All Forum Posts by: Lou Veiga

@Bill Gulley

@Wayne Brooks

Thanks for the feedback. I've been thinking about contacting an attorney on this, but it's a gamble. There's no guarantee that it will even make it auction. And if it does, there's no guarantee that I will have the winning bid. I've been pursuing foreclosures for a few months now and I've found a lot of them get cancelled at the last minute. There was one that I was about to head out to, but I called the law firm to check the status and it got cancelled about 10 minutes prior to my phone call and it was only 1 hour before the auction was scheduled to take place. So I'm wondering if this is worth investing a few hundred dollars for title search and to dig deeper into the law suit only to find that the auction never takes place.

Hi Anthony,

Welcome to BP and Congrats on closing your first property! Just keeping moving forward.

Thanks Dion,

As I dig deeper into this situation, I also found that there is a law suit against the individual. There is a petition by the court to attach all real estate property owned (individually or jointly) by the owner and any of his LLC's. (There are over 40 LLC's associated with him).

So if I was to buy the property at the foreclosure, would it still be considered part of the law suit attachment? Should I consult a lawyer on this, or just stay clear of it all together? There is a lot of equity in the property, so it would be a great deal if I bought it at auction, I just don't want problems afterwards.

How about some lights with timers so the lights go on and off at certain times. Might make it look like there's someone in there.

I just signed up for a Pro-Basic account. Well worth the price considering all the great information here. The membership pays for itself many times over with all the great advice. Thanks to all!

Thanks Wayne for the quick response.

I came across a house that's going to be sold at a foreclosure auction. I did some research and found that the owner transferred the property from his name into an LLC about 2 years ago. Would that have any effect on the foreclosure? I'm assuming the bank still has the right to foreclose.

There may be numerous reasons why he would have transferred the property, but would protection from foreclosure be one of them?

I would also have to agree 30 year is the way to go. You can add a little more to the payment and pay it off early. But if you go right into a 15 year, you're committed to pay the higher payment.

Hey Chris,

Welcome to BP.

That's great that you are working on your first deal. Congrats.

Keeps us posted on how it goes. Also make sure you check out the Podcasts. Tons of great information there.

Hey @VLADIMIR LOPEZ

Welcome To BP.

I'll have to agree with @Shaun Reilly , if you find a deal, the money will find you. Finding the deal is the toughest part. I've been searching for a deal for a couple of months now, but haven't closed on anything yet. I've put in a few cash offers on some MLS listings, but have been beat out every time. So there's a lot of competition out there.

Hopefully I'll meet you at one of the meeting in the near future.