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All Forum Posts by: Toni Annis

Toni Annis has started 8 posts and replied 35 times.

Post: Finding where in forecloser a property is

Toni AnnisPosted
  • Alcova, WY
  • Posts 37
  • Votes 6

@Amy Herzing thank you. That is good to know. It seems there are just a couple of realtors in town that handle most of the foreclosures. I'll talk to them and see what they can tell me. 

@Michael Williams I honestly don't know. I don't get the paper. I will definitely pick one up and check it out now though. I never thought of that. Thank you.

Post: Picking a Real Estate Agent

Toni AnnisPosted
  • Alcova, WY
  • Posts 37
  • Votes 6

@Jennifer Needles do you know of a good way to find hard money lenders? There is only one property manager that isn't a realtor also here and I haven't had much luck in actually getting a hold of him. When I email he says to call to further discuss it but when I call he doesn't answer and doesn't return the call. His loss he was the property manager I was going to hire until that. I am finally starting to find some investors around here so that's a plus. There aren't many locals from my area here on BP but I have been meeting some investors lately so that's a plus. I will ask them. Thank you for the advice!

Post: Finding where in forecloser a property is

Toni AnnisPosted
  • Alcova, WY
  • Posts 37
  • Votes 6

Thank you @ Nathan G.

Post: Picking a Real Estate Agent

Toni AnnisPosted
  • Alcova, WY
  • Posts 37
  • Votes 6

@Nick Hamas thank you. I will just have to shop around a bit I guess. Being so far away I'm assuming you use a property manager mind giving me some input on what you know about the managers around here?

Post: Picking a Real Estate Agent

Toni AnnisPosted
  • Alcova, WY
  • Posts 37
  • Votes 6

How do you pick a Real Estate Agent? There are a lot of agents in my area but I have no idea which ones are investing savvy. I have my suspicions based on my online research and what little bit of interactions I have had but I don't know for sure. I am looking at buying another property in the new future and it looks like I might be on a time crunch with a potential 1031 exchange so I'm trying to get a jump start and looking at my options now. Do I...

A.) Find the properties on my own and just call the listing agents?

B.) Pick an agent and just hope I pick the right one. OR...

C.) Type up an email explaining our goals, strategies, and property criteria to send to the ones I think are investor friendly and know about property analysis and see who responds and what they bring me?

Also, if I do hire a buyers agent but then find a FSBO property do I still need to use my agent or can I go forward on my own with such a property.

If there are any investors on here from Casper, WY, or the surrounding areas, that knows anything about the real estate professionals in our area (agents, Lawyers, CPA's, etc...) I would love to talk to you and get your input!

Post: Finding where in forecloser a property is

Toni AnnisPosted
  • Alcova, WY
  • Posts 37
  • Votes 6
Originally posted by @Nathan Gesner:

And I'll jump on the bandwagon and second what @Jerry W. has said. Watch the foreclosure announcements in the paper. They run the same announcement three weeks in a row which is plenty of time to research. I've been attending the "auctions" at the courthouse steps for about six months and only one person has bid on a house; all the rest were bought back by the lender. The one person that bid? My friend bought a house for $19,000 and it's a steal of a deal! Owners had a ton of equity in it and it's in decent shape, needing only cosmetic repairs. I suspect he'll put less than $20,000 into it and after-repair value (ARV) will be in the neighborhood of $130,000.

Do your research. Many foreclosures have hidden liens on them. For example, I saw one last month that had an ARV of $150,000 and went to foreclosure for $65,000. That sounds like a good deal until you find out there's a medical lien of over $100,000! If anyone were to buy it, they would have to pay off that medical lien and end up in the hole. I usually look at the amount owed (published in the newspaper foreclosure notice) and then check the county records for tax-assessed. In about 90% of the cases, the individual has hardly any equity and the auction price is going to be close to market price, making it a bad deal. If it looks like they have enough equity to make it worth while, I'll dig deeper, drive by, etc.

I work with a local investor/flipper that has offered to be my private-money lender if I find another good deal so I'm just biding my time. So far, I've only seen two in six months that were worth the trouble and the one my friend bought was the only "great" deal.

 @Nathan G. How do you find out about other leins?

Post: Newbie from Casper, WY

Toni AnnisPosted
  • Alcova, WY
  • Posts 37
  • Votes 6
Originally posted by @Ingrid J.:

@Toni Annis Welcome to BP! I can relate to having no REI clubs in the neighborhood (or country for that matter...). Congratulations on your first deal! A lot of people are scared of making that first purchase.

If you want to learn more about 1031's I can recommend this video by Matt Faircloth, one of the BP podcast guests:

https://www.youtube.com/watch?v=-A0M6nKjSSE

 Thank you Ingrid! Will definitely look into it! 

Post: Newbie from Casper, WY

Toni AnnisPosted
  • Alcova, WY
  • Posts 37
  • Votes 6

@Andrew Syrious thank you! 

@Mike Wright yes our market is Casper although we aren't afraid to invest in some of the smaller surrounding communities as well. Hardest thing about our market is the drastic swings it takes following the oil & gas and coal industries. On the upside paying attention to those markets you can predict the swings fairly accurately.

Thank you so much for your optimism from you both! Glad to find a place where people actually have a positive outlook and don't make us feel like we're crazy. Lol

Post: Newbie from Casper, WY

Toni AnnisPosted
  • Alcova, WY
  • Posts 37
  • Votes 6

Hi everyone!

Total newbie here from Casper, WY (well actually Alcova, WY but close enough... who's ever even heard of Alcova!?). My husband and I live on a ranch outside of Alcova and are starting some real estate investing in order to get more passive income to live on without having to work off the ranch. We enjoy being out here full time and raising our awesome boys way too much to be stuck in a 9-5!

So far in our investing carrier we've made one deal. We purchased a mobile home lot with a mobile home that needed some repairs. We fixed up the mobile home and planned to rent it but our "buy and hold" quickly turned into a "fix and flip" =O Now here we are quickly trying to learn about 1031 exchanges (which some of BiggerPockets members have already helped out immensely with!) and seeking out a replacement property right on the cusp of one of the ranches busiest seasons. Oh well, never a dull moment around here... We'll make due and get 'er done.

One of the biggest things I'm struggling with as a newbie is making connections and networking. There are absolutely no REI clubs in the area or even the state as far as I can find. It seems like when we tell people what we're doing we're either met with "Well good for you..."(but their face says they think we are crazy) or people will tell us we are nuts and they have some failed story to tell you all about. We have A LOT of real estate agents in our area for the size of our town but I'm struggling trying to figure out which ones are investing savvy. I'm struggling with tracking down a lawyer that specializes in real estate. It seems like all the investors around here like to keep secret that they invest.

I'm hoping you great folks on here have some good advice for me and I really look forward to interacting on these forums and learning as much as possible! We have an hour drive to town from where we live so my husband and I have found that is prime time to listen to the podcasts! Thanks everyone!

Post: Need help understanding 1031 exchange figures.

Toni AnnisPosted
  • Alcova, WY
  • Posts 37
  • Votes 6

@Dave Foster thank you so much!