All Forum Posts by: Account Closed

1) The bank can't sell it without the owner's permission. The owner still owns it no matter where they currently live in the world. In some states they can redeem the property for a year after it goes to foreclosure. If they are deceased, their heirs own it. Contact a "skip tracer" and pay the $250 to find the owner and see if they will Deed the property to you if you pay the back payments, taxes etc.

2) It depends: If you buy a property prior to foreclosure, (it has to be from the actual owner not the bank) either you or he has to satisfy all liens. If it goes through foreclosure, it wipes out Most liens in most states. You have to ask a local foreclosure or real estate attorney what the answer is in your jurisdiction. 

Up Up Up then Down Down Down then Up Up Up again. Sorry, twenty years of experience speaking.

All real estate trends are local. Ask a couple of you real estate agents to get a trend for your area.

Sure, but maybe or maybe not from a bank. Is the money in your account or is it yet to be obtained? You have to factor in a 20% vacancy rate, rehab costs, carry costs, taxes etc.

I do that kind of thing but you need someone locally that can walk you through from A to Z. Find out if you have a local Real Estate group. Too complex to explain here.

Yikes!! You need to ask? Get OUT of the Rental business fast. Run don't walk!  

Whoa. If you have to ask, you aren't quite ready. You give no explanation of what the meeting is about. To be an Intern? To be an Investor? To Lend them money? 

Probably not but you will regret doing so. If you obstruct the drainage of water you will flood the basement and your insurance will be of no use. Why would you want to do that in the first place? What are you attempting to accomplish? Doesn't it rain in Issaquah? Like, a LOT?

Hi Jesse. We have an Austin office so I'm familiar with the San Antonio market. First off, there are far easier ways to get to where you are wanting to go. But, to answer your question, you have to take in an 20% vacancy rate, a new roof every 15 to 20 years, a trashed house you have to rehab at least once in the 20 years, a new furnace/AC at least once and changing tax laws and neighborhood profiles. (Not to mention the toilets you have to unclog and the water heaters you have to have replaced while on vacation.) Now, how do you think I know this. It has all happened to me. ;-) My profile explains what I do now, instead and much more profitably.

It can work, but it IS work. So, using a spread sheet, you have to buy cheaply, be very scrupulous in who you rent to and watch it like a hawk. That is your retirement you are caring for.

Unclear where the lender is and where the property is. If the lender is in Rochester,  and you and the property are in Cali, nah, I wouldn't do it.

I have a buddy who spent $3,000 all said and done, on getting a $0 loan from someone in New York who promised the money, which never arrived. The deal was in Arizona.

If he is Registered, with a license number and you check New York's Dept of Finance and you check RipOffReport and everything checks out, you still haven't given enough info to know if it's a good deal. (I used to be a mortgage broker, so I am versed in these matters.) ;-)

The BEST way is your local dentist or doctor, or family members Roth IRA.

(By the way, we love eating at your Pier in Oceanside and watching the sun set. Very nice!)