All Forum Posts by: Emmett Dempsey

Well we finally got the Certificate of Title on our first auction house.  Its been a long strange trip with those things, but my wife and I think we got a pretty good deal.  It seems the old owners left a TON of stuff in the house, and of course there is work to be done.  A LOT OF WORK.  And that is where I am feeling anxious.

At first you push to get started doing something, anything.  Well we started and got the property.  Now the actual work begins and the second guessing.  We don't want to have to hire a GC and get taken to the cleaners on the repairs.  We know what needs to be done, but I feel like I have another full time job now.  Do any of you other part timers feel this way?  Excited, but man like I don't have enough other crap going on in my mortgage business, family etc.  Did anyone else feel this way with a new rehab?  

Any comments/advice are appreciated.  

FYI, we won the auction, and paid the money.  Now the 10 day wait until next Monday or Tuesday.  Then the Certificate of Title (CT) is issued.  I can't change the locks until I have that right legally?

Florida has a 10 day right of redemption.  How can i change the locks on something I don't own?  Isn't it trespassing?  Legally the old owner owns it until title changes hands.  

Well we just won our first Florida foreclosure sale..yeah!  Well the first one that should go to CT anyway, lol.  The house is vacant based on driving by during the day and night (no lights on).  I went onto the property and there is a ton of crap inside and outside the home.

I don't think the owners are there or another tenant.  Does the stuff inside convey with the property?  Do I need a writ of possession?  

Anyone with similar experience?  

Hey all.  Well we won a county foreclosure auction on March 1st.  Yeah right?  Well not so fast.

Seems there was an open motion to vacate, which is normal.  We knew about it.

Sale was March 1st...we got the Certificate of Sale at 1:31PM 3/1.  The order to vacate the sale entered at 3:16PM 3/1 and part of the record at 5:26PM 3/1.

We are being told that we have to file an order to get our money back.  Or do we have cause to fight for the sale since we had a COS given to us before the order happened?

Any advice would be welcome!!  

My goal is to build my investment capital up to a point where I can do bigger deals and earn more capital.  I eventually want to get into buy and hold, however I want to be able to grow my capital as fast as a I can.  You can find deals, but they are just much skinnier these days.  Just have to keep turning over rocks.  

If you had say $150K cash starting out in South Florida in 2016, what would you do?...  GO!

Great replies everyone.  I think there are deals to be made if you are taking action to find them.    

I live in Port Saint Lucie, and it seems that it is very hard to find any kind of investor opportunities. REOs that need a ton of work are being bid up to near ARV. The Foreclosure auction is a crap shoot, and has all the risks associated with that. What is your opinion of this market? Are we due for a correction? I am looking to buy cash and fix and flip, but wondering if I should just keep my powder dry and wait. What do you guys think?

Anyone here buy and sell regularly on the Florida county foreclosure auctions?  What kind of research do you do?  What have you experienced?