All Forum Posts by: Richard D. Sanders III

@DJ Cummins is there a way to purchase the next property without getting rid of your current investment property?

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Hi Everyone,

I've been working on my analysis of properties including multi-family properties as I want to start with them over single family homes. Am I doing the math right on these?

@Michael Kiley I'm sorry for the miss spelled words or wrong words. I'm using my phone this morning and autocorrect is not my friend. I'll be more diligent about proof reading before posting my replies.

@Michael Kiley I read or heard on a bigger pockets podcast that you can put in the offerb that it was based on the unnamed partner signing off as well. No one knowing the partner was his cat and he would then see if he truly wanted the feel. If not, then says his partner is not ready or ways to back out. Does this type of clause work? Or do you have a specific example that you use?

@Jim K. Thank you and I couldn't put my son into the Richard D. Sanders legacy.... We went with Max Sanders as my wife and I just loved the name and it fits him did well. I wanted to name him Maximus and call him Max for a Nick name... but my wife shut that down very quickly lol. I will do some more research on REO properties and learn as much as I can about my local sheriff's sales, auctions and purchasing REO's.

@Michael Kiley thank you. And from what I'm learning is investors may only get 10% of their offers accepted, so keep offering. If I make an offer and they accept, do I have the option to back out?

@Jonathan Roper thank you sir. I think I'll go to an auction to see what it is like the first time.

Hi,

I have a friend who works for the banks on their foreclosures. His job is to go into a house once they have been foreclosed on and submit a bid to fix the house up. He is also in charge of keeping the lawns mowed for the banks and makes great money doing this. He has obtained so much business that he cannot handle all the lawns by himself (lots of foreclosures in Wichita, KS). I have been helping him take care of the lawns and get to see foreclosures all over our area.

My friend has these houses sit in foreclosure for 6 months too 3 years depending how long it takes the bank to accept a bid and pay him to fix up the properties. My friend will then give his inspection pass which allows the bank to take the property to auction.

**I'm new to this and I believe this is accurate but could be a little off**

My question is am I able to approach the banks before they poor more money into these properties and offer to buy the house straight from them? Bypassing any auction and competitors and before the bank spends money fixing the properties up? 

This seems like it would give someone a great opportunity to buy properties for less than they would get it at an auction. Any help and advice would be greatly appreciated! 

Thanks

@Account Closed Thank you for the welcome and I am currently listening to Episode 108 and wow, what a great interview. 

I will make sure to listen to every episode you posted about as well as well the others!  Also, thank you for sharing the tax and book advice. I look forward to talking with you more in the future. 

@Dmitriy Fomichenko Thank you sir!