All Forum Posts by: Eric Hicks

@Wayne Brooks

Yea, it’s like condo/hotel one bedroom kind of thing. It rents by the night but books out by the week.

I search for a mortgage and found out who was holding the mortgage, but the last thing I found on standing of it was back in 2013 when the bank won a settlement of $29K against the borrower. I suspected that that was how much he owed at the time. I’m still crossing my fingers and hoping that nothing crazy comes at me that I can’t handle.

@Bob B. You are in Roswell, Ga, so most likely it’s either Cobb.realforeclose.com or Fulton.realforeclose.com. That’s if they the realforeclose platform.

@Bryan Malone Hey Bryan, I am like you. I am just starting out as well. I just posted a little thing about my current strategy, but I’ll tell you here anyway.

I just bought a condo in a resort near the beach, which is valued at $300K, for $200. I used my local Walton.realforeclose.com. You might be able to find something on you local county’s realforeclose site.

I did a title search on it and took into account that there’s most likely a lien on it with the Owners Association. I thought that if I get the unit, I’ll just make a deal with them to get them paid off. I’ll even sign a contact with them until they are satisfied. Then I can get mine afterwards.

Anyway, I am looking at several foreclosed properties right with almost all of them on auction. I know how much I have to spend, so I stay strict with my bidding and not go over.

Even if I only get two or three properties a year, it will add up over the next five years. And that’s when I’m gonna shut my business down and go full time rent properties. My ultimate goal is multi family apartment buildings. But one step at a time.

I have recently bought a property through RealForeclose.com in the county where I live. I’m bidding on additional properties as well. But, I’m new at this and have already learned so much. Although, I am trying to buy foreclosed properties, I’m open to buying conventional for sale properties, too. It’s just that we are only starting out with our real estate investment adventure, and I need some less expensive scores to get me going.

I've learned that the most important thing to do when looking at a foreclosure is a title search. This one will destroy you in an instant. The condo that we bought has at least three different HOA liens. I am working with them on paying it off. But this was still a good deal for me, cause I bought this resort property for $200.

Next thing is, even though you’re not allowed inside the house or unit, you need to at least ride by it, stop out front, and examine it. I look for the biggies like sagging roof, missing shingles or tiles, rotted siding, etc... if the place looks decent, then my tail is wagging.

Also, I bid on auctions that the plaintiffs max bid is hidden. Chances are, they haven’t set one. That’s how I got my condo. No one could believe it in my inner circle, but stranger things do happen.

The last thing I do is I go to all the county’s branches of government like the tax collector, the appraiser, clerk of court, etc...and I research the property myself in addition to paying for a title search. I find out how much the property sold for last, who bought it, the tax rate on the property, the appraised value of the property, etc...

I don’t have to have all the planets in line, and the blessings of a priest to bid, but I do like to get that warm fuzzy feeling about the place.

Since I’m new at this and only got this far with it, I know there are other things to consider. I am forever asking questions. And if you have advice, I’d love to read it. Also advice on scoring normal “for sale” deals too. Thank you!!