All Forum Posts by: Dan O.

Would you buy a owner occupied bank owned property?
Do hard money lenders even lend on owner occ. properties that you would then have to evict yourself?
Thanks

Hey how'd you make out on the closing?
I'm in Franklin and also a dan

Hey folks
Worcester is my bet, beats all the major / section 8 cities.
Had more appreciation than brockton and when the condo coversions were there people bought.....
Has to be the right area.
I watched the vernon street area boom with conversions, watched the city try to pull itself out of the dolerums.
Will happen again, hopefully I'll have a few..
Still like worcester for my money

Butler-
Worcester could be the spot here in mass.
EVERYONE is hanging back as banks won't give rehab money, no-one can get investment loans.
Lots of 3-fam conversions that went completly bogus here.
I'm in franklin and looking worcester. Many now meet the 50% rule.
Go for it, I still like vernon/grafton hill.
Who know, the future boom may bring back the conversions.....

I am a small time investor who has invested in the past and almost lost my shirt...
I was lucky enough to sell both my investment properties before the crash.
Through this site I have acquired more free knowledge than knowledge I have paid for.
I am looking at triing to buy at auction and will soon ramp up my marketing after I sell some toys I recently purchased at an estate sale.
I am here for the long haul and am interested in triing to link up with a hard money lender in massachusetts that lends to someone buying at auction.
I have seen some successful short sales here in the state and have seen some folks triing to charge astronomical assignment fees for wholesale properties.
Let me know if your in Mass, i'm alwys looking to talk real estate.

Alright so i'm attending auctions with equity.
What are the pitfalls of buying at auction?

1) Title issues?
Have any of you lost your deposit due to not being able close with hard money due to title issues.
has the Attorney ACTUALLY said "I'ts over 30 days' and now we keep your deposit, haha now we can auction it again....

2) Occupants?
Have you had the occupants not leave, not talk to you and actually cause you enough damage that you had to let the property get foreclosed on?
Did hard money lender give you rehab money even if he could not get in for appraiser to tell YOU how much rehab work needed to be done?

3) Successfully Conventional Financed?
Have you used a bank and if so how did you get around the appraiser not being able to get into the property if that was the case?

I have seen 2 properties go in my town in which netted the investor close to 1 Million dollars on a 2 part fix and flip.

Spoke to HML tonight who basically said Auctions are too difficult and that reos are the way to go. Why would I use hard money for an REO??

Thanks for the responses I appreciate it
:mrgreen:

What is the best sugestion for working with the owner after you have won the auction.
Eviction is messy and will no doubt result in 75k in damage or more to fix.
Got suggestions?

From Franklin
You must have decent deals right off the mls out there.
Fitchburg is super cheap.
look, put in offers off mls, put up major signage/advertising.

Cummings-
You spelled guarantee wrong under questions section on your site.
Great post.
Got to take more action myself.
How much did it cost to set up website, monthly charge, who did you go through?
Thanks
Dan

Thank You.
I will follow up in my state.