All Forum Posts by: Justin Lanciault

Thank you sir. I was able to get everything set up with them!

1. My wife and I purchased two properties in April and closed in May.

2. The process is straightforward. Sign up in your name/compnay name. Then you have to register for each auction that you want to participate in. When you register to bid you will have to place a deposit per house, usually around 2500. So if you want to bid on one house (and you win)  the  you can not bid on another house until you deposit more money. I have only ever done it with my credit card, so I can’t speak to the wiring option. If you lose you will be refunded within a few days and if you win you will be refunded a little later - as they want a 10% of the final bid price in escrow wired to them.

3. We had financing set up BEFORE the auction. I wanted to buy a MF but after some research I decided that any winning bid would be too high, and realized that winning 2-3 SFH would be better - which it turned to be better. I'd take a potential 20% ROI vs a potential 5% anyday. I was in constant contact with our lender and we worked through the process. If you secure financianing after winning, all I can say is make sure the lender has some experience with auctions and the type of properties you are looking at.

4. There is also Ashland Auction in Baltimore. They seem to handle vacants and potential flips which is not what I am into, so I don’t have any experience with them.

Lastly, remember that Alex Cooper (and any other auctioneer) are esstentially seller’s agents. They do not represent you. They will help, but only to an extent. Read your contract carefully (both of mine were identical, just names switched out) because there are important deadlines.

Good luck

My wife and I own two houses in Baltimore - Coppin Heights area. The insurance policy through ASI was canceled because concerns over the flat rolled roofs. Does anybody know of any company, preferably local, that will insure these types of houses - both are almost 100 years old but still kicking.

Thanks!

Thank you for your response!

I am newish to the real estate game in Baltimore. I've visited the city and done alot of research and bought two houses both rented with great ROI's, even with property managers in place. Closing was last week. Does anyone know what I need to send to the renters to inform of new owners? Does it change if I keep the property managers and I just inform the managers?