All Forum Posts by: Ron Drake

If you move forward, don't forget to check homeowners insurance rates.

remember that the auction is an if. Maybe it gets bid up to $50,000, maybe it sells for $25,000. Tell her this. If there is profit to be made, cut her in a little and you will sleep better at night. Just don't feel too bad and under estimate your rehab, carrying and selling expenses.

in answer to your question, the Seller would get the overbid after fees.

hard to say. I am not familiar with North Carolina foreclosure process. In California if it sold for $50k after trustees fees (everything they can legally add), probably wouldn't end up with much.  Plus you probably don't have the real numbers (are there taxes due as well?).

Do your homework and make her an offer on the spot "if you can stop the auction". Open escrow and you can close before the auction. I would.

If it is composition shingle you may want to replace the entire roof rather than an $850 repair.

@Ayden Chu it is a balance on every house. What to do to bring the best profit. Anywhere from doing nothing and wholesaling to rehabbing with all the finest materials and leave out nothing Taj Mahal. Look at your competition, look at the comps and keep your eye on the market

. If you see recent sales that were the best house on the market struggling to bring more money, then tone it back and search for a balance. If you see sales that brought substantially higher sales price and the numbers make sense, that is your answer.

@Yishi Garrard welcome to BP

How often and for how long will you use the home? 

The math is easy. If you want a lower payment, put more money down. With guaranteed monthly income, why do you care about taking out another mortgage? 

Do it if you will use it, otherwise rent when you go.

@Christopher McGuire in San Diego section 8 is lower than market rent.

@Joshua McGinnis  How often to you plan to mail?

Another question. How do you plan on connecting with the owners to make an offer? Are they all AO? Do you have someone in Cleveland to look at the houses for you?