Thank you for showing us this process, even though the starting bids were too high. It's important to see that it's OK to walk away from an auction if the numbers don't work. Thanks!
I want to say Kris thank you & your supporters for sharing they experiences. Its people like you that take the time & effort to explain the nitty gritty. Instead however as a newbie those title searchers might be costly.
Hey Barry, yes,,, that is the catch 22, you should probably do a title search on EVERY house you bid on. BUT , the kicker is you only have to do a current owner plus + owner back. As the lender typically wouldn't have loaned the money out with bad title. It is a challenge...
kris haskins hey Kris, cannot find a contact form on your website. Im from the DC area and realized you’re from Newport News. Just came into quite a bit of money and would love some guidance and am hungry to make some deals! Shoot me a note at billshuey89@gmail.com
this is awesome info, Kris, thank you! I was looking at doing something like this, because I'm really good at researching liens and stuff, and pretty handy with repairs and landscaping, but the idea of dealing with a tenant that is destructive puts me off. Just up the street from me, two brothers bought a house that was WAY over their financial ability to pay. They took in all sorts of renters, and this started to trash the house (formerly, the nicest house on the block, one owner prior to them, sweet old couple I grew up with) and when the bank foreclosed on them they had utterly demolished the house. I think they did the bag of concrete down all the plumbing, I think they used the rooms as toilets, and everything I mean everything had to be replaced. the hardwood floors, the drywall, the heater, all the duct work, everything everything. It was utterly amazing what damage they did. I just don't have it in me to deal with that level of destruction. But your videos are great! I'm fascinated :)
well, all that comes w/ the price of doing business. Even if cement goes down the toilet, you can always just replace the entire sewer line, no biggie really. But, it all comes with RISK, we're in charge of keeping risk as low as possible.
Great question Mel2000 Mel It depends. If you go to the house before the auction, some owners may let you in to discuss how u can help them. Other houses will be vacant because owner left the house. Others will have tenants, and some owners won't let you view the house, u have to try to get inside so u know what ur buying... Had a friend buy a townhouse where city assement said it was a 3/2. He bought it, went inside and the owner had converted it to a 1/2. He literally spent prob $15k ripping out 2 rooms and turning the place into something that looked like a dance hall. 1 bdrm was left but the other 2 were gone and there was open space on the 2nd floor. Needless to say, my guy was in trouble. Good luck, ur going to do a wonderful job..
kris haskins Thanks for your reply. When I asked "How do you determine a home's worth?" I meant how do you do that determination without seeing inside the home first. You answered my question just as I wanted.
My area in Hunterdon County NJ even REOs &, dilapidated homes are too much & you gotta deal with failed septic & well pumps older homes. Also NJ strict code enforcement. I have been looking for years most homes need total rehab inside out & the bank asking over $130000 and buyers responsible for CO! Crazy
wow, that does sound tough. but keep in mind the big money is created and made at the intersection where difficulty and opportunity meet. wherever things are difficult, i promise there's a way for you to make some money. i started my career in jeresy city and the checks were big back in 2004 so i know they're even bigger now!!!
Sorry to ask a "noob" question but if a house is foreclosed because the current owner neglected mortgage payments, is the winning bidder obligated to pay those payments?
+Donte Reglus Hey bro, don't feel bad about asking questiong. I had one guy ask me how to get the keys to the house after you win the bid. SO, you're not bad at all...... Regarding the mortgage payments. There will be none. The mortgage company is actually auctioning the house at the foreclosure auction. After you win, you just pay whatever amount your winning bid was. The lender can then go after the home owner for the payments if they like. You're not involved in that at all being that you never signed the mortgage loan papers. Go get'em kid...
+arkarcangel GReat question, when I lived in Minnesota, I 1st heard of redemption rights. For all that have no clue what that is, it's simply where the owner that has lost there house from foreclosure gets a set amount of time to "buy back" the house that you just bought at the auction. Now, in Virginia redemption rights do not exist so things are a lot more cut and dry. However, in state like Minnesota and the like, you will have to deal with home owners having the legal right to buy the house back. So... What do we do about that. One of my mentors told me instead of waiting the entire amount of time to see whether the owner will exercise his/her right to buy back(in Minnesota it's 6 months) you can merely buy the house and buy the redemption rights directly from the owner. You'll have to judge how much that time is worth to you plus every state has a different redemption time frame. Let me know if that helps at all.... God bless...
excellent question. You simply never know. You can get most things fixed up for that amount but there's no way to be 100% sure.. You better know what you're doing.
Hi Kris... I’m a Newbie in Real Estate Investing. I’m also a Licensed Realtor but I’ve always wanted to get into the Investing part of the Business. I just kept putting it off due to Fear, etc... It’s funny because I’m very Confident when it comes to working with and for my Clients. However, when it comes to the Investing part for myself I tend to Freeze Up!! I just wanted you to know that I appreciate all your helpful information!!!!! Question: When conducting my Investment Deals, do I have to divulge the fact that I’m also a Licensed Realtor???? Thanks Again 😃
Hey, thnx 4 being transparent. Based on my limited knowledge of being licensed, from what I understand u must divulge once a "meaningful relationship" has been established. So when u 1st start talking, there is no relationship. But once ur agreeing to do business, I'd say their must be some discussion of ur status before u start signing paperwork. So dont worry, peeps aren't going to care ur a realtor once they recognize u know ur stuff on the investment side. They could care less. Thnx 4 watching
LOL You remind me of Leon from Curb Your Enthusiasm. That's a good thing. Oh, man...he's a funny dude. Great video...I'm so nervous about doing this....doing so much research now is kind of a headache, I'd love to skip it and just start knocking down walls :)
I'm doing these classes... With Lex Levinrad right now...so. I haven't pulled the trigger on getting that hard money loan but shouldn't be too far off. The last part of this boot camp is this Fri Sat and Sun. 9-5.
Ah, my friend Dee!!!!! There is NO protection. U hv to protect urself. We must know which lien we're bidding on or lose BIG time. If u buy a 2nd deed of trust then u assume the 1st Pls get some expert assistance B4 u bid, thnx 4 watching
Before you even think about going to auction you need to have funds. Why don't anyone give tips on finding funding for auctions? Does it exist? If you have excellent credit could you get personal loan and then refi after winning bid? No money! No auction!
Well, I would say ur right. However, u dont need credit to get the funds, we dont use credit. But I do have a relationship w a company that finances business credit lines. Heres a kink to get my discount www.fundandgrow.com/prequalification?r=krishaskins, when I stopped trying to get mo ey the "conventional way" things really changed for me. I wish the same for u my friend...
@@krishaskins Thanks for responding. I paid fee for Fund and Grow... only approved for 21,000 thousand... in addition, I financed the fee, so I am paying a monthly payment for that too. I'm hoping that they I will get an increase soon. it's been over 5 months since I've joined. Just wondering, if using say $85,000 from these banks, will they allow you to defer payments while fixing up property?
what is a cost affective way to conduct a title search for properties you are bidding on? I could look at 100 properties but only end up bidding on a few.
Hey Barry, yes... if you read above, the title search is an expense that you'll incur doing this business. I do a prelim title search myself, but I never rely on my own search for an auction bid...
Marie B thnx Marie, let me know if I can help. check out my full wholesaling course for $3 at www.amazon.com/How-Flip-Houses-Never-Even-ebook/dp/B0135BBK0E/ref=sr_1_1?ie=UTF8&qid=1440284043&sr=8-1&keywords=kris+haskins&pebp=1440284041265&perid=1KY8NH10D9ZG292PFE8D
I have a question that's been bugging me! If a person loses their house in foreclosure let's say $20,000 and the people at the courthouse sell the house for 90 what happened to the other 70grand it's not theirs they're only entitled to the 20'000 right?
@@krishaskins oh wow that was quick thanks for the reply I've been sitting here watching your videos all day you're very professional is easy to listen to you and learn!
Thanks for this valuable information! Very new and trying to understand..do you recommend the "courthouse steps" over a website like auction.com or other similar websites. Is one method preferable? I'm about to start watching your other videos. Sorry if you have already mentioned this.. just subscribed and thanks for the info :)
Kris, great vid/info. I want to buy an abandon house at a Trustee auction. The amount in arrears is $42,000. Is this included in the opening bid or is this something extra I would have to pay?
g9625 You guys have some wonderful questions... Arrears have no bearing at the trustee auction. All the lender is trying to do is get back whatever they can in PRINCIPAL.... Nobody knows what the opening bid will be until the auction. that number is the number, unless there are other liens before that loan, which will kill you..
Hey A Li, sounds like you have a good mind to close some deals. I recommend "The Real Estate Negotiating BIBLE". you can grab it on amazon and has some great tactics to get sellers in the boat rowing with you. here's the link www.amazon.com/Real-Estate-Negotiating-Bible-discounted-ebook/dp/B01B5H0U2E
great question Bob, you can ie. do it yourself( i don't recommend) or just pay a title co. to do it. You can do a preliminary search on your own but I wouldn't trust myself to drop thousands at the auction. Get somebody that has E&O insurance. That's errors and omissions. IF they make a mistake you're coverred with title insurance. If you make a mistake, you're chopped and screwed... Good luck..
#Renate J Often people who want to fix them up and live in them. Flippers and buy and hold investors have a far lower price point because buying and selling real estate is crazy expensive relative to most other things. The margins required to break even when buying and then reselling (insurance, taxes, realtor fees, repairs, etc) are significant. @Richard Ames
Often people who want to fix them up and live in them. Flippers and buy and hold investors have a far lower price point because buying and selling real estate is crazy expensive relative to most other things. The margins required to break even when buying and then reselling (insurance, taxes, realtor fees, repairs, etc) are significant.
Thank you for showing us this process, even though the starting bids were too high. It's important to see that it's OK to walk away from an auction if the numbers don't work. Thanks!
I want to say Kris thank you & your supporters for sharing they experiences. Its people like you that take the time & effort to explain the nitty gritty. Instead however as a newbie those title searchers might be costly.
yes, tynx so much for supporting our content. yes, title searches will b expensive so u will need some $ to buy 4closures.
Hey Barry, yes,,, that is the catch 22, you should probably do a title search on EVERY house you bid on. BUT , the kicker is you only have to do a current owner plus + owner back. As the lender typically wouldn't have loaned the money out with bad title. It is a challenge...
#veronica carlson +Hussein Mahmoud thnx s much for your positive reply @veronica carlson
kris haskins hey Kris, cannot find a contact form on your website. Im from the DC area and realized you’re from Newport News. Just came into quite a bit of money and would love some guidance and am hungry to make some deals! Shoot me a note at billshuey89@gmail.com
Your a blessing to someone that had no knowledge
Hi, kris, if you're a new real estate investor, just starting with little money. What is the best way to get cash for a cash deal?r
this is awesome info, Kris, thank you! I was looking at doing something like this, because I'm really good at researching liens and stuff, and pretty handy with repairs and landscaping, but the idea of dealing with a tenant that is destructive puts me off. Just up the street from me, two brothers bought a house that was WAY over their financial ability to pay. They took in all sorts of renters, and this started to trash the house (formerly, the nicest house on the block, one owner prior to them, sweet old couple I grew up with) and when the bank foreclosed on them they had utterly demolished the house. I think they did the bag of concrete down all the plumbing, I think they used the rooms as toilets, and everything I mean everything had to be replaced. the hardwood floors, the drywall, the heater, all the duct work, everything everything. It was utterly amazing what damage they did. I just don't have it in me to deal with that level of destruction. But your videos are great! I'm fascinated :)
well, all that comes w/ the price of doing business. Even if cement goes down the toilet, you can always just replace the entire sewer line, no biggie really. But, it all comes with RISK, we're in charge of keeping risk as low as possible.
Ever since I can remember I've been popping my collar.
@Ryland Miguel legend 5 year old comment
Thumbs up for your humanity and kindness at 4:30. Props to you man
Man! Kris you are awesome! I wish I did not live thousands of miles from you and could help with your audio!!! You have such great content!!!
+Hope Rules yeah, my audio could be a lot better and im sure u can help. The ead part is im an au dr io engineer by trade. Thnx 4 watching
this ur realest video. u look like u just grinding. put on that smile for the people. but u on it. nice work.
50k ? My house was a foreclosure, we paid 219k and it was a steal . Current market rate is 495k . Why can’t we have 50k auctions out here !
Do you do these title searches through your preferred title company? How much do they charge?
Do you have any video's on how to actually do a title search? I'm interested in learning how to before purchasing a home at a auction.
Excellent stuff Haskins!!
Rich Wright thnx a million
Very informative. Thanks.
Hey do you have an one on one coaching program. Thanks
how did you know that the house required that much work ? how did you go inside...if that is how you knew ? thx
Did you get a chance to inspect the homes before bidding? How do you determine a home's worth?
Great question Mel2000 Mel It depends. If you go to the house before the auction, some owners may let you in to discuss how u can help them. Other houses will be vacant because owner left the house. Others will have tenants, and some owners won't let you view the house, u have to try to get inside so u know what ur buying... Had a friend buy a townhouse where city assement said it was a 3/2. He bought it, went inside and the owner had converted it to a 1/2. He literally spent prob $15k ripping out 2 rooms and turning the place into something that looked like a dance hall. 1 bdrm was left but the other 2 were gone and there was open space on the 2nd floor. Needless to say, my guy was in trouble. Good luck, ur going to do a wonderful job..
kris haskins Thanks for your reply. When I asked "How do you determine a home's worth?" I meant how do you do that determination without seeing inside the home first. You answered my question just as I wanted.
Another thing is to check if the city has it on the tear down list. Was sold and tore down
My area in Hunterdon County NJ even REOs &, dilapidated homes are too much & you gotta deal with failed septic & well pumps older homes. Also NJ strict code enforcement. I have been looking for years most homes need total rehab inside out & the bank asking over $130000 and buyers responsible for CO! Crazy
wow, that does sound tough. but keep in mind the big money is created and made at the intersection where difficulty and opportunity meet. wherever things are difficult, i promise there's a way for you to make some money. i started my career in jeresy city and the checks were big back in 2004 so i know they're even bigger now!!!
Sorry to ask a "noob" question but if a house is foreclosed because the current owner neglected mortgage payments, is the winning bidder obligated to pay those payments?
+Donte Reglus Hey bro, don't feel bad about asking questiong. I had one guy ask me how to get the keys to the house after you win the bid. SO, you're not bad at all...... Regarding the mortgage payments. There will be none. The mortgage company is actually auctioning the house at the foreclosure auction. After you win, you just pay whatever amount your winning bid was. The lender can then go after the home owner for the payments if they like. You're not involved in that at all being that you never signed the mortgage loan papers. Go get'em kid...
+arkarcangel GReat question, when I lived in Minnesota, I 1st heard of redemption rights. For all that have no clue what that is, it's simply where the owner that has lost there house from foreclosure gets a set amount of time to "buy back" the house that you just bought at the auction. Now, in Virginia redemption rights do not exist so things are a lot more cut and dry. However, in state like Minnesota and the like, you will have to deal with home owners having the legal right to buy the house back.
So... What do we do about that. One of my mentors told me instead of waiting the entire amount of time to see whether the owner will exercise his/her right to buy back(in Minnesota it's 6 months) you can merely buy the house and buy the redemption rights directly from the owner. You'll have to judge how much that time is worth to you plus every state has a different redemption time frame. Let me know if that helps at all.... God bless...
Towards end of video you mention it costing 45k to fix but how do u know on foreclosures if you can’t do a walk through of the property ?
excellent question. You simply never know. You can get most things fixed up for that amount but there's no way to be 100% sure.. You better know what you're doing.
hey Kris im getting into the real estate flipping business .. love your youtubes ..and additionally your so handsome
oh wow, thnk u thnk u, im going to receive it. thnx so much for supporring my crazy vids. yes, the hardest part of rei is getting STARTED
Thanks for the great video but can you please explain how and where to do the title search. Thanks again.
Hi Kris... I’m a Newbie in Real Estate Investing. I’m also a Licensed Realtor but I’ve always wanted to get into the Investing part of the Business. I just kept putting it off due to Fear, etc... It’s funny because I’m very Confident when it comes to working with and for my Clients. However, when it comes to the Investing part for myself I tend to Freeze Up!! I just wanted you to know that I appreciate all your helpful information!!!!! Question: When conducting my Investment Deals, do I have to divulge the fact that I’m also a Licensed Realtor???? Thanks Again 😃
Hey, thnx 4 being transparent. Based on my limited knowledge of being licensed, from what I understand u must divulge once a "meaningful relationship" has been established. So when u 1st start talking, there is no relationship. But once ur agreeing to do business, I'd say their must be some discussion of ur status before u start signing paperwork. So dont worry, peeps aren't going to care ur a realtor once they recognize u know ur stuff on the investment side. They could care less. Thnx 4 watching
kris haskins Thanks, Kris 😃
hey how can i get in contact with u i want to get im the buying house but need someone to put me in the right place
LOL You remind me of Leon from Curb Your Enthusiasm. That's a good thing. Oh, man...he's a funny dude. Great video...I'm so nervous about doing this....doing so much research now is kind of a headache, I'd love to skip it and just start knocking down walls :)
Cetrulo Trifecta how did u do?
I'm doing these classes... With Lex Levinrad right now...so. I haven't pulled the trigger on getting that hard money loan but shouldn't be too far off. The last part of this boot camp is this Fri Sat and Sun. 9-5.
I think you are so handsome. But that collar driving me crazy. I want to come fix it for you lol. Love the video
How do you start with your first house?
Do you pay for each title search? If so how much?
typically around $100
How do you about doing title search on houses
Go to a grantor grantee index. The county website that the house is in will have one.
If you buy a house at auction , how are you protected if there is a title problem?
Ah, my friend Dee!!!!! There is NO protection. U hv to protect urself. We must know which lien we're bidding on or lose BIG time. If u buy a 2nd deed of trust then u assume the 1st
Pls get some expert assistance B4 u bid, thnx 4 watching
Oh my God cement down the toilet
where can i get a list of the houses?
All these houses are in a publication in every city. it's free
Before you even think about going to auction you need to have funds. Why don't anyone give tips on finding funding for auctions? Does it exist? If you have excellent credit could you get personal loan and then refi after winning bid? No money! No auction!
Well, I would say ur right. However, u dont need credit to get the funds, we dont use credit. But I do have a relationship w a company that finances business credit lines. Heres a kink to get my discount www.fundandgrow.com/prequalification?r=krishaskins, when I stopped trying to get mo ey the "conventional way" things really changed for me. I wish the same for u my friend...
@@krishaskins Thanks for responding. I paid fee for Fund and Grow... only approved for 21,000 thousand... in addition, I financed the fee, so I am paying a monthly payment for that too. I'm hoping that they I will get an increase soon. it's been over 5 months since I've joined. Just wondering, if using say $85,000 from these banks, will they allow you to defer payments while fixing up property?
what is a cost affective way to conduct a title search for properties you are bidding on? I could look at 100 properties but only end up bidding on a few.
Hey Barry, yes... if you read above, the title search is an expense that you'll incur doing this business. I do a prelim title search myself, but I never rely on my own search for an auction bid...
Great info.
Marie B thnx Marie, let me know if I can help. check out my full wholesaling course for $3 at www.amazon.com/How-Flip-Houses-Never-Even-ebook/dp/B0135BBK0E/ref=sr_1_1?ie=UTF8&qid=1440284043&sr=8-1&keywords=kris+haskins&pebp=1440284041265&perid=1KY8NH10D9ZG292PFE8D
I have a question that's been bugging me! If a person loses their house in foreclosure let's say $20,000 and the people at the courthouse sell the house for 90 what happened to the other 70grand it's not theirs they're only entitled to the 20'000 right?
Good question. I dont k ow that one. I've never seen it go like that.
@@krishaskins oh wow that was quick thanks for the reply I've been sitting here watching your videos all day you're very professional is easy to listen to you and learn!
@@krishaskins I heard that the city hordes it and it belongs to the previous owner
Wow nice, I'm glad to help my friend. Dont miss my 50% off labor day we just extended it until 2nite midnight at krishaskins.com
how long untill u get your title?
sounds great, thnx so much for sharing...
Damn,,, you guys need a wind guard on ur mic! Ouch on the ears!
Thanks for this valuable information! Very new and trying to understand..do you recommend the "courthouse steps" over a website like auction.com or other similar websites. Is one method preferable? I'm about to start watching your other videos. Sorry if you have already mentioned this.. just subscribed and thanks for the info :)
Great it all depends u better know that ur bidding against cpu's on auction.com
Kris, great vid/info. I want to buy an abandon house at a Trustee auction. The amount in arrears is $42,000. Is this included in the opening bid or is this something extra I would have to pay?
g9625 You guys have some wonderful questions... Arrears have no bearing at the trustee auction. All the lender is trying to do is get back whatever they can in PRINCIPAL.... Nobody knows what the opening bid will be until the auction. that number is the number, unless there are other liens before that loan, which will kill you..
Kris,my man!!
Good lookin out with the info.
Question.
Do you have a real estate license?
Luis Perez hey, Naw, never got a RE license. Not to say it wouldn't be a good idea. But, my mentors don't, so I never got one
Do you buy properties in Winter Haven, FL?
Naw, I do mind wholesaling down there, but I prob need to stay closer to the VA area, thnx
are you still in the Hampton roads area?
What's a to high bid?
Who do you write the cashier check out to
We always write it out to ourselves, THEN we can sign it over to the foreclosing trustee after we win the bid, great question.
@@krishaskins thank you!
Hi Kris or anyone.. Do you recommend any books or literature on how to do what you're doing in this video?
Thanks,
Hey A Li, sounds like you have a good mind to close some deals. I recommend "The Real Estate Negotiating BIBLE". you can grab it on amazon and has some great tactics to get sellers in the boat rowing with you. here's the link
www.amazon.com/Real-Estate-Negotiating-Bible-discounted-ebook/dp/B01B5H0U2E
Good question!!
How do i do a title search..?
great question Bob, you can ie. do it yourself( i don't recommend) or just pay a title co. to do it. You can do a preliminary search on your own but I wouldn't trust myself to drop thousands at the auction. Get somebody that has E&O insurance. That's errors and omissions. IF they make a mistake you're coverred with title insurance. If you make a mistake, you're chopped and screwed... Good luck..
Kris done met Ms. Swan lol
NJ is to expensive for investors gotta head South.
Do you obtain the title search online?
well, I've seen it done, but I'd hire somebody locally!
you have to do double the work. differentiate yourself.
#Renate J Often people who want to fix them up and live in them. Flippers and buy and hold investors have a far lower price point because buying and selling real estate is crazy expensive relative to most other things. The margins required to break even when buying and then reselling (insurance, taxes, realtor fees, repairs, etc) are significant. @Richard Ames
You seem to be playing a game without enough equipment
IF these houses aren't worth buying, why are people buying them?
Often people who want to fix them up and live in them. Flippers and buy and hold investors have a far lower price point because buying and selling real estate is crazy expensive relative to most other things. The margins required to break even when buying and then reselling (insurance, taxes, realtor fees, repairs, etc) are significant.
Anybody can bid?
you spelled satisfied wrong
Speaking English isximportant but spelling we can over look
Hi
Wad up steve
Profanity is bad karma!
tear stuff out and then no profanity! profanity is unprofessional.
Put your damn collar down.
+Vinny Carrocia Why do you care how another grown man wears his collar? That is a bit bizarre and creepy.
Vinny Carrocia
Damn bro you’re paying way too much attention to another man , I didn’t even notice until you pointed it out
whats going on with this guy's collar?
Are you freakin serious? SMH...thumbs down comment.