All Forum Posts by: Pat Jackson

@Bruce Runn  Much appreciated.  According to foreclosure.com, there is no right to redemption in Missouri.

citation

@Jay Hinrichs  Also much appreciated!  The process of multiple cashiers checks makes sense.  This sale is announced on auction.com, but a link is provided to the county courthouse.  It's a "sheriff's sale" as far as I can tell, though that's a new term recently added to my vocabulary.  That said it's a small town, everybody knows everybody.  I'll double check with the realtor tomorrow, perhaps I'm mistaken.

There is a title company in the town, I'll likely have them do the title search unless either they're obscenely expensive or someone on here convinces me there's a better resource.

Jay, I skipped from podcast 26 (I started at #1 and have been working my way upward) and just listened to #222.  Very interesting story.  I particularly enjoyed the timber portion.  When I was 10 or so I went fishing with my dad on a small lake on a farm in Missouri. He told me a story about how the farmer, soon after acquiring the farm had the timber cruised, marked, and sold off the veneer quality walnut logs.  My dad claimed this timber sale paid off the rest of the loan on the farm.  That story has always stuck with me, it's even part of the reason my bachelors degree is in Forestry. I'm now re-inspired to research the timber/property options out there.  Thanks.

I will be sure to updated this discussion as this deal progresses.  I hope I have an exciting story.

I apologize if this should have started in the general discussion.

I live in Reno, NV but grew up in Missouri.  A house in a nearby town to my hometown is about to be auctioned off on the courthouse steps (literally).  

I'm interested in this property and have a few questions.

1.  From my initial conversation with a real estate agent in this small town, the house can be shown.  At a minimum I'll have my dad who lives nearby do a walk through.  Ideally I'd also have an inspection to know exactly what I'm getting into.  However the auction in 7/25, I don't think requesting an inspection and getting the report is a realistic scenario.  Is it?

2.  Being an auction property, I'll have a title search done for any outstanding liens.  I haven't made up my mind on which service to use, but is it a realistic scenario to get this report back in a week?  I believe it is. Does anyone have any recommendations on which title search company to use?

3.  I've never done this.  From what I've read, a cashiers check is required at the end of the auction.  I can have the funds all in one account in a week (the maximum amount I'm willing to bid based on what I find out about the property and the amount of risk I'm willing to take).  Can cashiers checks be filled out on the spot?  With an auction, obviously I won't know the exact price until it's over.  How have actual courthouse auction payments worked for others?  I intend to call the courthouse tomorrow, but wanted to double check here.

4.  My dad will be the one doing the bidding.  Should I have him do the bidding as my proxy, or have the funds in his name, get the house in his name, and transfer ownership to me at a later date?

I intend to wholesale or flip this house in a fairly short period of time if that matters.  Thanks a ton!

I'm 33 and hope to buy my first investment home (multifamily unit) with a college friend.  The market we're looking at is out of state for both of us.  We're looking at each providing 50% of the necessary funds upfront, and managing the property jointly.   We are intending to buy for the long term, and for cash flow.

Right now we're leaning towards a LLC, but that's not set in stone. Information on market research, assembling a team, managing a home from afar, etc is fairly easy to find and digest. I haven't been able to find as much on setting up a partnership. Instead of answering a question directly, can anyone point me towards resources on setting up some sort of partnership agreement. Podcasts would be particularly useful. Thanks a bunch.