All Forum Posts by: Roger Heiser

Can my HUD agent in IL. bid on a HUD house in MO? He is not licensed in Mo.

I flipped a house years ago and was able to split the lot in two. I sold the new lot before flipping the house. It worked out great. But I did not buy where that was crucial to making a satisfactory profit. I didn't know if the town would allow it until after I bought it.

I also have rental property and I don't really care to have big empty lot space just more for someone to take care of and it might lower your taxes a little to sell it off. If I could sell it I would.

Good luck with the whole deal.

A few weeks ago when I was cleaning snow off of the sidewalk at our apartments. One of the long term tenants told me if I bought him a shovel he would shovel in front of his building just for something to do. I told him he could have the one I was using. No, he had a particular shovel in mind. I bought one for him the other day and set it next to his door without saying any thing.

My wife just told me she met him coming out of the bank and he gave her a hug he was so happy to get get a shovel.

I tell this story because we interviewed a property manager and it was evident to us that he viewed the tenants as the enemy not as customers who we are selling a service too. Yes there are times when they are not good customers and we have to handle those times appropriately. But If you do a good job vetting potential tenants and treat them well, everyone will be happier and you might even get some free snow shoveling out of it.

That is a great question I have never heard a wholesaler address that. I hope others will comment on it.

Do yourself a favor and find another job. Don't burn your savings to support your self while you are investing. This is not a get rich quick or even support yourself quick business. Do a lot of reading, listen to a lot of podcasts, ask a lot of questions and you can be successful. Take your time. Not what you want to hear but I think most of the investors on BP are going to give you the same advice.

Best to you

Once they except your offer you probably have a few days to get a proof of funds from the bank.

If you get one under contract HUD will require proof of funds. You have to make a bid thru a HUD approved real estate agent. There are some BP podcast that talk about buying HUDs also a lot of BP forms. There is also a lot of other info on the internet about buying HUD. I just bought one for 24% under their asking. James is right the longer it goes the better deal you will get.

I had posted this question a few weeks ago and got some really good feed back. So my wife and I went ahead and made a offer on a HUD house we were interested in. The asking price was $63,200 we thought we would seek to get it in the mid to low 50,s so we made the offer at 48,000 and they took it immediately, which made my wife mad because we should have asked less. That comes out to about to a 24% discount from their asking price. Comps in the neighborhood make its after repair value around 80,000. It should work out to be a great house.

I have had the same experience. I am convinced that the auction house is trying to run up the bid. I chased one for 4 cycles and then it show up on the MLS with a straight listing.

You seem to have thought this out and I would agree with how you would handle this. I would try to turn this into a good deal. Run after what scares everyone else away.