All Forum Posts by: Mantas Kudrinas

Thank you, Lumi,

Looking forward to!

I actually took a class recently on Miami-Dade Auctions from local RE board of Miami. Buying properties via that website is a lot more complex than it seems. The most discouraging thing of all is that at least 50% of them get canceled and the most of remaining ones are going back to the Plaintiff (Bank). None the less according to instructor the deals can be found (usually 20%-30% below market value), yet you need to identify a good buy & do your due diligence. I tried dig into it, but it is not-as easy as it seems. It takes a long time to find the right property and investigate it; and then it gets canceled (often) or sold back to Plaintiff (Bank). It seems that "big boys" bid and buy a lot of properties and then they deal with it, they get good and bad apples and it works out at the end. Pursuing an individual property might be very time consuming. For those who want to look into  it, here are some websites & tips to help you with due diligence of the property:

• In foreclosure auction you get the property AS-IS with no warranty
• If you are the winning bidder - you get certificate of title
• After you win the auction the property owner has 10 appeal, after that you get certificate of title
• %5 deposit is required to bid - use only that amount, use wire to transfer funds
• %2.2 court fee
• look who is a Plaintiff. If HOA - stay AWAY!
• 1st two digits of the case number is year when foreclosure was filed
• Buy only 1st lean holders, look for banks or financial institutions
• Any outstanding leans after LIS PENDANTS - disregard
• IF many defendants are listed - stay away
• Look for expired permits
• Look for code violations
• Look if the taxes are paid

There are more items that are related on doing the proper due diligence, but those are some major ones. 

See link below for the list of helpful websites to help you with the process:

Websites

Good Luck!

Mantas Kudrinas (Realtor, New Investor)

Hello to ALL BP members!

My name is Mantas Kudrinas and I'm from Miami Fl (I was born and raised in Lithuania). I found BP accidently on my iPhone by searching for Real Estate topics on Podcast app and became addicted since. I just joined the website and starting to learn all ins and outs about it. Overall it's Great website, great show, great principals -  a phenomenal enterprise.  It is so rare nowadays to get a great advise and guidance from real people,  who are actively doing it- for Free (Thanks to Joshua's strong belief of not commercializing it).  

I got my Real Estate license in 2011 and have been active since. I had an opportunity to work with some very affluent and wealthy people from around the world, mostly from Russia and Europe (I do speak fluently in Russian, so that helps a lot). Therefore, my main niche in Real Estate was - luxury condos and homes, and I've done well in that field. Yet, the recent cool winds of Worlds political and economical uncertainty, made me rethink my approach in Real Estate and thats when I started to learn about Investment Real Estate. So I'm not new to Real Estate, but fairly new to Investment part of it. I will continue my Real Estate practice, but besides I'd like to start investing myself and hopefully grow along with BP community. I'm on the lookout for my first Multifamily and hope to find one soon enough, as Miami's RE market is very tough and competitive. 

I'm stoked to learn and share my experiences with BP community!

All The Best!

Mantas Kudrinas

Hello Nick,

Fell free to contact me, as I'm on the look out for the same type of property myself. I've been actively scanning Miami-Dade County for multifamily housing. 

Mantas Kudrinas

Real Estate Adviser

[email protected]