In all things that we do preparation is a key to prevent mistakes. We always want to account for the expected.
In this video, Colin gives an example of what he will do if he encounters a foreclosure property that he is interested in investing in.
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:
We always want to account for the unexpected. Let’s say that you are looking at a foreclosure that you are interested in putting a bid on, and let’s say, it’s occupied. You can’t get in there. So what is your formula? What is your calculation? How do you decide what is the most that you’re going to bid on that property? Given the fact you can’t get inside? What do you know? What’s that formula look like?
Colin Murphy:
Let’s assume that you are an attorney can do a typo check. So you can make sure that property taxes are up to speed or that there’s no unusual liens or unpaid utility bills. Let’s just assume that side is okay, so now you need to work out. Two main things, what’s it worth after being renovated and how much is it going to cost to renovate it? And obviously that’s not easy if you can’t get inside. So, the first thing you’re going to do is you’re going to look at the MLS to see, has it been sold in the last 15 years and get a look at some previous listing photos? Cause maybe it was sold in 2010 and 13 and 15, or maybe it was listed for rent or maybe it was listed and taken down, but you can see certain things like, has it got some tile floors, was the kitchen modernized in 2015?
What is it? How old you can look online, see how old is the roof and the A/C they’re major, big ticket items. So sometimes you get an idea from that, but a house could look great in 2016 or 2017 and the wrong kind of person lives there for three years. And you’re back to square one. So, more often than not, we’re kind of with the exception of kind of roofs and ACS, which you can kind of tell from permanent records and drive-bys, once you drive by a property, if it’s nice and clean outside with landscape gardens and a nice car and a driveway, and there’s a little bit of curb appeal, it’s more likely to be quite nice inside as well maybe a little data, but if it’s taken care of outside is taking care of inside, but if you’re driving past and there’s some big dogs and there’s a bunch of junk in the front yard and a bunch of tires and mattresses and riff raff, it’s going to be, you know, pretty similar inside as well.
But for the most part, you need to know what’s it going to cost to renovate a kitchen in this area to paint a house in this area, to replace the floors, replaced the bathrooms, light fixtures, window repairs, fences, landscaping, you need to have kind of, you need to know your numbers for all of those. And one thing that still to our benefit was that we specialized in a particular part of Tampa, where there was tons of houses that were the same. So renovating, hundreds of these single story 1970s, concrete block, 1100 to 1500 single-family homes with two, three crews. And we kind of knew those costs very well. So you just, once you know those costs, you generally are safe to assume you’re going to need everything unless. There’s a one year old MLS photo showing different. And then you allow your holding costs, your insurance costs your private money costs your sales costs on the other side.
And you just work out a bid price after you plug all those numbers in and just be conservative. I’ve been, let’s just say I’ve been unpleasantly surprised far more often than I’ve been pleasantly surprised once you get into a house that you’ve bought sight unseen. I mean, literally one or two out of maybe 150 I’ve walked in. And I was like, I literally just need to clean this house. And it’s good to go. And it’s just high fives all around, but sometimes you might think, you know, I saw a picture two years ago and that kitchen looks pretty good. I think we might get away with it. Most of the time you walk in and this, no, you gotta tear it out.
Jay Conner:
You said something a moment ago that actually goes against the grain of one principle that most people have heard. And that is you can’t judge a book by its cover, but I did hear you say when it comes to foreclosures, if the outside is looking pretty good, chances are the inside is looking pretty good.
Colin Murphy:
That has been surprisingly consistent over the years. It is a very good rule of thumb, certainly in suburban, middle-class areas where I operated is it tends to be that way.
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