All Forum Posts by: Ru Monsell

Thank you! Words to the wise, I'm sure!
Ru

I'm attending several single property, single family home auctions in Maine within the next couple of weeks. They allow 30 days to pay balance if I'm the high bidder. If the property were well documented (photos, maps, assessment, inspection, etc), and it were a very good deal (at least 25% below market value), what would be the chances of my finding a buyer to assign it to within 30 days? And how would I go about finding one? This would be my very first RE deal, so I really need help!
Thanks,
Ru

Thanks, Kevin. That's what I was thinking too. I'm working in RE in order to be able to keep my own waterfront!
Ru

Thanks, Kevin, Brendan and Marc. That's all sound advice.
Ru

I have only 4 days to decide whether to attend a foreclosure auction of a single property I looked at today, and bid.
The good news: the house, though small, is relatively new and needs minimal rehabbing beyond some cleanup and cosmetics, and it is a LAKEFRONT PROPERTY!
The bad news: In Maine, most neighborhoods are mixed as to home values. In this case, the neighbors on each side have tidy, modest homes, but two doors down is a trashy looking trailer and almost equally trashy yard!
Question: Does the attractiveness of the house and the lake view with space for a dock outweigh the undesirable property you must drive past to get to it? Does this matter as much for rentals as for selling outright? I could always hope to make enough while renting to eventually buy out the trailer owners.

Thanks for those replies, everyone. All the different perspectives and the rationale behind them is really helping.
Ru

I'm about to start attending my first auctions on tax foreclosed properties the town or the county has assumed here in Maine. Each property is auctioned separately. I'll be looking to bid on modest single family homes in the assessed range of $150 to $400K. Any general tips for me, or pitfalls to avoid? Other than looking at the assessment, sales history, tax maps, and eyeballing the property, what else does "due diligence" involve? Thanks for your insights.
Ru

Thank you, Karen. I don't think it's required of me in Maine, but just am getting the feeling that I'll better know what I'm doing if I get the training!
Ru

I'm interested in picking up properties through auctions and tax lien and tax deed sales, and possibly some preforeclosures, foreclosures or sale by owner deals. What do I need to consider to decide whether to first take classes and a test to become a broker? Upside? Downside?
Thanks for your insights.
Ru Monsell

Hi Bernie, we don't live that far apart. I'm in Damariscotta. I'm new to BP too but you're way ahead of me on investing. I'm very interested in networking, learning, mentoring, meetings, etc, and may try to make it to the So. Po. meeting tonight if I can figure out where it is.
Ru Monsell