All Forum Posts by: Grant Pope

David, Sounds like you are making head way. I am from Waterville MN and I am familiar with Albert Lea. Always nice to hear fellow investors from nearby moving forward. The deal sounds great. Sounds like you won’t have any problems finding tenants and making the property cash flow. I wish you all the best and if you ever need anything do not hesitate to reach out. It’s always nice to have someone to bounce ideas off one another. All the best.

@Nicholas Aiola, Thanks for being open to questions. You have great answers and are very helpful to all of us here on the forums. My question is I currently own a single family rental property. The rental property is currently in my personal name. I also have an LLC that I have started. My question is, is there any benefits to me transferring the property into the LLC instead of keeping it in my name? Thanks again for all the help.

Thank you all for all the encouragement. You are very right, I need to wrap my head around the fact that the deal just didn't work out and I move on. It was just one of those things where all my hard work finally paid off and I got the property at the price I wanted. Everything aligned and fell apart all at the same time.

BUT having said that, I will move on and continue my search. I will not be discouraged and I will continue to put forth the needed effort. This real estate is a huge dream of mine and being apart of it is not something I'm willing to give up. You all have been absolutely wonderful and everyone of your posts have been benefitial to me. I did not know there was such support here on BP. I will continue to come back and hopefully help others out just like you guys have helped me. 

Thank you for the support, advice, and encouragement. 

John,

Putting that in that context it does make sense and I understand where you are coming from. I guess I am just a frustrated investor that was so excited to get into his first property. Talk about a discouraging start. I guess this will just have to be a story a never forget. Possibly the "million dollar mistake".

Lynn,

Thank you for your response. So what you are saying is that hud should not have even allowed the bid to be processed? That is kind of what I was thinking. If someone enters an invalid NAID, why would they even allow the bid to be submitted? Would it not only make sense to avoid all of this confusion and let them know the NAID is invalid and you need to submit a valid one before processing any type of bid? This would avoid all confusion and make for a much more simple transaction for everyone.

John,

Thank you for your response. I am kind of in shambles about the whole deal because it was such a great opportunity for me to get into the game. It would have been one of those properties that would have launched me into the game and fed many more of my investments in the future.

I wish it would have been my mistake that was made and not my realtors. I did everything I could, and did it right, only to loose the property.

Wow. I appreciate all of your responses, I really do. It is nice to have someone out there who is willing to help.

I guess I will be calling them tomorrow and see what I can do. Just seems so unfortunate. I sent them an email tonight and hope to hear back from them tomorrow. 

I will keep you all posted to what follows through.

If anyone else has input I would also like to hear it.

Thank you all,

Grant P.

Michael,

I appreciate your response as well. 

I tried calling around today and did everything I could to find someone who could help me. I never did call that number though. I may have to attempt that one tomorrow. I tried a few different ones. I called Matt Martin Real Estate which was the company who sent me the accepting bid email.

Do you think they will re list the property on the market and allow me to have another crack at it? Or will they award the second bidder?

Greg H,

I appreciate your quick response. I have gone to the extent to call them(talking to whoever will listen) and ask them myself. I asked the person the same thing that you are saying. I said how does the system even allow the offer submitted if this was an incorrect NAID? Would you not stop the bid(offer) and let them know that was an invalid NAID and to enter a correct one.

The thing that may have happened was my realtor was using a NAID of a broker who has recently passed away. So I am not sure if it allowed it because recently it was a valid NAID. But if this was the case would they not allow us to give them the proper information and continue on with the purchase agreement?

Hello BP,

I have a scenario that just happened to me that has left me absolutely sick and I am looking for some advice.

So I found a property that was a HUD owned property and was a really good deal. The asking price was $90,000 and the house was worth a lot more. It had some issues but I was ready and able to tackle them. So I worked with my realtor and we put in an offer for $105,000 because I wanted to make sure I got the property. It was that good of a deal. Well, this morning I got a call from my realtor and received an email that confirmed I was indeed the highest bidder and that my bid was accepted. I was so excited! My first property I have ever purchased! Later on in the day I got a call back from my realtor and he had some really bad news. He said that he had mistakenly submitted our offer with an incorrect naid number and that HUD was no longer going to allow us to purchase the property. My realtor and I have been working really hard to get a hold of someone who can help us and we cant seem to get anyone who will help us. Its such a simple mistake and could be so easily corrected. The worst part is they have even stated that they may not even put it back on the market. They may be giving it to the second highest bidder. I feel like this is so WRONG. I am the highest bidder and have no way to correct this simple mistake that was made by my realtor? I was not even the one to make the error? I feel like they are stripping and stealing from me. At least put the property back on the market and let me have another opportunity to bid on it. I was going to owner occupy it as well. I feel I was doing everything they asked and I still am going to loose out on this. Is there anything I can do in this situation to some how save myself?

If anyone has any suggestion it would be greatly appreciated. I am in such a tough spot and need this property.

Thanks in advance for your help,

Grant P.