All Forum Posts by: Danielle McClelland

My husband and I are going to the courthouse in another month to bid on a condo in a fast growing area. The judgment is $25,000. From what I see on all of the real estate search sites, the value is anywhere from $120K to $140K. Rents for this area and caliber of unit goes for $1100-$1200.

We’ve been to a couple of foreclosure auctions and in my experience it seems like the lender will always buy it back or the winning bid will be closer to the estimated value of the property.

Am I crazy to think that winning it at the judgment or close to it is an option? Does anyone have experience with winning an auction at the judgment price? Thank you.

@Brandon Schlichter impressive story! Congrats to you on your accomplishments. I do have one clarifying question and apologies if you did address it in your initial post - what were/are the logistics of you paying back all of your lenders? What were the terms of repayment?

We’re about to put in an offer on a bank owned property through Propoffers.com. Our agent says that offers have to be entered through the site and that we must use their contract forms instead of our state’s forms. Anyone have experience with this site?

We're going to look at a townhouse tomorrow that has great rental potential, based on some of the rents I've seen for the same community, and the perfect price point. Using BP's rental report, it looks like the cash-on-cash ROI will be 9%. I've noticed with many condos and some townhouses that the cash flow may be great but they don't go up much in value (maybe 5K over time based on some of the listings I've dug into - and they're in desirable areas).

What are your thoughts on properties that may only cash flow and not appreciate a ton? Is it worth it? I'm leaning towards yes, with the intention to keep this as a very long term rental property after paying it off. Is that the only scenario when it's worth it?

Bonus

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Funny story about going to see our first potential investment (didn't end up buying it) - the tenant was still there and ended up having 3 cats and 2 dogs inside property (she would've been gone if we bought it!). As we're looking at the living room, her cat latches onto my husband's back with all 4 paws; hanging on for dear life. LOL in the moment it was jarring, but hey we now have a funny memory.

I wish I could like and respond to every comment I've read! I appreciate the responses and they alone are enough of a kick in the pants to get started. Going to look at another property tomorrow. Fingers crossed. 

@Russell Brazil that is reassuring to hear.

My husband and I discovered BP this summer and are ready to start invest! We have enough capital and are actively searching for deals and running the numbers. It’s exciting! Anyone else got started at or around 35? Tell me about your journey. Our goal is to live off of our RE investments for retirement.

The listings we've compared in the same neighborhood are comparable to each other - same condition and number of beds/baths. None needing really any work. If anything it would be updates based on preference, like paint and fixtures. This is based off of only what we've seen in listings. Randomly, I did live in the unit we're trying to buy nearly 3 years ago so I'm familiar with the livability and location. It's near the beach and near the downtown area - 15 min either way. It's been listed since March 2017. 

I’d like your opinions. My husband and I are considering a rental condo that’s in a prime location in the small city we live in. It’s listed for 110K, decreased from 112.5K. The owner still has an original loan value amount of 12K after owning the property since 2006. Condos in this neighborhood have sold for 89-98K this year. We‘d lIke to offer in the mid 90K range but wonder If the seller would even consider the offer. A couple of questions.... What would be the highest offer we should give in your opinion - 100K? How does the seller still owe that much when they’ve owned it for so long? Is there a way to strategically structure this deal in a way that is a win-win for both parties? Thanks! D