All Forum Posts by: Marco Petit

Warren Kirschbaum at Title Trust Services. He's an investor as well and tons of deals go through his office. 

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Welcome!

Foreclosure auctions are very very tricky and you have to be careful on what you're getting yourself into. You'll have to make sure the property is worth your time, make sure you know what you are bidding on, and do a sound title search to see what kind of encumbrances there are on the property. You can't even get into them and see what's on the inside so you'll have to drive by and do what you have to do to look. After all of that work, you may not even get to bid as anything can happen that'll take the property off of the docket.

I don't invest in Broward, but in Palm Beach county, you have to create an account with the clerk and comptroller and deposit 5% of your maximum bid of the property with certified funds a couple days before bidding. When you win the bid, you have to fund shortly after. 

As far as getting the money, you should network with some people to maybe lend you private money when you need it or maybe a money "partner" so you could close quickly. 

I would say there are easier ways to find deals, but in South Florida it's tough. Good luck!

Multi's are tough overall in South Florida. They go almost immediately or they just don't need to sell. You may need to target only financially distressed multi family owners to find what you're looking. I got lucky with a property I'm buying in Lake Worth that is two detached 2/1units so I'm going to use it as a "duplex." It was off market, he has some financial distress and needs cash to do something in New York. Good luck!

Check out the house and make the offer if it's not too much trouble. Something about the Realtor and sellers don't sit well with me, but in this business you're dealing with people and you know how people can get. If they are being too resistant with seeing the appraisal and giving you the address, move on to the next one. Good luck man!

I personally would lease option it out to her with $0 down with a purchase price of $140k at the end of 7 years. I would make it a condition of the agreement that it is her responsibility to take care of all maintenance and repairs so at this point they are an auditioning homeowner. If she pays on time, I would credit $100-200 towards the purchase price to nudge her towards paying on time and I would hold the right to raise her rent to market rent each year. 

Like someone said above, if they stop paying, an eviction is a lot easier and quicker than a foreclosure depending on the state. Make sure this arrangement is closed with an attorney to make sure you protect yourself and all of your t's are crossed and i's are dotted. 

Good luck!

You guys are hilarious!! This was awesome lol

Welcome! I lived in Gainesville when I went to the University. If buying and holding is what you plan to do, that is a great market for it! 50k+ students and you could rent by the door! Good luck and happy hunting!

My parents are getting old and can't work as hard anymore. I work hard so I could help them out as much as I can