All Forum Posts by: Jarrod Weaver

@Account Closed It does seem like there has been a new wave of "Fixer Upper" bandit signs recently. This always follows the latest round of seminar gurus coming to town. These "investors" normally leave as quickly as they come.

I have been trying to purchase a property that has been stuck in foreclosure limbo for a couple of years. The owners are deceased, the children didn't want anything to do with it and the bank holding the note wasn't too interested in completing the foreclosure because it was going to cost them more than the property is worth to do so.

In the process, I have spoken with the heirs (who signed away their heir-ship), the attorney representing the defendants (idiot), the attorney representing the bank, and the loan servicing company. After 6ish months it appears we are finally making headway.

While speaking with the bank's Director of Operations earlier, she suggested that I purchase the note instead of the property and then complete the foreclosure on my own. Since there is no one that would contest the foreclosure it should be a procedural process not involving litigation.

Have any of you experienced this situation in the past? I've read about it but certainly have never done it before.

You could cut a decent bevel in it with a good tile saw. Cutting the bull nose would be a lot more work. Certainly nice, but is there any ROI for that small detail?

I typically find areas of interest by taking motorcycle rides. When I see something interesting (always do), I make a note of it and do the research when I get back in front of the computer. Nothing better than breathing fresh air and getting a live look at the area. It takes a while but is an effective way to learn the market and find deals.

@Account Closed In this post I'm neither, in support of an HOA, nor, against it. Just sharing where one can find information about a specific association so they can do their own due diligence.

@Account Closed You might need to adjust the way you are looking at the market. Regarding the MLS, you are correct. It isn't a great place to go looking for a deal. Nor do you need to be "smoozing" with your "network" to find a deal. The bottom line is that you need to be out turning over rocks looking for treasure.

I can typically find all the HOA info need by doing a Google search. You will find the manager, the monthly/quarterly/annual fee, and any transfer fees required.

@Andrew Allen Add REAL ESTATE TRANSFER TAX to the list of negative things the Austin City Council wants to accomplish.

It's not just here in the ATX market... There are a select few professional investment specialist who can help in a space with 60,000+ license holders, (all who claim to be able to help investors) so finding the right one is a challenge. Look outside the big box brokerages. Most investment savvy agents (not all, there are occasionally some good ones) don't work at the average Wal-Mart, Target & 7-11 style brokerages.

Go for it @Neal Richardson! I'm sure you will tweak the program along the way to make it massively successful. Personally, I'd drop the "at-risk" and profit sharing part since all bored high school students are at-risk and bringing in the financial component has its own set of associated problems. (If you use it to fund an "REI team booster club" it would mitigate many of the hurdles surrounding money.) This is exactly what is missing in the BS curriculum being shoveled these days, which has no component of real world production. And, no hard work breeds success and no entrepreneurial risk of failure. I wish you all the success in the world!