Flip This House #5

Parent Cafe
1

I know that these threads are probably getting boring to a lot of people, but I decided to start a new one because I have been making offers and bidding at auctions. I might forget some of the properties that I kicked the tires. Have to kiss a lot of frogs to find the prince :slight_smile:

1 Small House on Silvergate

Horrible little house that will need 800 sq ft addition with permits and a 2 car garage added to the side street. This will take up a lot of the back yard, unless I build up for 2 stories. I made a low offer. I waited over the weekend and they do not have any offers, but agent basically said ‘No Thanks’ when I followed up on Tuesday

2 Foreclosure Auction

Scrambled to go to auction on Thursday (today) for a 3/2 1400sq ft house in La Mesa. It had a really good low opening bid, but I got outbid by one other regular. There used to be upwards of 50 people at the foreclosure auctions daily during the later part of the recession. I have not been to an auction for over a year because I was busy with Hoarder House and Liberace House. Today there were only 5 regulars that I know who have been there for years. Only about 10 properties coming to foreclosure, versus there used to be about 400 each day. Of the 10 properties, only 4 actually came up for bid. The others were postponed at the last minute. Nowadays the banks are setting the Opening Bid to the full loan amount plus fees. There used to be a lot of ‘discounting’ off loan amount due. So, 3 properties had high opening bids and went ‘back to the bank’ and should come out as REO sales in the near future.

3 Foreclosure Auction

I am getting my cashier’s checks ready to go to the foreclosure auction Friday morning for a property being sold by Auction.com. They stopped having their foreclosure auctions in big ball rooms with all kinds of tuxedo guys all over the place. I never could figure out how they could survive doing that. But, dang it
 they used to have chairs and nice restrooms! Now they just tag onto the auctioneers who are calling properties at the courthouse steps - where the foreclosures have been sold for years. The issue that I have with Auction.com is they don’t really understand how the foreclosure business has been run for years. They set their auctions to start at 9am which is really inconvenient because the banks don’t open until 9am. So, you have to go pull funds the night before and cut cashier’s checks. I used to be able to go stand at the bank at 9am and double check all cancellations and postponements on my phone (by calling trustees) before walking up to the teller and rushing to the auction by 10am.

Property is a 2 bedroom / 1.5 townhouse in the Point Loma area that is coming out with a really good opening bid. I might just get a project where I don’t have to worry about major infrastructure, hardscape, roof and landscaping. I can just do the fun stuff with the interior. Also, this will be a low budget project and I will not have to borrow any money with high interest rates!

2

[coming out of lurkdom for a moment] Yay! Your Flip threads are among my very favorites on CC. Thank you for sharing your journeys with us!

3

Flip #5 - Away we go on another vicarious adventure!

4

@coralbrook, if I haven’t said it recently, I’ll say it again: The Flip threads are my favorite threads on CC, and I am very grateful that you share your experiences with us. I have learned a lot from you.

5

Can’t wait!

6

The excitement begins!! Can’t wait. I hope tomorrow is a success.

7

Looking forward to following this!

8

So happy to have a new flip thread! Good luck tomorrow:)

9

@Coralbrook, I signed in just now specifically looking for another of your flip threads :slight_smile:

10

Yippee! Your threads are my absolute favorites.

11

Yesss!!! Fire away. Love to be a vicarious flipper. :slight_smile:

12

Bored? You have to be joking!
:smiley:

13

Another lurker votes YES! Loved #4 and was checking daily for #5! Aside from the sheer fun of reading it all, this thread gives me great cover with my family for all the time I spend on CC
 “You’re on that site AGAIN Mom?!” “Oh no, I’m just reading about flipping houses, I’m not THAT obsessed” :wink:

14

Another lurker here who follows your flip threads regularly. When I saw this new thread I must have said something out loud quite joyously, as my husband asked what the good news was! Can’t wait to follow you through your next flip.

15

Yay cb, you’re back!

16

Boring? Never!

“Why are you still on CC? We’re both in college.”
“There’s this woman who flips houses
”

Excited to have the Flip #5 thread to follow.

17

Boring???! Definitely not! Your flip threads are my favorite. Thank you for sharing your adventures with us.

18

Your threads are the main reason I go to CC these days. Excited to see the next one starting!!!

19

I’m off to the foreclosure auction. I have no idea why, after many years, foreclosure auctions make me a nervous wreck. I am always clutching my purse, practically crashing on the way there and trying to park. Always worried that I am going to be late and miss the call for the one property I am trying to bid on. Keep checking the website up to the minute I leave the house
 because I want to try to avoid going there if the property gets cancelled or postponed before I even get in the car.

And, then you get there and they call all the cancellations and postponements and then you wait for hours until they finally ‘release/clear’ the one property you are interested in. It is hours of ‘Hurry Up and Wait’. You cannot even slip off to go to the restroom because your property could be called at any given moment. It is an ordeal

20

Best of luck, cb. We’re rooting for you!