All Forum Posts by: Ronny Crawford

Joel,

Yes this is on Auction.com and we will be bidding tomorrow on a Cash Only property.

This is  foreclosed on property and is not occupied.  The taxes were paid in 2014 so the Liens were my main concern.  If I understood you correctly because this is already foreclosed the aforementioned liens would not be paid by me after winning the bid.  Is this correct?

Thanks again for any guidance or advice that you may have.

Ronny

Hey BP Community,

I am getting ready to bid on an online foreclosure auctioned home and noticed a couple of judgements and liens against the home.  I would appreciate any advice or guidance on how to assess the risk of these.  I have never purchased a property with liens against it. The details are as follows:

Judgements and Liens:

1. Holder: Asset Acceptance, LLC Dated: April 02, 2008

Book: 81 Page: 178 Amount of lien: $2,073.44 

2. Holder: Cobb Hospital, Inc. Dated: October 14, 2008 

Book: 90 Page: 18 Amount of lien: $3,886.83 

3. Holder: American Express Centurion Bank Dated: January 04, 2011 Book: 122 Page: 50 Amount of lien: $6,666.29

There are no Open Bankruptcies found.

What should I be aware of?  Concerned with?  What do I eed to factor into the equation when bidding on this property.  The bidding begins tomorrow and ends in 3 days so any advice or guidance is greatly appreciated.

Thanks!

Todd,

I hadn't thought of it before, but now I have to wonder...  I did speak with a gentlemen about Hard Cash Loans and everything he said over the phone sounded legit.  He referred me to 3 sites, but I must have written them down incorrectly, as the only one that worked was 770hardcash.com  It looked quickly put together so I thought I'd research more.

Thanks for the lead toward Mr. Lineberger.  I have followed up with a request to connect.

Thanks again!

Ronny

BP community,

Does anybody know if this is a legit company in Atlanta, GA?  I can not find any info on them with the BBB or an online reviews.  Thought I would reach out to the experts to see if anybody can tell me if this is legit.

Thanks!

Ronny

Hello All,

I am new to this site, though I have been investing a bit longer.  I have found a property that I would like to purchase and hold as a rental, however this property is a Cash Only Auction.  I am need of a Hard Money Loan or other creative loan to purchase this property as most of my cash is tied up in my 3 other properties with the first available refi that makes since not available until October (6 month waiting period of last property loan)

Here are the quick specs:

For Auction this week - Starting bid allowed = $20,000.

I expect it to go for a minimum of $60,000 and maybe as high as $90,000. We have been by and walked the property twice and driven the area as well.

Here is what I'd like to do:

1. Purchase at Cash Only Auction for up to $70,000 price (hope to snag for under $60,000)

2. Renovation / Repair Costs (would do most myself)

$3000 - New AC unit

$3000 - New Appliances

$4000 - Landscaping, Carpet, Paint, Debris and Trash removal

$10000

3. All in Max cost of $80,000

4. ARV of $110,000 conservatively - last sold for $114,800 in 2009

5. We want to buy and hold this property as a rental

6. Once rented, I want to put under mortgage and leave 20% in.  I would use the 80% cashed out of mortgage to repay the original loan plus interest and fees. 

Any advise on how to go about this property?