All Forum Posts by: Jaylan Archer

I've ready plenty of the topics on Homesearch bought properties. I was wondering if anyone can tell me specifically about closing?

Did you use title365 for your title insurance?

Where did you go for your closing?

@Devan Mcclish

Congrats on the success! It sounds like some great deals you've been having. 

A couple of questions. So you drive around and collect a list of run down homes and then send them yellow letters. These letters must explain that you're an investor?

Once they call you and get you to come over, do you run into any trouble with people being abrasive or not thinking that you have their best interest at heart?

How many deals have you done this with?

Sorry for all the questions. I am just incredibly curious as to how it all works.

@Wayne Brooks

I did google it and it is not. I was just listening to my friend and didn't understand it fully until I researched it my self.

I have access to the deeds. It appears that a foreclosure deed was recorded and not dismissed and then they did a deed in Lieu. Is there anything that I can actively do or is it something I just have to wait for the title company for?

I also apologize for such as newbie question. Just starting out.

@Warren Bright The tiles are just in the kitchen. We did the diamond pattern just to spruce it up a little bit. Tile was our best option because the rest of the house had beautiful pine floors throughout, at least, in my opinion. Old home built in the 1880s. 

This is on of the pictures of the master and the pine floors.

Thank you @Ryan Billingsley. 

Making a profit was nice and has been able to fund me on my next property that I'm doing  by myself but the lessons I learned were really priceless. A lot more hands on than a four year college degree.

Thank you very much for the welcome @Linval T..

I just wanted to post it to hopefully encourage someone else. It's never considered work when you enjoy what you're doing and I do enjoy it!

Just wanted to post a brief success story that hopefully will help someone else out. 

I purchased a foreclosed home with my brother last year for $52k that needed just about everything. We went in as partners and that in itself taught me a lot. 

We had two options on this house, spend a little, paint it and make sure everything was working or go all out. We made budgets for both and decided that the upside was much better if we went all out. 

We closed May of 2014 and didn't get the property sold until August of 2015. I know that this is incredibly long but I also finished up my senior year of college in another state during this time. 

Couple lessons: Choose your partner wisely and be on the same page throughout. You MUST talk about how each of you will be compensated beforehand, and perhaps discuss financial consequences if a partner couldn't hold up their end of the bargain. Whether it be time, finances or even connections, fair compensation and an exit strategy need to be discussed BEFORE becoming a partner.

Plan on going over budget. I don't know if this is something every flipper runs into or its just cause I am new. You will go over your budget, work it into the numbers.

Hire a competent real estate investor. I say this one with a touch of humor because I was actually the real estate agent for the property as well. However, your agent should use a professional photographer and be proficient in marketing.

Lastly, go above and beyond in finishes. This is more so my opinion but I still think it was a good lesson learned. Make your flips something special in each one and shoot for making your home the nicest on the street. This doesn't always necessarily mean spending a ton of money. Neutral paint colors or even ten bucks on a fancier door knob can make a difference between what a buyer think as 'cheap' and 'high end'.

Finally the numbers.

Purchase price: 52k

Renovation: 78k

All in: 130k

Sale price: 210K

After closing costs my partner and I split 60k which I was pleased with. I know this isn't a great return with the amount of time that we owned the property. However, the lessons I learned and the experience I had was priceless. 

Thank you Wayne!

My computer has been acting up so I haven't been able to load any of the documents but I will be sure to take a further look at them today.

Then I guess I have no idea what this document is for. It tells me there is pending litigation. The title company is Title 365.

The document just discusses title insurance, an amended commitment, deed information and certificate of liability insurance. 

My friend that has bought a lot of foreclosures said that it was a robo signing issue when I sent the document over to him and said that he had a similar problem and it took 9 months for them to clear. I just didn't know how long it might take to clear.