All Forum Posts by: Dan Taylor

Last but not least, 

The person who beat me out on the foreclosure property, couldn't get financing. So the listing agent and bank approval person reached out.....

I turned it down because the new property is a better fit for my personal life and house hacking!

Thank you for all the feedback, 

Things have been moving forward for me quite rapidly and in a flurry of work with my full time employment. 

I feel like an update or closure may be due for this property/topic. @Wesley Pittman and @Virginia Marphis, I am sorry for not seeing your responses sooner.

Here's the scoop. 

I licked my wounds and got productive, toured five houses on the following Wednesday, offered on three. One needed a lot of work, '60-'70 era everything, one was a rushed flip of sorts and the other was a good house with every deferred maintenance possible that was collecting rent from a legal garage apartment and main house was vacant. 

Offered low yet respectable offers based on value and scope of work needed. The two that required the most work had delusional responses (drastically over evaluations) and the partial flip played ball. 

We are in escrow, just had the inspection and have a few minor discussion points from the inspection. I expect to be in the house by mid March with 10% down, $1600 PITI/PMI. I qualified, well vetted friends that will be living in the house at $1400/m and paying 2/3 of electric/water/sewer/trash. They will likely move in April 15th.

All this, while working over 100-130/hrs a week! 

Thank you for all the interest and perspective! Soon, I'll be cutting back to W2 hours each week and looking to be more active in the Reno / Northern Nevada real estate community!

Thank you for all the feedback, I am touring more properties tomorrow and will be sure to follow up on the REO to see if it falls through!

Hello everyone, 

Friday afternoon I was informed my full price offer was the winning offer on a REO. I was told Friday evening we would have a contract to sign on Tuesday (today) due to the MLK holiday and earnest money to wire by the end of the day.

Instead of getting directions from my agent. The agent informed me that the asset manager of the bank took an additional offer, $1000 over mine and the deal was off. I was told there was nothing I can do and that this is perfectly legal because we did not have a signed contract. 

Is this so or has a law been broken? Is this something I should be prepare for as a frequent, infrequent or rare part of the process? Is there some kind of solution where I can get my verbally accepted offer "locked in" for future properties?

I will be looking for a different agent because this one has been very reactionary and does not seem to be the foreclosure specialist that they have been made out to be. Suggestions of vetting agents would also be appreciated. I am in Reno / Northern Nevada and much more action oriented than the typical agent seems to be. 

Thank you for your input!

@Doug Pintarch

Yep, It's a super sore subject. But, since I knew I was taking a loss, I let it go to great people and had visitation rights! 

About value, Pretty sure @David Greene would have hit me over the head with sunk cost fallacies while the van build was going on. In hindsight, its more important to get outside like I did with my grandpa and not throw money at a trouble some VW.

@Doug Pintarch

Thanks for the words. Been talking a good bit with my married/father friends and co-workers, I'm definitely lucky to not have the other demands on my time. 

About the Vanagon. Its a sad story, I spent several years and tens of thousands of dollars chasing my grandfather's ghost in making it the best it could be. Then the state of Nevada said my modern turbo diesel engine was illegal on an emissions standard. (Even though it passed all smog tests!!!!) For lack of indiscriminate funds and lack of 4x4 for the mountains. It was really difficult to find someone that had the cash on hand to buy it. Everyone agreed it was amazing. But like people have said, value is only reflected in what people are willing to pay.

@Robert Ellis

Reynoldsburg 43068

@Robert Ellis

In my misfortune in buying my condo, on the East side of Columbus. The bylaws of the HOA included forced foreclosure if used as a rental property. All units were owner occupied. The PITI on the property was well over $1200 for a two bedroom and one bath. The bigger issue is that at the time, Fire and EMS were experiencing layoffs in Ohio due to loss of tax dollars. I could have gone elsewhere to work but couldn't rent my unit legally and wouldn't be able to cover it illegally. Most importantly, a blemished credit score hurt much less in the interview/hiring process for my line of work than possible legal repercussions of doing things wrong. Losing the condo was definitely my least favorite but best option.

@Account Closed

I agree and will consider myself an entrepreneur as soon as I sign on my first property! Definitely see this as a business and not a side hustle.

Its funny you say calculated risk takers and misfits. I've been in the action sports world my entire life, emergency medicine requires extremely rapid cost/benefit analysis and living with the decisions. That's actually what I like, the feeling of impacting a moment with my calculated risks analysis. I see it being something that will help me with not having paralysis analysis in my investing.

@Joshua Feit and  

@Susan K. 

See above comments, figured out the tagging feature!!!!

@Megan Phillips Thanks for the kind words! Never used forums before, figured, hanging out with the podcasts could be one of my 'people' and trying out the forums could be another. It's definitely a new concept for me. 

A contrarian is someone who rejects or goes against popular opinion. I think that's lots of us in this niche.