Everyone wants to buy a foreclosure until they get to see inside the property

[Bruce Lynn]

Everyone wants to buy a foreclosure until they get to see inside the property.

Look at what this guy won at the tax foreclosure option.
https://www.13abc.com/2024/02/25/buyer-beware-local-man-buys...

It's not always pretty, profitable, and fast flipping like they show on TV and YouTube.

[Chris Seveney]

Quote from @Bruce Lynn:

Everyone wants to buy a foreclosure until they get to see inside the property.

Look at what this guy won at the tax foreclosure option.
https://www.13abc.com/2024/02/25/buyer-beware-local-man-buys...

It's not always pretty, profitable, and fast flipping like they show on TV and YouTube.

 As an investor who invests in distressed debt. What they are showing in that link is normal. You cannot believe how people live.Our typical trashout is 3-5k, most of time water is not on or power, they use the house as one large toilet. Seriously its worse than animals living in these places.

But go ahead and bid it as if it is nice and clean. If you do not bid it as a full gut rehab including removing the floors and joists, good chance you can lose $.

[Bob Stevens]

Quote from @Bruce Lynn:

Everyone wants to buy a foreclosure until they get to see inside the property.

Look at what this guy won at the tax foreclosure option.
https://www.13abc.com/2024/02/25/buyer-beware-local-man-buys...

It's not always pretty, profitable, and fast flipping like they show on TV and YouTube.

t's all about price. This is nothing, it's just mostly sheetrock and cosmetic. If it needs 50 sheets @ 40 bux per well so what 2k . 20k I would have this house done in two weeks.  I have purchased about 100 from sheriffs' auctions (500 or so overall)  If you can't get in (we get in most) you assume it needs everything, so buy accordingly.  

This video is just shows how clueless the rest of the world is just like the flipping shows. Its sheetrock! THIS is what we do.

We purchased this one, we could not get it. We didn't notice there was a hole in the roof as there was snow. Wel looked what we walked into

. However, we purchased accordingly and still flipped it for a huge % gainer. 


Before/After Rehab Photos (ibuy********houses.com)

[Bob Stevens]

Sorry for some reason MY link it not working on BP 

[John Underwood]

It is typical for them to be bad. It is the exception  to get one that is clean and empty. 

I plan on them being bad and needing lots of work. 

I can still get a "fixer upper" for 30k at auction. This is still a huge discount over what a wholesaler would sell an equivalent house for in my market.

[Bruce Woodruff]

Looks like one of my typical flip houses....What's the big deal...? 😂

[Bob Stevens]

Quote from @Bruce Woodruff:

Looks like one of my typical flip houses....What's the big deal...? 😂

  I was thinking the same thing, Happy Sunday Bruce :) 

[Jay Hinrichs]

virtually every house we fund looks a version of this .  this is where the deals are .

Ones that can bite you though are higher end homes where the previous owner strips them

takes every cabinet every door every light fixture basically deconstructs the inside of the house

And this is how rental property will look over time in many C D markets just beat to holly heck.

[Bruce Woodruff]

Quote from @Bob Stevens:

Quote from @Bruce Woodruff:

Looks like one of my typical flip houses....What's the big deal...? 😂

  I was thinking the same thing, Happy Sunday Bruce :) 

You too, Bud. Seriously, this is what makes it fun. One of the last houses I renovated had a tweaker living in it. Not just any tweaker, but the rare 'Hoarder-Tweaker'. And they had taken the kitchen cabinets apart and burned them in the fireplace for heat.....I salvaged some and painted over the burn marks, didn't look half bad....ya can't make it up, right? And then there was the Lesbian Initiation House....don't even ask, Bob.... 🤣

[Cheryl James]

Quote from @Chris Seveney:

Quote from @Bruce Lynn:

Everyone wants to buy a foreclosure until they get to see inside the property.

Look at what this guy won at the tax foreclosure option.
https://www.13abc.com/2024/02/25/buyer-beware-local-man-buys...

It's not always pretty, profitable, and fast flipping like they show on TV and YouTube.

 As an investor who invests in distressed debt. What they are showing in that link is normal. You cannot believe how people live.Our typical trashout is 3-5k, most of time water is not on or power, they use the house as one large toilet. Seriously its worse than animals living in these places.

But go ahead and bid it as if it is nice and clean. If you do not bid it as a full gut rehab including removing the floors and joists, good chance you can lose $.

I always assume they're that bad. It is much easier when you can at least see the inside.

Hahaha about the animals. That's the house I bought, although I knew full well what I was getting. This is me sweeping manure out of mine.

[John Underwood]

We bought a house last year that we did see inside of.

It was in a great area.

The house was full of junk and cat poop. It smelled like money and we got a fantastic price!

[Bruce Woodruff]

Quote from @Jay Hinrichs:

virtually every house we fund looks a version of this .  this is where the deals are .

Ones that can bite you though are higher end homes where the previous owner strips them

takes every cabinet every door every light fixture basically deconstructs the inside of the house

And this is how rental property will look over time in many C D markets just beat to holly heck.

It's really surprising (when you first start out) how people can abuse a house and what they will actually live in....It's usually either substance abuse or just a bit nuts....or the worst is when it's both.....

We should get all the veteran investors on here together and write a book.

[Bruce Woodruff]

Quote from @John Underwood:

We bought a house last year that we did see inside of.

It was in a great area.

The house was full of junk and cat poop. It smelled like money and we got a fantastic price!

Reminds me of the house I bought that had 9 dogs locked inside. It was a raised foundation and they filled the floor heating vents with dog food.....you can imagine...

John, which do you think smells worse - dog poop or cat poop?

[John Underwood]

Every property has a story and they are all different.  Some are similar in ways but still different. 

[Bruce Woodruff]

Quote from @Cheryl James:

I always assume they're that bad. It is much easier when you can at least see the inside.

Hahaha about the animals. That's the house I bought, although I knew full well what I was getting. This is me sweeping manure out of mine.

Bless your heart, Cheryl! That almost makes me cry with the memories.....

[John Underwood]

Quote from @Bruce Woodruff:

Quote from @John Underwood:

We bought a house last year that we did see inside of.

It was in a great area.

The house was full of junk and cat poop. It smelled like money and we got a fantastic price!

Reminds me of the house I bought that had 9 dogs locked inside. It was a raised foundation and they filled the floor heating vents with dog food.....you can imagine...

John, which do you think smells worse - dog poop or cat poop?

 Dog poop.

I also had a tenant that moved but kept 2 big dogs inside for weeks. They came over and fed them.

Once I posted a 24 hour notice I was coming in to inspect they removed the dogs.

My younger son helped me scrape dog poop with snow shovels off hardwood floors.

He still to the day says this is the worse thing he has ever done in his life 

[Jay Hinrichs]

Quote from @Bruce Woodruff:

Quote from @Jay Hinrichs:

virtually every house we fund looks a version of this .  this is where the deals are .

Ones that can bite you though are higher end homes where the previous owner strips them

takes every cabinet every door every light fixture basically deconstructs the inside of the house

And this is how rental property will look over time in many C D markets just beat to holly heck.

It's really surprising (when you first start out) how people can abuse a house and what they will actually live in....It's usually either substance abuse or just a bit nuts....or the worst is when it's both.....

We should get all the veteran investors on here together and write a book.

I did one a few years back  that was on TV  30 dead cats inside.. when we went to check for mold and asbesto's the guy had to wear a bunny suit I would not go in it.. and that is RARE for me. WE took 16 40 yard dumpters off of that house property and various vehicles etc etc. there was also a live boa constrictor that scared the heck out of one of the workers it got away ( of course) and the police wanted me to walk to all the neighbors and warn them to watch out for their cats:)
WE demo's the house and I built a 1.5 mil dollar spec on it. This was in Lake Oswego Or. # 1 income city in the state !! I live 2 blocks away :)  I had another one in Portland proper same thing you could not get in it stunk so bad you could smell it from 15 feet away as you walked up.. I had the police do a wellness check and the lady was still there. Once we got possession turned out her brother had deconstructed some old chevy and then put kind of back together in the basement and we had to get a backhoe to lift it out.. We demo'd that house created 3 lots and sold new builds on it. so turned out to a be a very nice project as well. This can happen in the higher dollar markets.. but if you get stuck with one in the low dollar markets you dont have the option of demo and rebuild your stuck with what you bought and trying to put it back together.
But we have all bought hoarder houses , Animal houses, extreme smoker houses, crack houses, Whore houses you name it. I have seen it and funded it for others or my own account.

[Nate Marshall]

This isn't real but I am sure someone would try to wholesale it. 

[Bruce Woodruff]

Quote from @John Underwood:

 Dog poop.

I also had a tenant that moved but kept 2 big dogs inside for weeks. They came over and fed them.

Once I posted a 24 hour notice I was coming in to inspect they removed the dogs.

My younger son helped me scrape dog poop with snow shovels off hardwood floors.

He still to the day says this is the worse thing he has ever done in his life 

That was the best lesson your son ever had I'd bet, good for you. My boys had similar experiences and when it came time to decide about college vs getting into the family business, they ran off to college so fast it would make you laugh...

[Bruce Woodruff]

Quote from @Nate Marshall:

This isn't real but I am sure someone would try to wholesale it. 

I'll give you $20k right now! 😂

I bet others would too, we're all a little disturbed to be in this business.......

[Nate Marshall]

Quote from @Jay Hinrichs:

Quote from @Bruce Woodruff:

Quote from @Jay Hinrichs:

virtually every house we fund looks a version of this .  this is where the deals are .

Ones that can bite you though are higher end homes where the previous owner strips them

takes every cabinet every door every light fixture basically deconstructs the inside of the house

And this is how rental property will look over time in many C D markets just beat to holly heck.

It's really surprising (when you first start out) how people can abuse a house and what they will actually live in....It's usually either substance abuse or just a bit nuts....or the worst is when it's both.....

We should get all the veteran investors on here together and write a book.

I did one a few years back  that was on TV  30 dead cats inside.. when we went to check for mold and asbesto's the guy had to wear a bunny suit I would not go in it.. and that is RARE for me. WE took 16 40 yard dumpters off of that house property and various vehicles etc etc. there was also a live boa constrictor that scared the heck out of one of the workers it got away ( of course) and the police wanted me to walk to all the neighbors and warn them to watch out for their cats:)
WE demo's the house and I built a 1.5 mil dollar spec on it. This was in Lake Oswego Or. # 1 income city in the state !! I live 2 blocks away :)  I had another one in Portland proper same thing you could not get in it stunk so bad you could smell it from 15 feet away as you walked up.. I had the police do a wellness check and the lady was still there. Once we got possession turned out her brother had deconstructed some old check and then put kind of back together in the basement and we had to get a back hoe to lift it out.. We demo'd that house created 3 lots and sold new builds on it. so turned out to a be a very nice project as well. This can happen in the higher dollar markets.. but if you get stuck with one in the low dollar markets you dont have the option of demo and rebuild your stuck with what you bought and trying to put it back together.
But we have all bought horder houses Animal houses extreme smoker houses. crack houses Whore houses you name it. I have seen it and funded it for others or my own account.

 During a presentation on Lee Arnold's Lien Abatement program they showed us a home in Spokane where a lady had her home taken over by addicts and dealers. Over 500 needles were found in and outside of the home. She was facing charges but they eventually got dropped and Lee's people fixed everything, got it on the market and she got like $50,000.00 from the sale proceeds. 

[Nate Marshall]

Quote from @Bruce Woodruff:

Quote from @Nate Marshall:

This isn't real but I am sure someone would try to wholesale it. 

I'll give you $20k right now! 😂

I bet others would too, we're all a little disturbed to be in this business.......

 There are probably some sweet deals in Gaza right now too. 

[Eric James]

And then there are the flea infestations and used syringes hidden among the trash.

[Bob Stevens]

Quote from @Bruce Woodruff:

Quote from @Bob Stevens:

Quote from @Bruce Woodruff:

Looks like one of my typical flip houses....What's the big deal...? 😂

  I was thinking the same thing, Happy Sunday Bruce :) 

You too, Bud. Seriously, this is what makes it fun. One of the last houses I renovated had a tweaker living in it. Not just any tweaker, but the rare 'Hoarder-Tweaker'. And they had taken the kitchen cabinets apart and burned them in the fireplace for heat.....I salvaged some and painted over the burn marks, didn't look half bad....ya can't make it up, right? And then there was the Lesbian Initiation House....don't even ask, Bob.... 🤣

 LMAO, OK I WILL beat ya, We had a house explode, YES explode, Google Meth lab blows up house Cleveland, LOL .OR how about the lowlife that knocked the garage down with his car, YES, all because we had to evict him, low life ANIMALS. 

The prop in this post is nothing, just cosmetic. 

Ok off to the beach, make it a great Sunday, 

[Nate Marshall]

Quote from @Bob Stevens:

Quote from @Bruce Woodruff:

Quote from @Bob Stevens:

Quote from @Bruce Woodruff:

Looks like one of my typical flip houses....What's the big deal...? 😂

  I was thinking the same thing, Happy Sunday Bruce :) 

You too, Bud. Seriously, this is what makes it fun. One of the last houses I renovated had a tweaker living in it. Not just any tweaker, but the rare 'Hoarder-Tweaker'. And they had taken the kitchen cabinets apart and burned them in the fireplace for heat.....I salvaged some and painted over the burn marks, didn't look half bad....ya can't make it up, right? And then there was the Lesbian Initiation House....don't even ask, Bob.... 🤣

 LMAO, OK I WILL beat ya, We had a house explode, YES explode, Google Meth lab blows up house Cleveland, LOL .OR how about the lowlife that knocked the garage down with his car, YES, all because we had to evict him, low life ANIMALS. 

The prop in this post is nothing, just cosmetic. 

Ok off to the beach, make it a great Sunday, 

 The house behind my childhood home was known as The Meth House just a few years ago. They had to gut the inside of it. It had a lot of really nice wood finishes inside and out. There is an old service road behind it where they had to bring hazmat in, to clean up barrels of chemicals. 

[Bruce Woodruff]

Quote from @Bob Stevens:

Quote from @Bruce Woodruff:

Quote from @Bob Stevens:

Quote from @Bruce Woodruff:

Looks like one of my typical flip houses....What's the big deal...? 😂

  I was thinking the same thing, Happy Sunday Bruce :) 

You too, Bud. Seriously, this is what makes it fun. One of the last houses I renovated had a tweaker living in it. Not just any tweaker, but the rare 'Hoarder-Tweaker'. And they had taken the kitchen cabinets apart and burned them in the fireplace for heat.....I salvaged some and painted over the burn marks, didn't look half bad....ya can't make it up, right? And then there was the Lesbian Initiation House....don't even ask, Bob.... 🤣

 LMAO, OK I WILL beat ya, We had a house explode, YES explode, Google Meth lab blows up house Cleveland, LOL .OR how about the lowlife that knocked the garage down with his car, YES, all because we had to evict him, low life ANIMALS. 

The prop in this post is nothing, just cosmetic. 

Ok off to the beach, make it a great Sunday, 

ROTFLMAO!!!! OK, let me think...I'm gonna have to go some to beat an exploding house..... but I might have something.....