In this short video, Colin Murphy shares his insights and lessons that he learned from doing his real estate business.
Watch this short video now and acquires knowledge from Jay & Colin on how to adapt and take advantage of these upcoming foreclosures.
Colin is a full-time investor who lives in Tampa Florida with his wife and two children.
Over a 16 year career, he has bought and sold more than $100 million worth of real estate in the US and UK markets, including 350+ fix and flips in Tampa between 2015-2020.
He has experience in a wide variety of real estate-related activities, including buy & hold, fix and flip, wholesaling, tax liens, tax deeds, foreclosure auctions, note investing, private lending, and more.
For more valuable information click on this link and watch the complete episode: https://youtu.be/pacA0l23jDQ – “The Foreclosure Tsunami Is Coming… with Jay Conner & Colin Murphy”
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Jay Conner:
That the foreclosure market has opened up and auctions are going on. And they will be you’ve got a lot of experience in that and you’ve got some really important lessons learned from mistakes that you made early on when you were at the foreclosure auctions. So share with us some insights that people could learn from in order to avoid doing some of that stuff.
Colin Murphy:
I’ve met a lot of mistakes and if people told you that they haven’t made many mistakes, the chances are that they haven’t done much in general because that’s how you learn is by doing all this stuff and figuring it out. If you’ve learned from other people’s mistakes, that’s well and good, but you tend to learn from your own a lot more you know, buying it in the foreclosure options is not real estate 101. It is relatively advanced. You do need to pay cash for the property on the same day the auction occurs. You need to turn, you need to be bidding at 11 o’clock in the morning and wiring your purchase price at 4:00 PM. You’re stuck with any kind of unpaid property taxes, unpaid utility bills, unclear title chains.
You’re stuck with all of that. So you need to be very good at researching at chain of title in the property. And the biggest mistakes, we met early on were getting them some of the basic stuff wrong was just assuming, getting the renovation, numbers wrong. You’re taking a look at a property that might be occupied and you might think of that roof looks okay and then you buy it and it turns out it’s not okay at all. So there’s an extra $10,000 on your renovation budget, or it might’ve been vacant for several years and you think you’re just going to get start renovation straight away. But one thing you need when you start renovation is utilities, you need to turn them on and there could be enormous unpaid utility bills with properties running into the thousands of dollars that you’re on the hook for.
You’re literally the water company for that street has a monopoly on water to your property. And if they’re saying you need to pay us three and a half, $4,000, which happened to me several times, or we’re not turning on the water, they kind of got you, you’re going to have to do it. Just buying properties with people in them. The eviction process can be quite long and tedious. You might think some people might tell you it takes four weeks, but realistically it might take eight or nine. I bought ones with large unpaid HOA bills. I bought properties where we didn’t do check the permit information properly where you might think there’s a 2016 A/C, but that might’ve been for some minor A/C repair and not a brand new system.
We’ve bought properties where there was subsidence repairs, liberties, sinkhole issues with that we didn’t notice because you though you were buying in New Port Richey, but you’re actually buying in the city of New Port Richey, which is this little 10 block radius with its own little permit office that you forgot to check. So you really need to have, you go through enough of these Jay, and then you tend to get a long checklist of things that you need to go through before you bid on a property. And title is a crucial one, but also just getting better at estimating the renovation cost of a property. that’s not always easy with a foreclosure cause they’re often occupied. And even if they’re not occupied, they’re usually often totally boarded up and you don’t know what’s going on inside.
I’ve run the full gamut. I’ve met a lot of five to $15,000 mistakes in foreclosure options. Thankfully, I haven’t made any $50,000 mistakes in foreclosure auctions, but the people that do those are the ones that might buy a second mortgage and are still responsible for the first mortgage or might think that they’re bidding on a property, but they’re bidding on a HOA foreclosure, and they’re still stuck with the mortgage. Very rookie mistake to make is you’ve done all your work and you’ve got all your numbers down and you really want to buy a property, but you don’t have enough money and deposits on your foreclosure account because you forgot to top it up the last time you bought a property. I’ve done that one too. And everybody’s been super annoyed because you’re sending field guys out there to look at it. You’re getting attorneys to check title on you. You’re getting other people to crunch numbers and input, permit information. And then when you’re about to bid. I don’t have enough money in the account for deposit. So a lot of stuff, a lot of silly mistakes over the years, the good ones outweigh them.
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