All Forum Posts by: Tony Nguyen

Thanks for all the replies.

Steve - your break down is appreciated. I was actually in fact inquiring about Max Bids. Here in Central FL, all opening bids start at $100, but the max is going to be all different based on the lender. That is where I'm getting stuck. We do the research on ALL properties that fit our perimeters, but rarely bid b/c most of the max bids are higher than what we want to pay. With that being said, if we knew the max bids ahead of time, we would save much time with the due diligence process.

Sam - Thank you for the advice. We were warned about this initially and definitely do our homework to the best of our knowledge. I've heard of those nightmares and hope I don't have to go through anything close to that!

Jimmy - Thank you for your input. With tax liens here our my area, an opening bid of the tax deed sale is what is owed in taxes, but it runs up to as high as someone wants to pay. Sometimes deals are stolen there and of course there are those times where people like to pay 101% of market value =)

Sam - thank you for you correction! Yes, opening bid is what I meant. I will give that a shot. Thank you for your advice.

Hey guys,

I was wondering if anyone knows how I would be able to get the max bid amounts for properties going to foreclosure auction before the auction sale date? As of now, I find out by going to the auction everyday and It's a war having to go through due diligence of 100 properties just to buy 1. Knowing the max bid up front would save so much time!

Any advice would be greatly appreciated. Thank you everybody.

:D

Thank you so much for everyones reply! I am a new member so seeing the instant support and response is pleasant.

From what I've read so far from you all, if I want to hang onto the properties at the 10 year mark, here are my options;

- sell the property
- get a conventional loan
- get a private loan
- ask the seller/lender to extend the balloon date

I guess my only concern with getting a conventional loan is how it really limits your growth when you reach a certain number of loans. Also, with a private loan, chances are rates and cost will be very high. I guess selling and then 1031ing the property could be advantageous in this case or best case, having the seller/lender agree to more mailbox money.

I am negotiating a deal right now where the seller is willing to carry 90% of the loan for me for 10 years. Is my only option at the end of the 10 years is to sell? My goal is to hold onto these properties to build my wealth, not sell every 10 years. Please help! :D

congrats on your first deal! keep it going!