All Forum Posts by: Adam Drummond

@Rumen Mladenov 

yes, there is a way to do it yourself.  i am not sure how to do that however.

@Morry Eghbal 

I always get an owner's title insurance policy.  will i not be albe to do the same with purchasing an auction property?   I am looking at properties in Anderson county, sc next week, but i also look in pickens and Oconee counties as well.  in the past when i have put a contract on a house for investment on the mls, i would just send the contract to our atty.  a few times we did run into title issues, and were not able to close on the property.  i was assuming this would happen the same way, but i guess i was incorrect.

@Morry Eghbal 

I did realize the order in which liens ranked in importance.  I have bought 5 foreclosures in the past as investmnets, but they all were bought off of the mls (I am a realtor).  I just relied on my atty to verify clear marketable title.  at the local county courthouse they have files prepared for each property that is going to auction.  the files have information regarding any liens, legal info, etc (this is according to a clerk that works at the courthouse).   i checked on  hiring an abstractor, to search for me prior to bidding, but that gets expensive quickly (esp when you might bid on multiple properties that chances are you will not be highest bidder).  thanks again Morry for your input.  you obviously have much more experience with courthouse auctions. 

Adam

@Morry Eghbal 

thanks for the advice.  if i do win a bid on a property i will have to have an atty perform a title search and handle the closing.  i will have to put up a 5% deposit on any property that i win the bid.  what if i win a property and my closing atty finds liens or title issues.  do they clear it up, or would i be able to back out and hopefully get my deposit back.  i asked someone that worked at the courthouse, and they did not give me a clear answer.   thanks again for your help.

@Jesse O. 

I see what you're saying, but this chart that I pulled online has 3 pages of properties listed.  half of the properties have exact numbers listed to the penny.  others have $0 listed, and then many are left blank.  who knows though... we shall see come next week.  thanks for the response

@Wendell De Guzman 

enjoy reading your posts, and learning as well.  I am out of s. Carolina as you might have noticed.  what is a good rate for 50k give or take for a private loan.  I have flipped several properties in the past with my own money and convent financing, but am looking at considering private funds.  thanks for your insight.

Adam

@Chase Gochnauer 

thanks for the response.  I got the list by googling the address of the house, and one of the results were a link to an attachment from the attorney (acting as seller) for several of the properties at this auction.  I have my eye on several of the properties on the list.  i have been a realtor for about 12 years and know my market very well.   i however have never been to a courthouse auction.  about half of the properties on this list that i found online have a bid amount listed, and the rest are left blank.  who knows?  i was also under the impression that the bidding would start at what was owed on the property plus legal fees etc.  is that no always true?  thanks again.

I am planning on going to my first courthouse foreclosure auction next week.  does a bank that is foreclosing on a property always bid on that specific property at these auctions.  I found a list from the attorney acting as the seller for a couple of the properties.  the list had exact bid amounts listed for certain properties, and for other properties they had $0.  Does this mean that they will not bid on that property.  hopefully I worded this question correctly. thanks in advance for you help.

Adam 

@Jared T. 

 my wife and I purchased a triplex building 2 miles from Clemson university about 9 yrs ago.  we lived in one of the units while renting the others out.  it worked out well for us.  i kept the units nice, and was able to be very picky about who i rented to.  laminate flooring instead of carpet in my opinion is the way to go.  a good quality laminate floor is very easy to install, and takes more abuse than carpet.  in my opinion a multi-unit building would be my preference over having multiple roommates in one residence.  years later we were able to sell and cash out our equity, and use that money to flip houses.  best of luck to you.

adam

@Adam Moehn 

I personally would update the electrical, but it is pretty costly. it's not just the receptacles that are outdated. the third prong that you are missing is for the ground wire... old homes were wired with just a hot wire, and a neutral, and no ground. You can take out the old outlets and install new ones, but they wouldn't be grounded. I live in S. Carolina, and to completely rewire a house including a new panel costs between $3.50-5 per sq ft of living space. I hope this helps.

Adam

@Donte Jones 

my family and I lived minutes from our apartments.  i would show the apt personally when i had a vacancy, and never hid the fact that i was a local owner.  i did the lawn care and maintenance myself.  i think that is the way to go. 

Adam