finance.

Hi,

Sorry if this is in the wrong category, but I'm fishing with a big net right now.

My Ex-bro-in-law is a financial planner, and ironically, he isn't necessarily great with his own money.  Divorced from my sister, 2 kids and liked to live larger than he should have been.

He has the skillset to practically build a home, minus the plumbing and some of the electric.  Comes from a family of contractors.  

He basically built 2 homes he lived in, sold them for a lot, then went underwater on the last, just before divorce.

That's a lot of info.

He recently asked me (it's not me) about Fix and Flipping because he has the skills to do it, and knows I have friends in the HML business. Except, there's no way he has the down payment, or the funds, on an investment property.

Any advice for someone like this?  Essentially, he's a newbie with the contractor skills.

Thanks,

RB