All Forum Posts by: Eric B.

Curtis my suggestion is forget about this property and invest your money in two little books BP offers, Estimating Rehab Costs and The Book on Flipping Houses. This $50 will save you thousands in the end. Also you have to watch being emotionally invested in a property like you seem to be, this will lead to disastrous consequences

Ok thank you both for the clarification. I knew investors couldn't bid during the initial period I was just confused as to when they transition to investor availability will they take it out of the system and put it back on possibly under a different case number or whatever the process may be. Since it vanished from homestore and showed sold on mls at the exact moment of the o/o bid process ending I didn't know if that actually meant it was under contract or meant it was transitioning to open to investors.

So if their was no o/o bid it would switch immediately instead of a holding period between the two?

I have zero experience with hud but recently found a deal I believe to be a guaranteed profit. My question is it was listed on mls and hudhomestore until the expiration and immediately switched to sold . Is there a time gap between the o/o stage and investor availability where it will be listed as sold on mls? Homestore has no mention of the property any more and it literally switched to sold on the expiration hour, would this be coincidental it went to contract at last second or just their process to switch availability to investors or possibly something else I'm missing? Thanks in advance

Jon I do have the cash for the transaction but was planning on financing so it didn't cripple me as I am a fairly new flipper cash is at a premium at the moment. I think I will take your advise and just make up the lost cash by partially financing my next project instead of a straight purchase and go the beneficiary route for my mother's home. Thanks for everyone's help. I will also be seeking an attorney's advise but BP is always great for a start in the right direction. Thanks again everyone

My mother is currently losing the home due to taxes so I will be purchasing it from her, essentially I am paying off old taxes and doing somewhat of a personal refinance to give her money to get her back on her feet, and with no house payment. I'm losing a good chunk of change doing this but I am ok with that. It gets detailed on my grandmother but to sum it up she chose my oldest aunt to be poa shortly before she got sick and my aunt is mia, my father is her provider. That is another legal issue in itself but to sum it up it looks like my aunt will receive money that is best meant for other situations and possibly my grandmothers ex husbands family will receive money as a surprise. I was hoping if I am just handing money out that it would go to those in need but that doesn't seem plausible since the home was purchased on a conditional sale

I agree in that sense. My problem is I'm not buying the home for my benefit but rather to keep my parents or more specifically my mother from losing it and the problems that go along with such. My parents just got a divorce and my dad left her the home which didn't benefit her. I flip homes so she came to me asking me to save the property which I agreed to do. I will most likely lose money on the home but it is more about helping her stay on her feet vs gaining a property. I'm willing to lose money for her benefit but I have a hard time swallowing another 5k that will just go to undeserving parties so I'm curious legality wise if there is a way around it

My grandmother sold my parents a home and in the documents it said if they ever sale the home her and her husband are to receive an extra 5k total. They are now selling me the home, my grandmother divorced that man and he has passed, and she now has dementia and has no clue who we are any more. Do I still have to pay her the money? Do I have to split it between his family and mine? My aunt is power of attorney so if she gets the money I know she will keep it for herself and his family we have no knowledge of so I'm at a loss, any way I don't have to pay these people who are technically involved in no deserving way? Thank you so much

I don't have pics with me but here is the zillow listing. Obviously everything isn't accurate on here but the house across the street sold for 68k, the mobile home beside me sold for 72k and the house next door that looks identical to mine sold for 78k in this past 2 months. Two cash buyers and one with a fha 203k loan. Again the numbers are off on zillow but I have the most sq footage, yard, improvements and upgrades but not one single potential buyer has stepped through my door. I'm hoping the new agent can change that, I don't see how a terrible mobile home can sell in a week for 22k more than my asking price and I get nothing

Thank you for your response. I've been on the phone with the real estate company for the past hour or so and looks like I made the mistake of picking my realtor by too simple of numbers. She showed top 3% in quickest sales and price per asking for our area but what I did not take into account was her normal price range. She generally sells houses 10x my current homes range and in my market her strategy of sit back and wait works for that price point but not mine.

Long story short they switched me to a realtor more suited for my needs and at no cost plus discounted to 4% commission. They also believe my house is well below market value so hopefully a sale will come soon so I can move on and my pregnant wife can breathe a sigh of relief haha

I do dream of getting into real estate one day and hopefully this house will be my hardest learning curve but other than the final result (which happens to be the most important) I do believe I followed the rules well of structure first, kitchen 2nd, bathrooms and landscape 3rd all while keeping materials relative to comps. Maybe if I could have finished our house before the pregnancy rush and found the correct realtor for the job the first time I could have came out better. Oh well some lessons learned time to move on, start my family, continue to learn about real estate and maybe live my dream one day. Thank you everybody for your help