All Forum Posts by: Sean Laird

I live in Mississsippi. I am selling a rental to my PM. On July 5th, we both signed the purchase agreement for the PM to buy the rental As-Is. On July 6th, I was asked to make repairs on the house. Am I legally responsible for items that come up after the As-is agreement is signed by both parties?

@Marcello Di Gerlando

Wow, sounds like you've been up and down.  If the auction says I'm getting a special warranty deed, I assume that is safe and can bid without worry?  I do not live in the same city (four hours away) as the auctions I'm looking into participating in.  Going by to look may not be an option; would you ask a local realtor for their assistance or some other strategy?  

The area I'm looking into is a bit poorer.  Also, I'm curious on your opinion on occupied houses that are on these sites.  Any insight would be greatly appreciated,

Ah, I see what you're saying.  I need to hit the streets, talk to some of the locals and see what they are saying about the property/area.  Thanks

@Tyler Weaver

The type I’m looking into are online auctions. I work a full time job so I don’t have time or able to take off from work to go to the courthouse. In your experience, do live Auctions draw a huge crowd or are there rarely attendees?

So I've been looking at buying homes from sites like Auction.com.  I noticed it says you do not get to see inside the home in question.  Any suggestions or recommendations before deciding to buy from a foreclosure auction?

Hi Tyler, I suggest finding local REI meet-ups in the area. Most cities have them if you check meet up or go to Facebook and type in "your city here" real estate investor groups. Find people to network with. If you do find a deal, post it (minus the address) and see if there are any takers. Keep thinking outside the box and something will take hold eventually

Good luck

Hi Didi

I'm relatively new to all this myself.  I can tell you that finding out what she owes is going to have to come from the property owner.  Only she would have access to the financial statements from the bank or institution the loan is through.  

Also, whether or not someone would pay that much or not will depend on the local housing market.   If 450k is roughly about what is being paid for similar houses/land lots in the area then go with that.  If not, do some digging to see what similar sized houses or lots have been going for.   Research is a big part of real estate.  

Good luck with all of this

Does anyone have a template of the letter or email you send to the home owner regarding buying the abandoned/distressed house?

Hi Guys, I'm Sean and I'm also interested in BRRR investing in Memphis. I have to agree with Curt that it's difficult to find houses that you can get all your money out. Also, what is your strategy for managing rehabs if you are long distance? This is where I am struggling

@Jaron Walling

So I can safely assume there will be no appreciation and not a lot of stability among renters.