All Forum Posts by: Ryan M.

@Olivier Meijer Don't forget to open a Roth IRA and max it out every year into a broad based index fund. When you are 60 you'll have a **** ton of tax free money.

Make sure it's in first position. I got lazy once and saw a deed and mortgage filed at the same time. Once I rehabbed it and was days from selling it, my title agent called me and told me I bought a second mortgage. I didn't look close enough, and the deed was for taking an ex off the title. Luckily the first mortgage was 10 years into a 15 year, and I only lost a few thousand.

If you are new just ask your title company to run it for you. And title insurance really isn't going to do anything for you.

And don't get your hopes up. It's tough to win these, unless you pay damn near retail.

@Konrad R. Most of Florida is online, so you have to deposit the money before the auction, and the balance needs to be paid by the end of the day, or within 24 hours. If it is in person then you most likely need a certified check. But you need to check with the clerk. They make the rules and will outline them.

I think gurus should stop spreading their 'wholesale' gospel.

It's not for beginners. They have no idea about the market, prices, repairs, costs, contracts, what's legal and not, etc.

I see tons of awful wholesale deals being advertised by people with no means or intent to perform on contracts they enter with sellers. Essentially these are invalid contracts that the seller could and should walk from if they knew what was going on.

If you do have the means and intent to close, go ahead,but most 'wholesalers' don't.

It would probably be better to find one or two investors who can perform and find deals for them and let them handle the contracts.

@Julia Jabronski Do MGM condos make any money? I had a pre-construction strip condo in 2008 I was going to flip, but I had to turn it into a rental. I sold it at a loss because of the dismal returns, and it was without a mortgage. When we moved here last year, I looked at living in a high rise and it was still a better deal to be a renter than an owner.

Maybe the seller will agree to a 30 day extension? If you walk, what are the chances they find another buyer soon? And if it's already vacant, what's another 30 days for the seller to wait?

@Jay Hinrichs Mine are all unsecured from WF and Regions from 50k-100k. No annual financials or renewals, just annual fees. The WF ones are smaller and they didn't touch them last time around. But Regions did freeze a HELOC back during the last crisis. I've got a local private lender I can go to if I had to, but I'd rather not since I have already broken ground.

I know last I spoke with my local banker there in PCB, FL, he said commercial lending had slowed. That was a couple months ago, and they are still rebuilding from hurricane Michael.

Personally, if I were you I'd pick the area closer to home, Las Vegas. I wouldn't touch one of these Midwest (where I'm from) or other low priced cities unless you know them very well. They are cheap for a reason and may cash flow, but 10 years from now you may be lucky to get what you paid today.

I'm reading that corporations are drawing on their credit lines in fear of banks taking them away.

Have any investors had their credit lines or HELOC's cancelled recently?

As of a few weeks ago I was getting promo rates in the mail to draw on my existing lines.

It's been 20 years since I used to buy at the sheriff sales in Summit County, Ohio. But we mostly focused on the Akron inner city dumps back then. I think they opened at 2/3 of the assessed value, and if they didn't sell, they would reduce the opening bid the next time around. Not sure what they do now. I just remember being nervous carrying around a bunch of cash.