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All Forum Posts by: Lauren Lockett

Lauren Lockett has started 5 posts and replied 194 times.

Post: Newbie student from Houston, TX

Lauren LockettPosted
  • Investor
  • Arlington, TX
  • Posts 200
  • Votes 61
Originally posted by @Alexander Plott:

Welcome to BP! Check out the Learn and Network tabs to begin exploring the site along with the Ultimate Beginner's Guide at biggerpockets.com/ubg! Best wishes on your success! 

Post: long story but read and give input!!!

Lauren LockettPosted
  • Investor
  • Arlington, TX
  • Posts 200
  • Votes 61
Originally posted by @Bryan Vincent:

So I came into bigger pockets and was one of the many people who just popped their heads in to say that their new and then completely disappear. Recently i started looking back into the forums and reading here and there and after listening to podcast 127, I was very encouraged to make a post. I'm not sure what to offer on advice so I thought I would just say whats happened since last year.

Well welcome back! If wholesaling is really what you'd like to do, search the site on wholesaling. Make your education about wholesaling. Read the forums, blogs, podcasts - and focus on wholesaling. Sounds like you really don't have time for anything else anyway. When networking in your group, try asking your peers what they're looking for in homes, are there any wholesalers they currently work with, can you add them to your buyers list. Best wishes on your success!!! And your BP community is here for ya! 

Post: Looking for help with foreclosure auction in Fort Worth, Texas

Lauren LockettPosted
  • Investor
  • Arlington, TX
  • Posts 200
  • Votes 61

@Jay Hinrichs

Yes, they are substitute trustees, selling homes on behalf of the bank. Yes, the criers are the substitute trustees and are listed on the notice of sales in the courthouse. I'm a little biased, but I think they have a great system for what's Super Tuesday here in Texas compared to other trustees on the courthouse steps! ;) 

Originally posted by @Owen Dashner:

Attention skeptical wannabe landlords who think there is NO WAY rental property expenses run 40-50% of income, or that rent minus PITI = cashflow. This post is for you:

I always dread the first few hot days of summer.  I just know my phone is going to start ringing and my checking account balance is going to get smaller.  Within about 2 hours yesterday, I received calls from tenants at 3 separate houses saying their central air conditioning was not working.  They were all older A/C units, and I was limping along hoping to get another year of life out of them. 

After sending my HVAC guy out on the service calls, he calls me at 8 pm to let me know that all 3 units are shot, and that he didn't think it was a good idea to dump any more money into them.  I take a deep breath and ask the question, "How much?".  He tells me that the replacement cost would be $2,700 per unit, or $8,100 total.

Ouch.  This is a major reason that most newbies do not last in this business.  In just one day, 2+ years of $100/door cashflow was effectively wiped out on 3 separate houses.  This is why it is SO IMPORTANT to allocate your income for inevitable expenses and repairs.

While it really sucks to have all these hit in a short period of time, if you are properly capitalized with an adequate maintenance account, these types of expenses can be absorbed as a cost of doing business.  And remember- just because you have gone a couple years without any major expenses, all that means is that you are all the more likely to experience those expenses in the near future.  

What about you?  Does your business have enough in reserves to withstand the A/C unit trifecta in one day?  I know mine sure didn't when I first started buying rentals...

 Thanks for sharing! I only own a vacation rental and yes, I ensure I have savings to cover unexpected expenses! 

Post: Looking for help with foreclosure auction in Fort Worth, Texas

Lauren LockettPosted
  • Investor
  • Arlington, TX
  • Posts 200
  • Votes 61

@Account Closed is right. The notice of sale at the courthouse should share this information. Yes, it'd be okay to reach out to the foreclosure attorney or auction house conducting the sale. Some are more forthcoming than others, but you can always reach out to a title company (sometimes at a fee) to get a preliminary title report for the most accurate picture of what's honestly going on with the property. 

At any time, the foreclosure attorney or auction house can pull the property from being sold due to a number of reasons, including coming to a mutual agreement with the owner. However, I wouldn't take what the owner tells you at face value. Unfortunately, people either don't truly understand what's going on or are in denial or just are straight up putting on a brave face. For example, there's a property in my complex currently at auction until Monday on auction.com. Although I work for Auction.com, I've never personally bid on a property, plus I work on the courthouse steps in the Trustee/Foreclosure end and have never really been involved in the bank owned/REO online auctions. So did a little homework, found some info, and because the property is in the same complex I live, I decided to walk over (not allowed to trespass, but you're allowed to be friendly :)) Talked with the owner and she's telling me how everything is being taken care of, but I've heard this 100 times over. I shared with her that she needs to be sure to have an attorney/lawyer on her side who walks her through this process and ensures she understand what's really happening. Needless to say, her property did go to auction and is currently still up for auction until Monday when the auction ends.

Hope all this helps! :)

Here's an article by auction.com on Due Diligence with foreclosure properties: 

http://www.auction.com/blog/due-diligence-10-steps...

Originally posted by @Account Closed:

@Lauren Lockett Hey Thanks! Yes i will check that out. I believe you get access to more items as a pro? So i would be able to check out all Webinars from the past?

Absolutely! You get access to more items as a pro. Under my resources, I simply click on Webinar Archive as a pro member. I'd check with Brandon Turner or someone else more familiar with the site to give you accurate info! I'm fairly new; I don't want to steer you wrong! 

Post: Hello all!

Lauren LockettPosted
  • Investor
  • Arlington, TX
  • Posts 200
  • Votes 61

@Sherna Willis

Welcome to BP! Explore the Network and Learn tabs when you get time! They've been real treasures! 

Post: New from San Diego

Lauren LockettPosted
  • Investor
  • Arlington, TX
  • Posts 200
  • Votes 61

@Steven Wertheim

Welcome to BP! Check out the Network & Learn tabs! 

Post: Are contractors to be trusted?

Lauren LockettPosted
  • Investor
  • Arlington, TX
  • Posts 200
  • Votes 61

@Crystal Chang

You know there's also bad contractors right where you are so you do your due diligence just the same. I'd check them out on BBB, ask other BP investors, etc. Good luck! 

Post: Auction.com

Lauren LockettPosted
  • Investor
  • Arlington, TX
  • Posts 200
  • Votes 61

@Steven Rosenblatt

No, you're unable to assign or double close with auction.com assets. You can also ask at [email protected]. We get questions all day long and are extremely responsive. If you bid with us often and have your free auction.com account, ask the Community and a staff member can answer for you there as well. Each property is different, but in my 2 years, I haven't seen it.....yet. ;)