All Forum Posts by: Jimmy Le

Hey BP folks, I recently purchased a property at the Houston Texas December foreclosure auction and was wondering if anyone had insight on a similar situation.... Looks like first mortgage foreclosed on this house back in 2014 where the bank took it back and wiped out all other liens- so it’s been an REO for three years or so. Looks like the bank didn’t transfer the HOA into their name and did not keep up with the payments. This past week, the HOA foreclosed on the previous owner (not the bank - this may play an important detail) and I purchased the property at the auction for less than $5k. The CMAs for this property is around $125k. I did visit the property and it looks like it’s gonna need some work, no formal inspection but possibly $20-30k as a ball park estimate. During the visit, I noticed the property has been winterized and that the lawn is being maintained, either by the HOA or the bank. Some of the questions I have are: What is the likelihood the bank knows and will redeem the property within the 180 day timeframe? And I’m the meantime, do I fix it up and rent it out or wait until the redemption period is over? And when the redemption period passes, does the HOA judgement foreclosure against the previous homeowner and not the bank convey clear title? Thanks for any insights and information in advance! Jimmy

Hey everyone,

Right out of the University of Houston's Cullen College of Engineering, I was given the unique opportunity to be the project manager for a handful of projects to upgrade and automate pipeline operations.  Although the oil and gas glut is a gift to the American people, the opportunities for young professionals in the industry were only trickling.  Rather than waiting for the next round of cuts, I decided to make my exit and climb the next big learning curve that will allow me to design the life I want to lead.

One Ultimate Beginner's Guide, a couple of podcasts, numerous blog posts, and a Shia Labeouf "JUST DO IT" video later - here I am!

I hope to complete one deal a month to sustain my current lifestyle, whether it be through referrals or other methods of creative financing - I'll find a way to make it happen.

I'm jumping into the deep end, figuring it out as I go, and hopefully, I'll see you guys on the other end.

Jimmy