All Forum Posts by: Ronald Bourgeois

21stmortgage.com   Is not available in all states.   I believe this is a Warren Buffet Company.   

I would also check with my Real Estate Attorney to see if "Seller Financing" is still doable in your particular state.   I believe I read somewhere that you can still do Seller Financing but you are limited as to how many you can do.  

Seminars are great, but don't be afraid of doing your own due diligence.  Some Training Camp's have an affiliation with the Loan/Mortgage company and sometime they forget to mention that.  Hard to believe I know.

It's the fever of bidding online.  I had a foreclosure listing with HUBZO and the winning bid was at least 25K to much for the work it required.  The winning bid was at the same level as Fair Market Homes.  Plus this home had a septic tank with the home selling as.  If it needed a new septic system that would be an additional $20K

There were eight bidders chasing this deal!     You witness some insanity in this business.

@Ron S.  Thanks for the follow up post.  

@Greg H.

Rock Solid advice.  

I've done 'Cash for Keys' and no will move for less than $3,000 in most cases $4,000 and up.  If you do settle for 'Cash for Keys' do not offer one-cent before the house is vacant and 'Broom Swept'   meaning the house is clean and no litter is left behind.  'Please take this from experience,  Pay them only on the date set by YOU and the house is clean with no litter on the date of the final inspection.  

The reason for $3,000 is they generally will need that amount of money to move and possibly use some of the offer as a deposit on a new rental.  If they do rent and they will need;  first, last and current rent deposits, offer them the option that their new landlord can contact you and that you will give the money directly to the new landlord to cover their deposit(s) after the house is cleaned and inspected.  

The common banter is they are living free and should have the money to move, but as you'll learn there are many reasons why a home is in Foreclosure.  Don't judge the occupants, just make it as simple as possible for them to vacate.  I've even had a moving van and pizza delivered to the home while they were packing to move out.  The psychology behind this is that they see you as helping them meet their goals and will not destroy your new purchase.

This is way cheaper than using an Attorney.  Your Broker should have all the forms required.

Is this an online auction or live auction?  

@Ron S.  Curious, how can a lien be unknown?  It was my understanding that Liens against REAL must be recorded. 

@Bill F.     I would think that the choice would be with the Investor.    If a new investor was given the opportunity of a park with provided services vs. a well and septic MHP, I think the choice would be the fairly easy and opt for the "provided services" park.

A well established Investor may have a different view of this same opportunity.   Not all investors have a deep educational background or experience, what they are searching for is an opportunity to match their current experience level and budget.  If this is their first park then they should reduce their risk level as much as possible to gain experience.

Just my 2 cents worth.

@Vivek Khoche

Question:  Did  you have to make a $1,000 deposit with the bid?  If so you could lose the $1,000 bid deposit.

If this is your first Hubzu Auction, I'd get your Lawyer involved and let your Lawyer review the documents and transfer your bid price to Hubzu.  One other thing, take some Valium as Hubzu can give you a constant anxiety attack from start to finish.

Congratulations on your winning bid.

Correct me if I'm wrong but shouldn't everyone here have a 'Real Estate Lawyer' on their team? You can pay your Lawyer a few hundred dollars now or go thru the 'Pain and Suffering' later. I mean to me this only makes common sense. Make sure your Atty is a 'Real Estate Lawyer' [not an ambulance chaser]. Your lawyer should work primarily in Real Estate matters. Your local REIA group should have a list of proficient Lawyers for you to interview.

If your not affiliated with a local REIA use the link below to find a local Real Estate Investment group. A good REIA group is priceless to your early and continued success.

https://nationalreia.org/find-a-reia/

@Jonathan Jewell  Love that attitude when faced with a dilemma.  Keep up the good work and keep us posted on your results.