All Forum Posts by: Marty Boardman

You want to search for the notice of trustee's sale in Jackson County. Here's the link: https://www.mopublicnotices.co...

From this link search 'foreclosures' and select Jackson County.

If you can negotiate a deal directly with a seller in foreclosure the best way to go is subject-to financing. If they're unwilling to do that then you can get a traditional loan (if there's enough time before the auction). Since it's for your primary residence underwriting requirements shouldn't be nearly as strict as with an investment property.

The most difficult part of this will be putting the deal together. Sellers in foreclosure are bombarded with marketing. I get the best results when there's 7 days or left before the sale. Less competition that way.

If you want to connect I can share a few other tips.

Good luck Ryan!

I agree you need a good network in real estate, but my issue with this belief is that too many aspiring investors get caught up in the networking process and spend little to no time developing actual real estate skills (marketing, sales, negotiation, analysis). I call it "getting ready to get ready". They attend networking events, build websites, print business cards and worry about stuff like LLC structure and taxes instead of learning how to become a deal maker.

Couldn't agree more Scott! Any beginner with a great property and good margins will find the money. I train people all over the country on this and tell them that if they bring me a deal that makes sense, there's a 99% chance I'll fund it myself. Good deals jump off the paper to investors/lenders that know what they're looking at. At the very least a beginner will get an assignment fee out of the deal.

My strength has always been finding/analyzing deals, and then presenting them to an investor/lender in a way that makes the decision for them to fund a no-brainer. When I first started I gave up a lot of profit to get the money to close these deals (up to 50%). But as my track record of success grew I was able to keep more for myself. It takes time but you'll get there Jacob! I hope you and William can do some business together!

That's a great partnership! I train people to find deals for me, and then I go out and raise the capital. It's funny because the people I teach how to do this think I have the tougher job. I always tell them that finding deals is the more valuable skill. There's more money in the world than there are deals (and deal makers).

A lot of people put off getting into real estate because they don't have the money. I believe this is a huge mistake. Knowing how to find profitable deals (and analyze them) is a much more valuable skill than knowing how to raise capital. And once you master it, getting funding should not be a problem.

What do you think?

I get this request time to time from different general contractors and project managers I've worked with over the years. Here's what I always ask them:

"You'd like a share of the profit from the flip, but are you prepared to share in a loss if the project goes sideways? For example, if we're 70/30 partners on the deal and we have a 10K loss are you willing to contribute $3,000 to our company?"

Being an investor and entrepreneur means you have your time and money invested in the business, and when things don't work out you take a loss. Most contractors want to get paid regardless of the outcome. If you're unwilling to take this risk then you're better off just getting paid for your time and letting the property owner worry about the end result.

I live in Phoenix and fix and flip/buy and hold in Milwaukee, WI. It definitely takes time on the front end to find/build a team and create an accountability system. But it can be worth it if there's low-hanging fruit in the market you're considering. Fortunately, you're only 3-7 hours away so you don't have to jump on a plane.

You'll probably need to spend 2-3 days a week there on your first project, but then scale that back over time. Last year I only traveled to Milwaukee twice because my team is so well organized and efficient.

Good luck Michael!

I'm in the middle of a lower-end (for my area) rehab (Chandler, AZ). I just decided to install cabinets in the laundry room, and in a hallway alcove. My cost for the cabinets and installation for these areas is $2,000.

Of course there's no way that these improvements will add $2,000 to my asking price. However, after 20 years in the business my instincts told me if I didn't add these cabinets (not a lot of storage in the house) the perception with buyers (and their Realtors) would be that I'm cheap, which may lead them to wonder what other corners I cut on the project. This in turn may lead to a lower offer price, or no offer at all. Rehabs may not "accomplish value", but they can certainly subtract from value if not done correctly (or at all).

My standard rule of thumb is make improvements to the home that match what is "normal and customary" for the neighborhood. Buyer's will pay a premium for a fully-remodeled home, but it's difficult to estimate how much more. All I know is cutting corners can lead to longer hold times and lower offers.

I've seen you mention owners in foreclosure with equity filing BK in other threads Chris. I've bought over 100 foreclosures (Sheriff's sales and pre-foreclosures) in the last 3 years in Arizona and Wisconsin. BK is very rare, at least in these states. I just closed a pre-foreclosure last week, owner had over 150K in equity but did NOT want to file BK. He was happy to take 25K from me at closing and get 90 days to move out. Bankruptcy is not a solution, it just allows the owner to kick the can down the road. And their credit is not shot if they sell before the auction, they'll just have a 90-120 late on their credit report. That drops off much more quickly than a BK.