All Forum Posts by: Sharon Carter

Hello all,

Is it a conflict of interest for a HOA Board Member to buy properties from owners in foreclosure before the properties go to auction?

Thanks for any and all responses.

Congrats and keep going! 

Can't seem to win on offers. I've been using the ARV formula and making offers.

I called & signed up with WCAP but my relations manager is actually with SEED Cap. I don't know if they are affiliated with EPIC or not.  WCAP/Seed guides you through applying for credit cards that offer 0 interest for at least 1-yr. (I think they have a list compiled already) The cards go direct to you and then they guide you through getting the cash from each card of which also goes direct to your bank account.  The only money they get is the fee you pay from one of the credit cards they help you get and you have to authorize payment to them.  Everything is legit & it works.  There are some draw backs; having to make payment on the credit cards until you start making money, credit card companies can re-check your score & decide to make changes to the agreement, companies can decide since your score is now lower they will close your account, etc. I anticipated getting help from them with my first flip, however I should have paid closer attention because that part was verbal - not included in the contract.  To be eligible you must have a credit score of 750+.  Now my score is 638.  I was able to purchase a townhome & renting it out so not all is lost.  I'm preparing & planning to join a local group to learn more and start earning money.  Right now I'm overwhelmed & a bit confused!  

Hello all. I have used them, WCAP, Seed, F4F. Seems to be all under the same umbrella.  The beginning was fine, the fee was over $5k, did get the cash from unsecured credit cards however I was left to try to buy & flip my first property alone (haven't yet) when I was originally told ______ would walk me through the first in order to make the money to pay off some of the credit card balances. I'm now struggling to pay & 1 Co has added interest, another has closed my account & I've reached out to them for help & nothing.  I've purchased Brandon ' s books, watched webinars & now on my quest to buy & flip. I'm not giving up!   Any other questions, let me know. 

'God hasn't failed me yet'.

Hey Joe,

Be careful & keep in mind that although housing authority says the current pay is UP to $700 does not mean that is automatically what they will approve for your units. An increase that fast, possibly mid term of least makes it seem you're trying to get a 'greedy' title added to your name. Take it easy & learn first! Just my thought & 2 cents.  Much success! 

This is the addiction I want!  Great & I wish you continued success.

Hi Tammy & welcome to BP. Can you tell me what area your properties are located? Houston (alief, southwest) Spring, Katy, Humble, etc.

@Melissa GittensThe real estate agent has also left messages & sent emails and they are not responding to them either. They did tell me that this HOA/Management Co took over July, 2015 so they are under the impression that they've inherited these problems but they did offer any assistance.

@Robert MelcherYes,I have gone through the list on HCAD and lo & behold the foreign owners are all managed by the same company & all purchased their properties the same year - couple months apart.  I plan to do exactly what you've mentioned, mailing letters, contacting them whichever means possible; facebook, linkedin, etc. I have even found out the CEO of the management company along with board members so I plan to contact them as well. 

Thank you both for your response. 

Hello all,

Not sure if ya'll remember my issue with the lengthy closing process due to the owners being out of the country but NOW I'm having more issues. My first rental is a townhome and I finally received the keys, made some minor improvements and the tenants are moving in on tomorrow, 4-1-16. My problem is the company that manages the property. I have left numerous messages & emailed daily for 3 different people of whom the realtor told me is the direct contact to get the mailbox key, access gate key and find out about the designated parking for my tenants and have not received a response from either of them. I approved for the tenants to start moving small things in on yesterday and I received a call from them that one of the current residents got very upset because they temporarily parked in their assigned space while unloading. Needless to say when I got there several of the other residents were outside & starting telling me all the nightmares going on in the small community with the HOA/Management Co such as: refusing to repair/replace the gate w/ lock on the pool so one of the residents made a temporary fix & posted a sign; put a lock on the mailbox room & repair the broken window; repair one section of the driveway that has a large hole, make repairs to the exterior of several units; repair the back access gate as it is left open & anyone can enter at anytime; no proof of insurance to the small group of owners that still occupy their units and being assessed in 2013 with no explanation & no meeting since 2014. I wish there would have been a way to find out all of this prior to my purchase but now that I'm involved I'm in need of serious help, please. Majority owners are out of the country - like 75% and the HOA/Management Co handles all their units including collecting rents, etc. therefore I'm sure the owners are not aware of what's going on. I have started doing some research and will continue to try to reach the Management Co and/or it's CEO/owners. Can anyone tell me if they have experienced this before and offer some advice or remedy - PLEASE? Thanks in advance.

One last question for the out-of-the country owners.  Do you check up on the management company you have hired to manage your properties?  How often do you visit the property to ensure it's conditions?