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Updated about 13 years ago, 09/18/2011

User Stats

240
Posts
48
Votes
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
48
Votes |
240
Posts

Just bought my 1st 2 properties! Yikes

Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
Posted

Hi everyone! I wanted to say hello and introduce myself. My name is Sherry Lewis and my company name is New Days REI, LLC. I just got licensed in July. I did have one previous gut rehab I did in 2004 (pre Katrina and very proud my property made it thru). I also had my own siding/windows/decks business about 15 years ago. I have always wanted to get into REI but was afraid to take the proverbial leap! I had been laid up recently for a few months and spent that entire time reading everything and anything I could get my hands on. I decided now or never and took the plunge. I purchased 2 houses through auction last week and I am not shy about saying I am nervous as heck but excited at the same time! BiggerPockets has been invaluable to me. There is just a wealth of info that has been shared on here and you are all so much appreciated! I plan on signing up for the membership as well. Thanks so much for reading and I do hope to hear back from some of you! Have a great evening!

User Stats

138
Posts
11
Votes
Kathy V.
  • Involved In Real Estate
  • Rochester, NY
11
Votes |
138
Posts
Kathy V.
  • Involved In Real Estate
  • Rochester, NY
Replied

Hi Sherry!!

Congrats on your new endeavor! Sounds exciting.

I am also new to the investing side of RE, been a Realtor for the last 6 years but also have 2 properties, rehabbed and rented.

I will help as much as I can! :D

Good luck!

User Stats

240
Posts
48
Votes
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
48
Votes |
240
Posts
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
Replied

Thanks so much Kathy! I have a feeling I am going to need all the help I can get starting out lol... My knees are knocking

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User Stats

54
Posts
13
Votes
Mickey Harrison
  • Real Estate Investor
  • New Orleans, LA
13
Votes |
54
Posts
Mickey Harrison
  • Real Estate Investor
  • New Orleans, LA
Replied

Congratulations!!!! welcome to the club.

User Stats

240
Posts
48
Votes
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
48
Votes |
240
Posts
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
Replied

Thank you Mickey!

User Stats

1,611
Posts
839
Votes
Rob Gillespie
  • Specialist
  • Cleveland, OH
839
Votes |
1,611
Posts
Rob Gillespie
  • Specialist
  • Cleveland, OH
Replied

:mrgreen: Congrats Sherry!!! Welcome to BP! You will learn a ton here!!

User Stats

240
Posts
48
Votes
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
48
Votes |
240
Posts
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
Replied

Thanks Rob!

User Stats

21
Posts
0
Votes
Eva Marin
  • Bronx, NY
0
Votes |
21
Posts
Eva Marin
  • Bronx, NY
Replied

Hi Sherry!
i am also new here.

CONGRATULATIONS!!

I trying to buy my first property within the next 3 to 4 months.
Getting very nerves about it, as you say i feel like "NOW or Never", it is so hard to do the first deal.

Best,
Eva

User Stats

240
Posts
48
Votes
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
48
Votes |
240
Posts
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
Replied

Eva,

It sure is! Just do lots of reading on this site! There are many terrific people with much valued advise. Also when you decide on which one, make sure you do atleast a title search if your buying cash. I didn't do it before hand and I will find out by tomorrow if I ouched myself. They are only 99.95 for a pretty good thorough one online. If you want any more Good Luck with you first purchase! Just hold your breath, recount your due diligence in your mind then...... JUMP LOL...

User Stats

21
Posts
0
Votes
Eva Marin
  • Bronx, NY
0
Votes |
21
Posts
Eva Marin
  • Bronx, NY
Replied

Any title search company that you recommend online?

Hope you have good news tomorrow! but as we know.. just doing it
is how we learn

Thanks a lot!!

User Stats

240
Posts
48
Votes
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
48
Votes |
240
Posts
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
Replied

I was recommended to titlesearch.com/afx that is who i used for the ones I am waiting on now. I was told they normally have results in 1-4 days depending on how much there is to find out. Hope this helps hun!

User Stats

22,059
Posts
14,124
Votes
Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
14,124
Votes |
22,059
Posts
Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied

What kind of deed did you get (or are getting, if you don't have it yet?)

Account Closed
  • Real Estate Investor
  • California
0
Votes |
2
Posts
Account Closed
  • Real Estate Investor
  • California
Replied

Welcome Sherry,

What made the properties you purchased a good deal for you?

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User Stats

240
Posts
48
Votes
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
48
Votes |
240
Posts
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
Replied

Jon - They will be quit claim deeds. The were purchased in bulk by a large investor from the banks after foreclosures. I should hear back from the title co. tomorrow with my results. According to the investor just back taxes/city fees which I was aware of from research.

Deven - I am not certain yet that they are lol.. no it was a financial decision. Unfortunately I do not have enough equity built yet to purchase in my own area. They were very inexpensive and after doing all of my internet research and looking thru all the photos, I am hoping they will not require more rehab then I am expecting. My original intention was to go in, do some basics and flip them below market value to get some more equity to work with.

User Stats

1,550
Posts
291
Votes
Uwe S.
  • Property Manager
  • Dublin, OH
291
Votes |
1,550
Posts
Uwe S.
  • Property Manager
  • Dublin, OH
Replied
Originally posted by Jon Holdman:
What kind of deed did you get (or are getting, if you don't have it yet?)

In normal QCD (quit claim deeds) I guess.

-Uwe

p.s.: Was too slow :).

User Stats

22,059
Posts
14,124
Votes
Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
14,124
Votes |
22,059
Posts
Jon Holdman
  • Rental Property Investor
  • Mercer Island, WA
ModeratorReplied

Quit claims would have been my guess, too, unfortunately. I hope this works out well for you, Sherry. Keep us posted. Better to use one of your other threads, though, than this new member intro thread.

User Stats

240
Posts
48
Votes
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
48
Votes |
240
Posts
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
Replied

Will do, for anyone interested I am moving this conversation to the buying online? thread...going there now to post a reply

User Stats

407
Posts
90
Votes
David Wedemire
  • Real Estate Investor
  • Bellingham, WA
90
Votes |
407
Posts
David Wedemire
  • Real Estate Investor
  • Bellingham, WA
Replied

Hi Sherry

Welcome to our exclusive club!

User Stats

1,368
Posts
647
Votes
Mark Updegraff
Agent
Property Manager
  • Investor
  • Rochester, NY
647
Votes |
1,368
Posts
Mark Updegraff
Agent
Property Manager
  • Investor
  • Rochester, NY
Replied
Originally posted by Sherry Lewis:
Eva,

It sure is! Just do lots of reading on this site! There are many terrific people with much valued advise. Also when you decide on which one, make sure you do atleast a title search if your buying cash. I didn't do it before hand and I will find out by tomorrow if I ouched myself. They are only 99.95 for a pretty good thorough one online. If you want any more Good Luck with you first purchase! Just hold your breath, recount your due diligence in your mind then...... JUMP LOL...

Good Luck & Welcome!

If you do split this thread, please include the new link here.

What research did you do? Is it a Federal Tax lien on the property? I learned the hard way on that one:
http://www.biggerpockets.com/forums/41/topics/47830-bought-my-first-foreclosure-yesterday-despite-bp-advice-c-

I hope you don't learn about IRS Right of Redemption like I did :oops:

User Stats

240
Posts
48
Votes
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
48
Votes |
240
Posts
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
Replied

Thank you for the welcome David and Mark! I got my Title Searches back and Yippeee! No suprises! Just the county taxes that I knew about whoohooo happy dance happy dance lol..

Ok now that I have that out of the way...

Yes I know the IRS is the be all and I am so sorry that you had to learn the hard way Mark. I really got very lucky not getting a full title search done, but it was an auction and I just researched every single thing I could find and took the plunge. I will have to be more cautious I know in the future, but I knew if I didn't jump then I would wait another 10 years. Some say it was really gutsy, some say stupid and I say thank god I didn't hit concrete and landed in the water :o)

User Stats

240
Posts
48
Votes
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
48
Votes |
240
Posts
Sherry Lewis
  • Rehabber
  • Fort Walton Beach, FL
Replied

Anyone talking with me in this topic, please come to http://www.biggerpockets.com/forums/67/topics/67319-buying-on-auction-sites as I have this under new members and the other is running as well. I want to condence to one if I can do so. Thanks so very very much!