All Forum Posts by: Account Closed

Not looking forward to anything shifting online. My local county auctions are like a bad episode of storage wars.

Good point Wayne about the paying down part. I'd be curious to learn what the other mortgage face value is and the market value of the property. Seems odd this situation could occur with multiple bidders at the 500k bid price range. The other bidders missed this too? I don't have big enough marbles yet to bid over 250k on anything.

Situations like this make me wish there was some investor club that could be self insured by events like this. "It came out of nowhere" type losses. It would never work of course but the auctions would be a little safer.

I was in the Marion county fl auctions once and some random home buyer came in (we always had a few new idiots each week) anyways this guy proceeds to bid 175k on a 2nd mortgage that the first was WAY under water, nobody bid against him. I was drinking at the time a bottle of water and I spit what i was drinking on my partner once i realized what was going on. I then said fairly loud "are you out of your %#%() mind" We all know how professional I am :) The guy blew me off and after the auction i told him to go to a title company and do a emergency search and pay whatever he has to. He again blew me off. A week later he came in, gave me an envelop with a 50 dollar starbucks card in it turned around and left quickly. The note said thanks for the warning. He lost 7500 dollars on the deposit, i help save him the other 170kish. He never came back.

Not to hijack the thread, but at what point do you warn a competitor he is missing something major. I'm not sure what i would of done if the bidder was my nemesis. I'd like to think I couldn't watch someone lose that kind of cash. 500k mistake just seems so unlikely that nobody would of tried to sell that information to a known investor. Seems even more unlikely the room didn't know what was going on.

Random thoughts, i type fast...sorry :)

I've bought a fair amount at auction and I HAVE NOT heard of this. With that said, though the horse already left the barn I will say that i DO read every page of the foreclosure file after i win the bid but BEFORE i pay the entire balance. They give us 24 hours in Florida after the deposit is paid before the final amount is due.

I will lose sleep tonight from this, auctions are a very scary thing for me. The more i learn, the more scared i get.

I'm a bit confused though, wouldn't the judgement amount show this issue clearly?

26 hours while taking 2 small naps of about 2 hours a piece. Plus a traffic ticket for 175 dollars (speeding on some back road). Had some extended time to focus on some random ideas though, not all bad.

Trip over... Jeff google my name and grab my cell tomorrow or sunday and give me a buzz. I didn't think to check this on my ipad while i was driving or else I would of said we should meet up.

I'm with you dave, just not sure the solution. Maybe hire a local realtor and pray they actually do what they say they are going to do? Mentor someone that is within a few hours of a few different houses? Hire a random someone on craigslist to picture the house after each phase? Hire property preservation company to do the inspections? No 2 properties are ever in the same city it seems. I've never found a solution beyond just putting the time in. My little sport trak would love you to find a solution.

Thanks for the early morning giggle by the way. Forty hours a week workloads stopped around 2007 sadly for me.

Going to carrollton to check something out, then martinez then down to jacksonville and back home to Tampa area...

Flying wouldn't really work. The two in GA are like 200+ miles apart.

A Wholesaler appears to be an instant buyer which seems to be the easier choice. A realtor is a bunch of promises with no real timeline as to when they will sell it or for how much.

Bird in the hand type thinking i'd guess.

I kinda doubt any normal seller deals with a wholesaler knowing that if they can't sell it within a certain amount of time they will dump the deal back on the seller's lap.

Doing 40+ flips a year in florida and recently expanded to some GA properties when my AM throws me something up there that I "should take". Having to drive 1100 miles tomorrow to do 3 quick inspections on various houses we have in the pipeline. Starting to wonder if 20 hours of driving is really worth the 10 mins i need to be in each house. Maybe it would be cheaper to hire an escort with a video camera to do it for me? Sweetie, leave your clothes on, but i need in call service! :)

To be serious, anyone have any experience with mentoring someone from afar? Would seem to be a good win/win.

Ran a property preservation crew for about 60 days. No money in the grass cutting since they typically don't give you property that are close together. It's all over your service area in a small window of time. I'm guessing an owner operate could make the biz fly, but i couldn't with a paid crew. God help you if you miss a picture and they make you go back. Also getting the companies to pay you is rough, lots of scam companies out there that will run up your receivables and then never pay.

Real money is in the "ad ons" Anything weird like tree cutting or big item removal. We ended up specializing in clean outs and initial orders, my crews did about 2 houses a day with some of the grass cuts costing 400+. 1 acre lot, up to my chest in grass and 1" thick sapplings. Yeah 400. Bank doesn't want to hear about you not being able to do it, they just want a price to approve with lots of pictures.

I remember one clean out was like 3 uhauls of trash took 10 guys all day. Was like 80 cubic yards. If I had any brains I would of worked with a local thrift shop to sell the "not really trash yet" items. Scrap metal revenue was pretty high too.

All in all, was happy to see the business fail after the 2 months as it was fairly stressful to meet 24/48 hour deadlines and everything being a rush order like i was selling medical supplies.

Plenty of horror stories. Beats being unemployed though but not by much. The big players are safeguard and LPS, plenty of little guys and lots of middle men between the big 2 and you.

pull the foreclosure file, he is now a part of it. Or check for the recorded deed in 10 ish days.