All Forum Posts by: Account Closed

The lot we were looking at is under $2k, and we'd really only be looking to hold it for about two years. I know another pretty savvy investor who is buying lots out there for more than that (I think like $4k) so $2k seemed like a good deal. $995 is even better though.

Thanks for your input.

He does seem pretty full of himself, but I wonder how much of it is for show and how much is actually his personality. Think about it, if they weren't getting in fights all the time, most people wouldn't watch.

What I like best about their shows is that they always get worried that they're going to lose their butts on a flip because somebody decided to replace the cabinets or put in crown molding, then they come out of it making $40k. That's why I think some of his attitude might just be for show. It's obvious a large part of their shows are dramatized.

I agree that she'll have to be on board for me to really be successful, but I don't think a divorce is necessary.

To answer your questions, all cash, my investing in Iowa was fairly successful, but not as successful as I had hoped and definitely not as successful as I told my wife it would be. That might have been my biggest mistake. I think her major concern was the amount of time I spent on some of the projects, since my first couple of flips I did all the work on with a friend. In my opinion what I was doing with those projects was mostly hiring myself to be a contractor on a house I owned, then trying to resell it, as opposed to finding good enough deals where I could hire somebody else to work on the homes for me and still make good money.

Anyway, we moved to Kansas City so she could go to med school. We'll be here for 10 more years.

Our overall financial situation is not the greatest, since she is just a student and doesn't bring in any income right now. My opinion is that there are things I can do to help us increase our income, but she's not having any of it.

Yeah, that's their link. I've never seen any properties go too high, but that could also be because there weren't a lot of investors bidding in Iowa. I haven't been to one in Kansas City yet, but maybe the competition will be more fierce here. Anybody know of any other good auction companies?

Let me amend that statement. When I say "private" auction I mean an auction that isn't controlled by the state or county for a foreclosure. These are typically REO, bankruptcy, or estate properties, but you can get a really good deal on them.

One of the best things I did when I first started was to look into private auction companies. I found some of my best deals that way. One really good company is Williams and Williams Auctions (I'd post the link to their website, but I'm still a newbie). Cates Auctions in Kansas City also seems to be really good. They're mostly distressed properties, but that's how most of us play the game anyway. I'd definitely suggest that new investors (at least those looking to flip property) look into private auction companies.

Has anybody had to deal with a total lack of support for their spouse or loved one when beginning their investing career? How did you deal with this? My wife is very hesitant for me to start investing again now that we've moved to Kansas City, and I'm not sure what to do.

I don't think it is necessarily true that somebody gives up the right to sell their property when they file for bankruptcy. I believe it depends on what their petition states. For instance, I ran into a situation where person filing was and investor and relinquished all of his property, which was stated in his bankruptcy petition. This allowed us to complete short sales on four of his properties, and turned out to be very profitable for us.

I guess I wouldn't go out and look for people who are in bankruptcy and try to buy their property, but if you find somebody who is facing a foreclosure and later find out that their filing for bankruptcy, you might be able to discuss with their lawyer the option of relinquishing the property so you can pursue a short sale. The bank usually is very willing to negotiate since the other option is that they getting nothing.

Whether or not you can just relinquish the property depends, I think, on how much equity exists in the property.

I'm new to the KC area and I work in Lawrence, but I haven't met any investors in the area yet. I'd like to learn with the real estate game is like in this area, so if anybody is willing to help me it will be greatly appreciated.

Also, I like this smiley

:beer: