All Forum Posts by: Ryan M.

@Michelle VanDyken

I'd book the profit now, but I'm not into the slow landlord grind. You have the cash and the contractor, all you need now is to find deals.

So what if you cannot pay your annual premium one year, or more?

What if you just put that 20k annual premium in an index fund? I'm sure you would have millions by now, right?

How many years did you have to pay out that much cash?

What if the insurance company invested with Bernie Madoff or made some other bad investments and gets wiped out?

What's the financial advisors commissions on a 20k per year premium?

@Rony Jacques

Go to your county tax auction site and they publish the overage of each completed auction. The previous owner will be immediately bombarded with letters trying to get them to sign over their interest, so you would have to stand out. Florida caps your cut at a certain percentage. Its in the Florida Statutes. You can probably find all the forms and info you need for free. I don't do it, but you could get lucky. I remember one auction I lost had over 150k in overages but the guy was Scottish living in Scotland, and probably dead. So there could be a lot of work untangling a big mess, but the payoff could be worth it. The county also sends the prior owner a form with info on how to claim their funds.

@Christopher Grgas

I can say from my experience in PCB since the last cycle, I'd rather be building and selling vacation rentals than holding on to them. Or be one of the many new management companies since the rise of VRBO. I'm finishing a new home now that I didn't build as a vacation rental, but half the buyers calling me want to know if they can do short term rentals.

@Paul Sandhu Years ago I had a sex worker somehow get approved to lease my LV high rise. Rent was late the second month in and the drama started. Her Texas "boyfriend" got a hold of my number and thought he could sweet talk me into stoping the eviction with photos of his Bentley (registered to his mom) and some BS story. When she got evicted and locked out, she left her stuff behind and jammed up the tub drain with razor blades and tampons. When I had someone box up her stuff they stuck her little dogs 💩 in there too.

They used to allow that nonsense here when the tax deeds were in person. I'd let them wear each other out for a minute before the serious bidding shut them down.

@Bill Brandt

I'm so used to our online auctions that make the process so simple, but the downside is that it has meant more bidders.

So it sounds like the extra steps should at least narrow the bidder field.

@Louis Davis

I was figuring that the auctions are pretty tough right now. Same thing here in Florida.

@Bill Brandt

Sounds like a lot of trips back and forth to the bank, unless I just keep a collection of certified checks on hand. I wonder why they just don't give you until 5pm to go get a check in the proper amount.

We're planning on moving to Vegas, and I see the foreclosure auction requires certified funds right after you win.

Do you have to bring a certified check for the max amount you want to bid or can you go to the bank and get the exact amount right after you win?

In Florida the in person auctions give you until 4pm to go get the exact amount and if they know you, they will take a business check.