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NOK NOK nice to meet y’all 😉🚀
GME above 300 going into tomorrow 🚀🚀🚀
Hi I run a podcast called The Lawtrepreneur Briefing that explores what's makes a modern lawyer modern. We do this by having conversations with people driving the transformation of the legal profession.
Excerpt of the most recent conversation can be found here: https://twitter.com/lawtrepreneurco/status/1282688181419347968?s=19
If any of you have thoughts about the subject, I'd love to have you on. You can apply to speak here: https://www.lawtrepreneur.co/podcastguest/
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Any Property Management recs in Seattle area? :(
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Subject Expert
If you aren’t an experienced buyer, you need to partner with someone who is. Foreclosures are not for the faint of heart
Subject Expert
Issues with the houses, the need to be a cash buyer in a lot of areas, etc.
Look at the other houses in the neighborhood. Location is everything. Is it in a flood area? A crime area? How old is the roof? Will you have to immediately replace it? Expect plumbing issues and to redo the bathrooms/kitchen. Who lived there before and why did they leave? Look up the house on the county website. Are there any assessments on the property that need to be paid? Someone I know bought a house with a void underneath it. Like a sinkhole. The previous owners collected the insurance money and left the country.
Buying foreclosures is harder and riskier than buying off the MLS. Most times you do not have the ability to inspect the house so you do not really know the condition prior to bidding. You will most likely need to pay the full amount bid plus closing fees within a day or so of the auction closing. If purchasing at the court house you will need to have a cashiers check for the amount of the winning bid.
In addition to the risks of not being able to know the true condition of the property there are also risks associated with which mortgage you are buying (1st or 2nd), title to the property and the former owners right of redemption.
None of this is to say you can’t or shouldn’t take this action. Just be sure to get educated on the risks and make sure the benefits are sufficient to compensate you for the risks involved.
Happy to chat on this with you! Send me a message.