All Forum Posts by: Thea Linkfield

Thank You @Chudi A. That is helpful. I checked for IRS and county tax liens before purchasing, and was told the same thing by my mentor, but it's helpful coming from someone else doing the same thing.

Hi BP! I recently bought my second flip through the Duval RealForeclose website in Jacksonville, FL. I did the title search and it appeared clean, and managed to purchase the property with cash in the foreclosure sale, with basically no competition.

It's been almost 2 weeks with the title and we've already gutted the place completely. This will turn out to be a great deal, even with a complete rehab.

My worry is, what if I missed something on the title search (I did it myself with guidance from a mentor who buys foreclosures all the time)? Can anyone who buys foreclosures with liens on them tell me how they got charged with the lien and at what point? I'm worried this deal is too good to be true, and that at some point someone is going to place a paper on the door saying I owe like $50,000. Tips from anyone who buys from foreclosure auctions and has had experience with other liens on the property would be very helpful.

Thanks!

Thank you @Eugene Rogachevsky for your response!

Can you use your "cash" from HELOC to buy foreclosure properties? I.E. can you do a wire transfer from your HELOC account?

Also, can someone else confirm that the appraisal for HELOCs is always only on the outside of the property and it wasn't just a bad appraiser? My dad just did a cash-out refi on his house and originally the appraiser only appraised the outside. He paid for another appraisal who came inside and his property appraised for an extra $100,000.

@Brett Nissen and @Tanner Waite PM me your info and I'll reach out.

Oh, Also! Talk to neighbors if they're around. I've talked to most of mine and found out there had been a leak somewhere in the house because one neighbor would always see the seller coming out to turn off the water and asked why. That would have been good to know. Also, each one has given me a different opinion on the seller which explains a lot of the way the house was left. 

@Tanner Waite Hey Tanner I graduated from UNF in 2014 and have been looking at Real Estate investing for the past couple months. I am currently working on flipping my first property in Jacksonville Beach, doing as much of the work myself to save money. It is currently gutted down to the bones and I've already learned so much. I'm by no means a mentor, in fact I'm pretty much the complete opposite but I can try to share some of what I've learned and maybe people will add on.

First, you have your basic 4 points to check for: Roof, Plumbing, Electrical, and Foundation. 

1) Roof - Find out the year and if there's been a warranty - different types of roofs have different lives, but a ballpark timeframe to replace a roof is 15 years. Flat roofs will be more often, especially if not maintained. My house I'm working on has a flat roof and I'm getting a new flat roof with only a 5 year warranty.

2) Plumbing - how old is the house? Older houses will have galvanized steel pipe which will corrode from the inside. Newer Houses will have plastic which won't corrode. Check the water pressure by turning on all the faucets. If water pressure is low it might need a partial or complete repipe.

3) Electrical - Find out what kind of wiring - if copper you have a better chance it's good. Check the date of the electrical box. My inspector did all this but inspectors cost money.

4) Foundation - Mine is concrete slab, this is usually pretty stable, as long as it's been reinforced. Check for cracks in the drywall of the house on the inside or anywhere on the outside. Cracks can mean a faulty foundation. 

Next, how old are the windows, are they single or double paned? Do they appear in good condition. Another thing to check for, is there drywall covering all the walls. I didn't think it was too big a deal but my house has this composite paneling on all the walls that I'm replacing with drywall to make it look nicer which is taking a lot of time and a little bit of money. 

Check for water damage under all sinks. Ask about any previous leaks.

What kind of exterior is the house - concrete block is the safest bet that you won't have to do anything besides paint. 

Other than that, the usual, appliances, flooring, paint, light fixtures, will all add up.

Hope this helps give you some ideas for when you're looking at houses!

@Scott Dorsett do you or @Angela Justis have any input on the 32216 or 32207 zip codes? I'm trying to determine the best areas of jacksonville for buy and hold properties to rent out and pm myself

BTW, the windows are original. Not broken, but single pane.

throw in*