All Forum Posts by: Jodee W.

I have a very similar situation, except that the house in question is near my other investment property and brings down value.  Please post more about your decision and what information influences it.

Sorry, just got back to the computer. It is Auction.com. I was thinking of doing a pre-auction bid. 

Jay Hinrichs, Thank you for the response! The report states "These creditors were not served in the judicial proceedings".  As for redemption, the foreclosure seems to have been in November 2015. Would the redemption rights now be over since it is already 6 months past? I had a friend look at this and she stated $70K. When I review it I only calculate $46K. Apologies for the oversight in numbers. The document also states that the county taxes are paid with 0 owing. So I am likely down to dealing with just the IRS it seems? 

Thank you so much!

Here is some info....someone block me if this shouldn't be posted please. But maybe more details will make it easier to answer.

IRS $21,300

Blocked out name    $143

American General Financial  $3300

Child Support (Oregon) $200/month entered Sept 2010

State Tax warrant/Dept of Employment $17,000

Midland Funding $5000

Wells Fargo   no amount listed

Redemption rights...there is a date listed....is it 6 months from that date?

These seem to be the more important issues. I guess this is only about $50,000. haha.....Only!

Maybe this property is worth the trouble?

I am looking at an auction property.  The auction/sellers included a prelim title report and it is UGLY! Over $70,000 in various liens, and some, such as unpaid child support, have no amounts listed. This house is only worth $100,000 in the condition it is in. But it could be rehabbed and is in a nice neighborhood. Could sell for $170K. If the liens weren't an issue, it qualifies, in my book, as a decent flip. I talked to another investor recently who was able to have liens removed. According to this person, it took 4 months, but the house, when flipped, earned $60K, after all costs. What info does anyone have on any of this? This will only be my second purchase if I can make it happen, i.e. wade through the lien issues. I do have tenacity and grit and am fully committed to becoming a savvy investor through experience and education. I just want to keep hold of my $$$ until I get there.  Does anyone have experience on removing liens? 

Thank you for this story! I am midway through a similar project and need the faith that it will turn out well!

And Brandon, Thank you! I will take what you said and list it out.....that is exactly what I was looking for. I know he has family that are in parallel businesses....a brother who is a landscaper, cousin who is an electrician, etc. And knowing they have multiple jobs going, I am afraid of paying for more than I use. Also, I have heard of contractors charging an extra $4-5000 because they can. They end up with a lien on your property until you pay it, and it costs more to go to court that. So that seems to be the magic number.

Jacob, I hadn't even begun to look at the insurance side of things. Thank you! I will bring that up with him, and also with my own insurance agent.  I do like the fact that he is young because I think he is wanting to build a reputation. I worry that the seasoned contractors may have less respect for what I am doing as a female, and that I could be a target for rip off or shoddy work.

I have my first flip house in escrow. Repairs should be minimal.....this is paint, flooring, fix a window, and repair a hole in the wall. Make it pretty. I have a licensed and bonded contractor who has done some work on my personal residence. I like the work I have seen. I like the work ethic I have seen. He is young and just starting out though. What would I expect to see in contract? What is usual? What should I watch out for? I am so new that I don't even know what questions to ask!

Congratulations!