All Forum Posts by: Jeanette Bartels

Thanks for your advice Michael, that's a good suggestion.

According to Auction.com, a group of people can pool together their money to pay for the property they bid on and won. They don't mind taking the cashiers checks from different people, as long as it totals the whole amount. You and your group will have to arrange ahead of time what their contributions will be and sign a contract. Most of the houses have clear title, but some can still linger with that property, so you'll still have to check with the Title company.  It's all a risk, just like gambling. Another problem is making sure the owner or a tenant still lives there. It would be difficult to evict the owner unless you give them some money to move. That's what I heard.  Any lease on a tenant will have to be honored, even though title changes to another owner. You'll have to rewrite the lease early in the game with your new set of regulations and rent payment, while your property is going through escrow with the auction company. I'm not sure if they will be the ones to submit the new lease to the tenant after everything gets cleared. They would have to notify the owner or tenant that the property was sold. So many things to think about!

Thanks for your reply Matthew.  I appreciate the response. I don't know if a Quit deed would work giving me the property.  I know that he has made a will giving me the property, but for now, I'm still trying to find a way to transfer the property without having to spend too much $$.

Thanks Taye, I'll see if I can find that fine print you're talking about.  I'll update my status here next week after attending the auction.

I am in a situation where I had some money for a down payment to invest a few years back, but my small income and fair credit was not enough to qualify to buy an investment property. My boyfriend at the time had a good paying job, good Fico score and is able to qualify for a loan. So, he offered to help me. We made a deal to buy 1 or 2 properties using my money as down payment and for closing costs and fees. He would be the one financing the loan. We drew up agreements and had it notorized for different contracts. I also told my children what we were doing so they knew the property was actually mine, even if the loan was in his name. He is a very sweet and honest man, and I totally trust him. We have good tenants in the house and they pay me for the rent each month, and I hold their deposits etc. I in turn give him a check each month to pay the mortgage. He acts as my partner and does some of the maintenance on it, plus pays for the landscaping out of his pocket. He gets the benefits from tax write-offs that I can't. Anyway, I was wondering what we could do to straighten this situation up without paying too much monies. How can I get title to my property without him having to sell it to me or having the bank's Due-on clause come into action. Recently over the few month's, we have gotten an LLC in place, wanting to get further in real estate. Can anyone give us advice?

I was wondering if anyone here in the Bay area has had the opportunity to go to a live auction to bid on foreclosures? I know that the one I want to attend in Pleasant Hill Community Center has a room with seats. The company Auction.com and it's affiliates rent a room out so it's not standing outside on the courthouse steps, which is better. To bid here, you have to come with all cash or cashiers checks for the full amount you're willing to spend.  My question is, does the cashiers checks have to come from one person, or can a group of friends pool in to pay for the cost of the one property?  Lets say they bring in their own cashiers checks, but is going in with you, but you only have so much for yourself, will the auctioneer clerks accept funding from your group of people to pay for the property? Does anyone know of this?

I just wanted to say that I'm excited to be here as a new member of BiggerPockets.  I hope to meet and chat with you as days go by. Have a wonderful day!