Mortgage underwriter here for 35 years. I've purchased 2 Hud foreclosures that the foreclosing lender did all repairs, including painting the house & new carpet. They also paid closing costs on both of those properties
Realtor here. Back during the foreclosure crisis, HUD and other lenders would not repair the homes at all but towards the end, they realized they could get more money by doing some basic repairs and cosmetic work such as flooring, painting and newer appliances. This would bring in more buyers with FHA loans. Some HUD homes just had a repair escrow that would need to be worked into the loan or the buyer would need an FHA 203k loan for repairs.
Foreclosures are so sad. Every one of them has a heartbreaking story behind it. I pray for anyone going through a tough season in life. Have faith that your best years are yet to come and God will return everything lost and taken from you 7 fold.
No, not EVERY. Plenty of willfully ignorant, irresponsible, or downright criminal acts that have caused many foreclosures. Self-inflicted wounds do happen.
@@brandonreiser7739 "Self-inflicted wounds." You got that right, buddy. LOTS of foreclosures are on there way in about a year. Elections have consequences.
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets like gold or crypto. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
The only time in recent history housing prices went down was in the early 2000s when the housing market crashed. The market corrected itself after over pricing houses. The price of homes will not be going down. Pay off ur debt save down payment and understand u may not be able to afford a 2k sq ft home in the burbs
@@TheRealWayneTurner Good evening Wayne, i submitted a form twice already to get some help buying a property but haven't heard back. How can i get in touch with you? Thank you!
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
I bought our first home sight unseen at a sealed bid auction for 20k. Sold it 7 years later for 95k, but back then in 75 the government replaced the furnace, carpet and painted it.
The first house I bought was a short sale. It took 10 months so it should been called a long sale. Anyways we had an FHA loan and when we had the inspectors go in they said they needed repairs or they would not approve the loan. So we ended up doing the repairs ourselves before the house was even ours. Just so our loan was approved. It took 10 months. We eventually got the house.
@@TheRealWayneTurner I'm working on my house currently in Sacramento and I'm getting ready to put it on the market by March and then I'm going to look for a dumpy little mobile home somewhere on an acre or half an acre. I don't care. I don't need that much property or maybe 5 acres. Who knows. I plan on paying cash so I know the options in my price range is few and far in between. I'll be staying at my cousin's house and helping her work on her house while I'm looking for my new house after I sell this house. This is the financial savvy move for me. I don't want a mortgage payment anymore and I know I can find something in my price range where I can pay all cash. Maybe my broker will be savvy with auctions or HUD homes. I have skills so I'm able to work on my house by myself for the most part. I'm nervous and excited.
@@jennyanimal9046 Your decision to sell your home and utilize the equity from that sale is a savvy move. I understand it can be daunting with the many variables and uncertainties involved, but taking action is always better than inaction. Which neighborhood is your home in? Depending on the location, I might know a few interested buyers. Being local, I have a wealth of resources at my disposal if you need assistance. Don’t hesitate to get in touch.
Thank you for putting these videos together Wayne. Currently I live in NYC. But I am thinking of buying a home and establishing residency in Florida and then, if I want to be in NYC come to stay there for the number of days one must keep it under to not be considered a resident. When the time for that decision comes, I will be contacting you to ask (and obviously pay) for your advice. Like Henry Ford said, "Why do I need a PhD when I can hire one!" Why do I need to spend 30 years acquiring real estate knowledge when I know someone who already did! Take care! 😊
My first home was a HUD foreclosure in Orlando. I paid $52,357. Only bidder. I like to say you could smell it before you saw it. But, I worked hard on it and sold it for $98,000 two years later with about $10,000 in expenses.
Thanks for sharing, the first sounds like a much better deal than the second one, love the palm trees on the exterior, where are they? I always wondered why hud boards up the windows and doors on homes in good neighborhoods, when it could be cheaper sometimes to fix the original problem.
When I was selling HUD homes back in 2012-2015, HUD had a company that winterized the home and as long as there was no pipe damage or electric issues, you would fill out a form and pay the company to de-winterize the home for inspections then come back and re-winterize the home after the inspection. It would cost about $150. NEVER had them just outright deny that service being performed. Also, HUD and most banks would give you 7-10 days for inspections. They will not repair anything but they cannot deny you the opportunity to inspect the property. Always get preapproved before going to shop for a home. Many agent, as I do, require a preapproval before you go see the first home. Getting a preapproval before home shopping gives you a budget in which to search. There is no need to look at homes above that budget.
I recently sold half my tech stock holdings due to all-time highs, leaving me with $400k. Should I invest in ETFs now or wait for a market correction considering potential inflation?
From $37K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
It's Nov 21st as I'm seeing this, am located 50 miles NW of Green Bay and its Snowing today, our first such event of the Fall/Winter/Early Spring seasons (it doesn't quit snowing till sometime in May.
That was crazy, as I was watching the vid, I saw your comment come up & as soon as I read it, I looked back at the video and the fish jumped out. The timing was unbelievable 😂
Thanks for all the great information, I appreciate it. I live in California and besides the problem of super high prices our big problem is competing with the property investment companies like blackrock ect. It makes it almost impossible to find a deal, no it is impossible. I don't believe in and I don't like the government to be evolved in our lives at all, to me the Fedral Government should have two jobs protect us from enemies ( Military) and deliver our mail (Post Office) thats it. But somthing needs to be done to prevent these large investment companies from purchasing every damn house they see. This is not good, it has caused housings prices to shyrocket to a place nobody can afford and it will eventually get to the point in 8 to10 years were everyone will be renters. I'm not hearing anyone talking about this? Somthing needs to be done. What? I'm not sure? Maybe put a cap on the amount of property a single company can purchase? Like 25 a year or even 50. This would keep it open for small investors, but it would kill the business model for these large corporations like blackrock and others, because they are the problem because there has always been small investors and it was never really a problem before, it's just been in the last 10 years these hugh investment firms have been gobbling up everything, at least in California anyways. One example, the neighborhood I have lived in for the last 14 years have seen about 85 homes go up for sale in about the last 10 years and out of those 85 homes 60 have been purchased by large investment companies. What that has done is caused our housing prices to skyrocket. I purchasing my home almost 15 years ago for $352,000 and my home is now worth $1,250,000 thats absolutely ridiculous, don't get me wrong, its good for my wife and I for sure, but we have children all young adults now and they will never be able to afford a house in our area. The other problem in the influx of always having new renters now in our neighborhood some very good people, some very bad people. We have a hugh renter turnover rate because the rents have also skyrocketed to the moon. Single family home, nothing special $4500 to $5000 a month and going up $500 dollars every year, its absolutely crazy. Somthing has got to give. When this system crashes down, its going to hit like a Nuclear Bomb. Its not going to be pretty. I just hope and pray somthing can be done about the housing crisis soon, for our children and grandchildrens sake. Take care Brother. Hawk out!!
Wayne I think you have been out of the market or something. The banks today want the homes back and flipping the houses. I went to tons of Auctions and have been outbid by the beneficiary aka “the bank.”
@@tonytucker8651it makes sense for banks to foreclose as much as possible early on, to end loans they are lending at 2-3%, and get other buyers in there on a higher loan. Even if it’s a different bank, on average all banks succeed by doing this. Then once market shifts they will sell them for free because they just want cash.
Its been like that for a while the whole concept of foreclosure doesnt really work if there are more than enough investors that bid on them, at that point they go for even higher than market due to bidding wars. I have bought many foreclosures back in 2012-2015, for a few years there was deals. Not anymore
I recently sold my condo for $400k and i want to invest the money in the stock market. However, it appears the market is at an all-time high. Should I invest elsewhere or wait for a market correction?
The stock market is risky But staying on the sidelines is riskier. Missing the next bull run will be far more costly to your long-term wealth than getting in at the "right price". Consult a financial advisor if you're unsure how to proceed.
You're right, I and a few Neighbors in Bel-Air Area work with an advisor who prefers we DCA across other prospective sectors. Instead of a lump sum purchase, Following this, my portfolio grew 37% in the last quarter
Mind if I look up your advisr please? I've worked in real estate for over 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now
I'm cautious about giving specific recommendations since everyone's situation varies, but I've worked with "Melissa Elise Robinson" for years and highly recommend her. See if she meets your criteria.
I wouldn't jump the gun on the foreclosure market yet. I think we're going to see a market collapse that will make the one in 2008 look weak. Everything is so over-inflated, that even with the relatively low interest rates that we have, it won't help when people get behind, and they will. With that said, if a good affordable deal presents itself, then have at it.
There's nothing available with-in about 100 miles of my location and nothing that's even reasonable for the rest of my state. In fact, the prices on that HUD website are even higher than on Zillow.
hey brother love your stuff!!! im in Flower Mound TX and i am a Veteran ( with proof) would love to get in a house. ive been doing some homework on my own but it is always a wise choice to ask a professional.
HUD has two levels of activity. HUD preferred FHA low income people who “bid”, and the large serious flawed portfolios bundled for institutional buyers. That’s it. If you are a FHA “qualified you can get a 203(k) rehabilitation loan. The most important thing is an inspection is not going to include electrical or plumbing issues until you close on the loan, and be prepared to change the doorknob locks the same day. It is usually large institutional buyers with bundled homes or first time single home, can’t really afford a house (don’t know what they are getting into, have to stay 3 years there, etc…). Only work with lenders and realtor that specializes in HUD, so it doesn’t fall apart.
I recently bought a 2-story/ 1800 sq.ft 3br/2.5ba in Florida. Lovely area with wrap sound porch on 6.5% interest. We purchased for $280k and my payments came out to around $2280 monthly. We paid zero down and have insurance etc. Why would a $330k home have payments as high as $33-3800 like you said?
The only way I'd buy a house from any source, is direct from the seller. Sorry HUD, I used to do FHA 203-K Rehab loans. A realtor only got in my way for a fee. VA foreclosures were done in a similar manner. The best way for me to buy is at the foreclosure sale, with cash or currency acceptable to auctioneering agency.
@therealwayneturner I had to take out some cabinets with the sink. The tenant must have had leakage. All fixed now. And took up some flooring, just in kitchen. Didn’t want to replace all this. I was wondering would it qualify for FHA?
*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
People dismiss the importance of advisors until they are burned by their own emotions. I remember a couple of summers ago, following my lengthy divorce, I needed a good boost to assist my business stay alive, so I looked for qualified consultants and came across someone with the highest qualifications. He has helped me raise my reserve from $275k to $850k, despite inflation.
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience.
Hi Wayne I don’t know if you did a video before on this but I would love to know about unrestricted land mobile homes tiny homes etc good priced no more than 1 hour from the city .. I am not far from St Tammany but I it can be Louisiana or Mississippi if you have a video or link can you send back.. Thanks Have A Great Day😊
I love your beard and moustache brother. Maybe I'm biased because mine looks like yours when I grow it out.. LOL Thank you for sharing the knowledge/information!
After selling two homes in 2023, I'm anticipating a housing crisis in order to buy inexpensively. As a backup plan, I've been thinking about purchasing stocks. What recommendations do you have for the best time to buy? On the one hand, I keep reading and seeing trader earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Most investors can't handle a crash since they are accustomed to bull markets, but if you know where to look and how to get around, you can profit handsomely. It depends on your entry and exit strategy.
The fact that the US stock market had been on its longest bull run ever makes the widespread worry and enthusiasm understandable given that we are not used to such unstable markets. As you pointed out, it wasn't tough for me to earn over $750k in the last 13 months, so there are chances if you know where to go. I hired a portfolio advisor since I was aware that I needed a solid and trusted plan to survive these trying times.
I tried researching strategies to profit in the current market because my portfolio has been in the dumps for the entire year, but everything I tried just seemed to miss the point. Please let us know who your asset manager is by name.
I expressed an interest in a hud owned home last year and the real estate agent told me that I couldn't buy it because I wasn't low income. ☹️ What's the deal with that?
HUD owned does not mean it’s 100% move in ready. Bought one in 2012. The listing company hide foundation problems that could not be readily detected. Pay for the inspections to find out how much you will need to spend on repairs. Don’t expect them to move down on the price for faults found. As is means as is. Fannie/Freddie cannot be beat in court, they’ll drag it out till you are broke. Some have “owner occupy” requirements. Meaning you have 90 days to move in and have to live there 1 year before you can sell or rent it out. California takes custody of all HUD foreclosures now. I have had 4 lost to higher bidders 2 were agents, one was an agents contractor relative, and one by $35 because of the agent I asked to show me the house outbid me at the last second.
I just gotta tell myself it was a coincidence that you made this video now,lol. I gotta property in my area getting sold on Tuesday. Its not listed with the HUD site even though HUD is bidding the $156,000. For this auction you need 15,000 just to bid I think. "When making their bids, all bidders except the Secretary must submit a deposit totaling $15,686.03 in the form of a certified check or cashier’s check made out to the Secretary of HUD. A deposit need not accompany each oral bid. If the successful bid is oral, a deposit of $15,686.03 must be presented before the bidding is closed. The deposit is nonrefundable. The remainder of the purchase price must be delivered within 30 days of the sale or at such other time as the Secretary may determine for good cause shown, time being of the essence. This amount, like the bid deposits, must be delivered in the form of a certified or cashier’s check. If the Secretary is the highest bidder, he need not pay the bid amount in cash. The successful bidder will pay all conveying fees, all real estate and other taxes that are due on or after the delivery date of the remainder of the payment and all other costs associated with the transfer of title. At the conclusion of the sale, the deposits of the unsuccessful bidders will be returned to them." So if i understand correctly you need $15,000+ in somewhat liquid funds just to bid on this property. Edit: Also forgot to mention there may or maynot be a potential Methhead/Cook squatting in the 3 BR house.
fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
Mortgage underwriter here for 35 years. I've purchased 2 Hud foreclosures that the foreclosing lender did all repairs, including painting the house & new carpet. They also paid closing costs on both of those properties
Realtor here. Back during the foreclosure crisis, HUD and other lenders would not repair the homes at all but towards the end, they realized they could get more money by doing some basic repairs and cosmetic work such as flooring, painting and newer appliances. This would bring in more buyers with FHA loans. Some HUD homes just had a repair escrow that would need to be worked into the loan or the buyer would need an FHA 203k loan for repairs.
Wayne, you are one of the most straight shooter Realtor ever. Thanks for your guidance..
Foreclosures are so sad. Every one of them has a heartbreaking story behind it. I pray for anyone going through a tough season in life. Have faith that your best years are yet to come and God will return everything lost and taken from you 7 fold.
Amen!
Thanks this is why my ❤️ heart will not let me.
No, not EVERY. Plenty of willfully ignorant, irresponsible, or downright criminal acts that have caused many foreclosures. Self-inflicted wounds do happen.
@@brandonreiser7739 "Self-inflicted wounds." You got that right, buddy. LOTS of foreclosures are on there way in about a year. Elections have consequences.
Amen
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quiet mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets like gold or crypto. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
The only time in recent history housing prices went down was in the early 2000s when the housing market crashed. The market corrected itself after over pricing houses. The price of homes will not be going down. Pay off ur debt save down payment and understand u may not be able to afford a 2k sq ft home in the burbs
Only player in town is the govt Fannie Mae Bank , they are there to inflate the market
@ we can go back to the post office and local savings and loans
Sounds like you are in the Columbus area
The world needs more teachers and leaders like you bruh ✌🏿👍🏿💪🏿💯
Ty
@@TheRealWayneTurner Good evening Wayne, i submitted a form twice already to get some help buying a property but haven't heard back. How can i get in touch with you? Thank you!
You're the best Wayne. Thank you for everything.
I just got up on RUclips sir I saved ur channel and I glad I found such a gems that explain so well and understand god bless u sir 🙏
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
consider moving your money from the housing market to financial markets or gold due to high mortgage rates and tough guidelines. Home prices may need to drop significantly before things stabilize. Seeking advice from a financial advisor who understands the market could be helpful in making the right decisions.
nice! once you hit a big milestone, the next comes easier.. who is your advisor please, if you don't mind me asking?
Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
that man gave me the game so I don’t be a lame ima put my people on thanks
I bought our first home sight unseen at a sealed bid auction for 20k. Sold it 7 years later for 95k, but back then in 75 the government replaced the furnace, carpet and painted it.
I have seen a lot of foreclosure auctions where the final sales price is way too high.
Too high for Blackrock or too high for you? Save up more. Good luck.
You are right. People pay retail for a home they can't even look at properly. Insane.
Me too. People get to emotionally involved in the bidding and lose site of the price cap you need to put on the home.
So don't buy! Auctions are intended to drive up prices.
@@hannahdargan6079 Too high because of blackrock
I hate Airbnb and the likes. We live right next door to one and It's no bueno especially when you have young daughters to raise.
@@ShadyD365I did the same thing. I used my firing range during the day and learned how to play the bag pipes at night. It was epic.
@@mikedegnan5252you should be in jail
@@ShadyD365Your friend is a complete dumb ass
😂😂😂 bagpipes
@ You or they admitted to harassing a business owner and its patrons. You all are 9-5 terrorists
Just finished studying this 2 weeks ago now this video! You just gained a new subscriber ❤
Buyers can also network with wholesalers. You will need to assess quickly what repairs need to be made before submitting the cash offer.
The first house I bought was a short sale. It took 10 months so it should been called a long sale. Anyways we had an FHA loan and when we had the inspectors go in they said they needed repairs or they would not approve the loan. So we ended up doing the repairs ourselves before the house was even ours. Just so our loan was approved. It took 10 months. We eventually got the house.
@@jennyanimal9046 I love that story. Ty. Long sale is right. lol
@@TheRealWayneTurner I'm working on my house currently in Sacramento and I'm getting ready to put it on the market by March and then I'm going to look for a dumpy little mobile home somewhere on an acre or half an acre. I don't care. I don't need that much property or maybe 5 acres. Who knows. I plan on paying cash so I know the options in my price range is few and far in between. I'll be staying at my cousin's house and helping her work on her house while I'm looking for my new house after I sell this house. This is the financial savvy move for me. I don't want a mortgage payment anymore and I know I can find something in my price range where I can pay all cash. Maybe my broker will be savvy with auctions or HUD homes. I have skills so I'm able to work on my house by myself for the most part. I'm nervous and excited.
Wow. Fixing a house before you buy it is risky. If the sale didn't go through, that funding would have been wasted. So glad it worked out for you.
@@jennyanimal9046
Your decision to sell your home and utilize the equity from that sale is a savvy move. I understand it can be daunting with the many variables and uncertainties involved, but taking action is always better than inaction. Which neighborhood is your home in? Depending on the location, I might know a few interested buyers. Being local, I have a wealth of resources at my disposal if you need assistance. Don’t hesitate to get in touch.
😂😂😂😂😂. I'm a realtor who sold alot of SS & you're right. They were loooong sales😅
Thank you for putting these videos together Wayne. Currently I live in NYC. But I am thinking of buying a home and establishing residency in Florida and then, if I want to be in NYC come to stay there for the number of days one must keep it under to not be considered a resident.
When the time for that decision comes, I will be contacting you to ask (and obviously pay) for your advice.
Like Henry Ford said, "Why do I need a PhD when I can hire one!"
Why do I need to spend 30 years acquiring real estate knowledge when I know someone who already did! Take care! 😊
If you live in Florida, you can help people buy a property . Please
Stay in NY ….
L
Thank you this video is very much appreciated
THANKGOD MY FORCLOSURE WAS A DREAM COMPARED TO THOSE MESSES
My first home was a HUD foreclosure in Orlando. I paid $52,357. Only bidder. I like to say you could smell it before you saw it. But, I worked hard on it and sold it for $98,000 two years later with about $10,000 in expenses.
Thanks for sharing, the first sounds like a much better deal than the second one, love the palm trees on the exterior, where are they? I always wondered why hud boards up the windows and doors on homes in good neighborhoods, when it could be cheaper sometimes to fix the original problem.
Thank you Wayne, great information. Doing my homework so I don't make the same mistake I made in the past. Subscribed
Get thermal gun to see leaks etc.
What is a thermal gun? Thanks!
@@arizonanative7409 it's a camera that shows you heat/cold spots. You can get them at hardware stores.
Very educational. Thanks. 👍
I found your video extremely informative - the comparison in particular was an excellent illustration. Thanks
I love his foreclosures I have bought many, Freddie and Fannie foreclosures are pretty awesome too
When I was selling HUD homes back in 2012-2015, HUD had a company that winterized the home and as long as there was no pipe damage or electric issues, you would fill out a form and pay the company to de-winterize the home for inspections then come back and re-winterize the home after the inspection. It would cost about $150. NEVER had them just outright deny that service being performed. Also, HUD and most banks would give you 7-10 days for inspections. They will not repair anything but they cannot deny you the opportunity to inspect the property. Always get preapproved before going to shop for a home. Many agent, as I do, require a preapproval before you go see the first home. Getting a preapproval before home shopping gives you a budget in which to search. There is no need to look at homes above that budget.
Very complete and insightful. You covered a lot of caveats. All good to know.
Don't work for money; make money work for you. Invest wisely today to create the freedom you desire tomorrow.
Many new tra-ders face challenges without proper guidance. I found success by learning from James Clark's expertise.
@@user-kj2iv6xr7sexactly that's why I always seek Mr J Clark's guidance in all I do 😊
I recently sold half my tech stock holdings due to all-time highs, leaving me with $400k. Should I invest in ETFs now or wait for a market correction considering potential inflation?
Celebrating a $30k stock portfolio today from a $6k start. Investing wisely has given me time for family and future plans.
From $37K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
He's always giving up good GAME✌🏽
It's Nov 21st as I'm seeing this, am located 50 miles NW of Green Bay and its Snowing today, our first such event of the Fall/Winter/Early Spring seasons (it doesn't quit snowing till sometime in May.
Anybody else notice the fish jump in the background?! 😃 1:00
That was crazy, as I was watching the vid, I saw your comment come up & as soon as I read it, I looked back at the video and the fish jumped out. The timing was unbelievable 😂
😂
Thanks for all the great information, I appreciate it. I live in California and besides the problem of super high prices our big problem is competing with the property investment companies like blackrock ect. It makes it almost impossible to find a deal, no it is impossible. I don't believe in and I don't like the government to be evolved in our lives at all, to me the Fedral Government should have two jobs protect us from enemies ( Military) and deliver our mail (Post Office) thats it. But somthing needs to be done to prevent these large investment companies from purchasing every damn house they see. This is not good, it has caused housings prices to shyrocket to a place nobody can afford and it will eventually get to the point in 8 to10 years were everyone will be renters. I'm not hearing anyone talking about this? Somthing needs to be done. What? I'm not sure? Maybe put a cap on the amount of property a single company can purchase? Like 25 a year or even 50. This would keep it open for small investors, but it would kill the business model for these large corporations like blackrock and others, because they are the problem because there has always been small investors and it was never really a problem before, it's just been in the last 10 years these hugh investment firms have been gobbling up everything, at least in California anyways. One example, the neighborhood I have lived in for the last 14 years have seen about 85 homes go up for sale in about the last 10 years and out of those 85 homes 60 have been purchased by large investment companies. What that has done is caused our housing prices to skyrocket. I purchasing my home almost 15 years ago for $352,000 and my home is now worth $1,250,000 thats absolutely ridiculous, don't get me wrong, its good for my wife and I for sure, but we have children all young adults now and they will never be able to afford a house in our area. The other problem in the influx of always having new renters now in our neighborhood some very good people, some very bad people. We have a hugh renter turnover rate because the rents have also skyrocketed to the moon. Single family home, nothing special $4500 to $5000 a month and going up $500 dollars every year, its absolutely crazy. Somthing has got to give. When this system crashes down, its going to hit like a Nuclear Bomb. Its not going to be pretty. I just hope and pray somthing can be done about the housing crisis soon, for our children and grandchildrens sake. Take care Brother. Hawk out!!
Good job bud another great video
Good video! Good info! Thanks!
Keep up the great work Wayne.
Wayne I think you have been out of the market or something. The banks today want the homes back and flipping the houses. I went to tons of Auctions and have been outbid by the beneficiary aka “the bank.”
The banks want market value for trashed homes and they want you to buy them sight unseen. 2024 was flipping bust!
Not always, and it depends on the market.
@ That is true real estate is regional. In my market which is Arkansas the banks have become competition for the investors on the decent properties
Banks aren't giving good homes to the public like in 2008. Only the worst is offered now and at high price
@@tonytucker8651it makes sense for banks to foreclose as much as possible early on, to end loans they are lending at 2-3%, and get other buyers in there on a higher loan. Even if it’s a different bank, on average all banks succeed by doing this. Then once market shifts they will sell them for free because they just want cash.
Thank you do much for all the good advice
How about Idaho state? Are there homes there? Thank you
Isn’t Lake Pontchartraine a flood area ? Thanks for the heads up about HUD homes
If it can flood in the mountains ..it can flood anywhere!
I've been seeing banks sell foreclosures at market rate here in FL. Some have been on the market for a year.
Same in far Northern California.
Its been like that for a while the whole concept of foreclosure doesnt really work if there are more than enough investors that bid on them, at that point they go for even higher than market due to bidding wars. I have bought many foreclosures back in 2012-2015, for a few years there was deals. Not anymore
@@Stashgrannywhat websites do you see the ones in far norcal? Can anyone buy them?
I recently sold my condo for $400k and i want to invest the money in the stock market. However, it appears the market is at an all-time high. Should I invest elsewhere or wait for a market correction?
The stock market is risky But staying on the sidelines is riskier. Missing the next bull run will be far more costly to your long-term wealth than getting in at the "right price". Consult a financial advisor if you're unsure how to proceed.
You're right, I and a few Neighbors in Bel-Air Area work with an advisor who prefers we DCA across other prospective sectors. Instead of a lump sum purchase, Following this, my portfolio grew 37% in the last quarter
Mind if I look up your advisr please? I've worked in real estate for over 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now
I'm cautious about giving specific recommendations since everyone's situation varies, but I've worked with "Melissa Elise Robinson" for years and highly recommend her. See if she meets your criteria.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip
I wouldn't jump the gun on the foreclosure market yet. I think we're going to see a market collapse that will make the one in 2008 look weak. Everything is so over-inflated, that even with the relatively low interest rates that we have, it won't help when people get behind, and they will. With that said, if a good affordable deal presents itself, then have at it.
Great information Wayne! Good work
Mr. Turner..
Great information sr.
I live in NY.
Do you have lenders and properties around here?
There's nothing available with-in about 100 miles of my location and nothing that's even reasonable for the rest of my state. In fact, the prices on that HUD website are even higher than on Zillow.
Try going to FindMyForeclosure.com
hey brother love your stuff!!! im in Flower Mound TX and i am a Veteran ( with proof) would love to get in a house. ive been doing some homework on my own but it is always a wise choice to ask a professional.
Enjoyed the good information though.
Thank you for this which state are you in?
Thank you🎉
Can you list websites for hud forclosure?
HudHomeStore.cov
This!
Very helpful Thank you for sharing this
You're welcome!
Great information. Thank you, Wayne.
Thank you so much for this valuable information!!
Such great information, thank you!
Glad you found it helpful.
You also have to know that at the Federal Reserve bank window… the bank was paid in full for your loan 🎤💧
HUD has two levels of activity. HUD preferred FHA low income people who “bid”, and the large serious flawed portfolios bundled for institutional buyers. That’s it. If you are a FHA “qualified you can get a 203(k) rehabilitation loan.
The most important thing is an inspection is not going to include electrical or plumbing issues until you close on the loan, and be prepared to change the doorknob locks the same day. It is usually large institutional buyers with bundled homes or first time single home, can’t really afford a house (don’t know what they are getting into, have to stay 3 years there, etc…).
Only work with lenders and realtor that specializes in HUD, so it doesn’t fall apart.
Cant we get a termite inspection?
A sewer lateral inspection?
I recently bought a 2-story/ 1800 sq.ft 3br/2.5ba in Florida. Lovely area with wrap sound porch on 6.5% interest. We purchased for $280k and my payments came out to around $2280 monthly. We paid zero down and have insurance etc. Why would a $330k home have payments as high as $33-3800 like you said?
What is the estimated ARV on the house on the water ?
How long does one need to be in a state in order to be considered a resident? Are they all different?
fellow Louisiana man! awesome!
What would be the approximate cost to bring that house up to a livable standard?
The only way I'd buy a house from any source, is direct from the seller. Sorry HUD, I used to do FHA 203-K Rehab loans. A realtor only got in my way for a fee. VA foreclosures were done in a similar manner. The best way for me to buy is at the foreclosure sale, with cash or currency acceptable to auctioneering agency.
With all that water leakage going on my guess is, Mold Damage. Definitely possibly hidden in the walls.
@therealwayneturner
I had to take out some cabinets with the sink. The tenant must have had leakage. All fixed now. And took up some flooring, just in kitchen. Didn’t want to replace all this.
I was wondering would it qualify for FHA?
*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
That's awesome!!! I know nothing about investment and I'm keen on getting started.
What are your strategies?
People dismiss the importance of advisors until they are burned by their own emotions.
I remember a couple of summers ago, following my lengthy divorce, I needed a good boost to assist my business stay alive, so I looked for qualified consultants and came across someone with the highest qualifications. He has helped me raise my reserve from $275k to $850k, despite inflation.
If you are using a really good broker or account manager, it's easier to earn from the market
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience.
Hey, I need a hud home in Colorado Springs Colorado
Good information 😊
How many hundreds of investors would I have to battle to buy one of these?
Not as many as you would think.
Hi Wayne I don’t know if you did a video before on this but I would love to know about unrestricted land mobile homes tiny homes etc good priced no more than 1 hour from the city .. I am not far from St Tammany but I it can be Louisiana or Mississippi if you have a video or link can you send back.. Thanks Have A Great Day😊
I’ve don’t lots. I hope these will help you. ruclips.net/p/PLyolCz-FptmKf31JJxQoDOQj4vqqRMWto&si=ykAXWKFBa4JuuAxF
Will I am a low income and they tell me I'm qualified. Will will see cuz I'm going to follow through and just check it out
Nice where’s this one?
Is Houston a good place to buy a house to live?
Since it's on the water, did increases in the homeowners' insurance price them into foreclosure
Question ❓ Would a person need an agent if the parcel is a tax lien purchase?
Hello Wayne
Are there any other sites to do searches than the 1 you mentioned?
Thnx
New subscriber 😊
What can you do in the not allowed to unwinterise property?
I love your beard and moustache brother. Maybe I'm biased because mine looks like yours when I grow it out.. LOL
Thank you for sharing the knowledge/information!
After selling two homes in 2023, I'm anticipating a housing crisis in order to buy inexpensively. As a backup plan, I've been thinking about purchasing stocks. What recommendations do you have for the best time to buy? On the one hand, I keep reading and seeing trader earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Why does this happen?
Most investors can't handle a crash since they are accustomed to bull markets, but if you know where to look and how to get around, you can profit handsomely. It depends on your entry and exit strategy.
The fact that the US stock market had been on its longest bull run ever makes the widespread worry and enthusiasm understandable given that we are not used to such unstable markets. As you pointed out, it wasn't tough for me to earn over $750k in the last 13 months, so there are chances if you know where to go. I hired a portfolio advisor since I was aware that I needed a solid and trusted plan to survive these trying times.
I tried researching strategies to profit in the current market because my portfolio has been in the dumps for the entire year, but everything I tried just seemed to miss the point. Please let us know who your asset manager is by name.
Her name is Melissa Terri Swayne. Hope that helps
Just copied and pasted Melissa Terri Swayne on my browser and her page popped up immediately, thank you for saving me hours of researching.
I expressed an interest in a hud owned home last year and the real estate agent told me that I couldn't buy it because I wasn't low income. ☹️
What's the deal with that?
Also, why did you say there are a lot of HUD homes coming ?
HUD owned does not mean it’s 100% move in ready. Bought one in 2012. The listing company hide foundation problems that could not be readily detected. Pay for the inspections to find out how much you will need to spend on repairs. Don’t expect them to move down on the price for faults found. As is means as is. Fannie/Freddie cannot be beat in court, they’ll drag it out till you are broke.
Some have “owner occupy” requirements. Meaning you have 90 days to move in and have to live there 1 year before you can sell or rent it out. California takes custody of all HUD foreclosures now.
I have had 4 lost to higher bidders 2 were agents, one was an agents contractor relative, and one by $35 because of the agent I asked to show me the house outbid me at the last second.
I just gotta tell myself it was a coincidence that you made this video now,lol. I gotta property in my area getting sold on Tuesday. Its not listed with the HUD site even though HUD is bidding the $156,000. For this auction you need 15,000 just to bid I think.
"When making their bids, all bidders except the Secretary must submit a deposit totaling $15,686.03 in the form of a certified check or cashier’s check made out to the Secretary of HUD. A deposit need not accompany each oral bid. If the successful bid is oral, a deposit of $15,686.03 must be presented before the bidding is closed. The deposit is nonrefundable.
The remainder of the purchase price must be delivered within 30 days of the sale or at such other time as the Secretary may determine for good cause shown, time being of the essence. This amount, like the bid deposits, must be delivered in the form of a certified or cashier’s check. If the Secretary is the highest bidder, he need not pay the bid amount in cash. The successful bidder will pay all conveying fees, all real estate and other taxes that are due on or after the delivery date of the remainder of the payment and all other costs associated with the transfer of title. At the conclusion of the sale, the deposits of the unsuccessful bidders will be returned to them."
So if i understand correctly you need $15,000+ in somewhat liquid funds just to bid on this property.
Edit: Also forgot to mention there may or maynot be a potential Methhead/Cook squatting in the 3 BR house.
If it’s not listed on the HUD site I wouldn’t risk it. The only deposit a HUD home requires is earnest money if you’re buying it as a non investor
How can you buy a home at auction without cash?
Lmfao. I’m in ny. Long Island. This is hysterical.
Hi Wayne, how do buyers agent fees work for foreclosed homes? I’m assuming buyer has to fully compensate their realtor?
Many Banks are covering the fee. Your agent has to request it when making the offer.
@@TheRealWayneTurnerAwesome, thanks for the tip!
🏴 welcome to the team brother… we could use your talents
thanks as always for the tips
How difficult to get insurance with prior water damage?
That isn't what I was tolld
Hi dear I like your video very much
fear a housing crash due to people buying homes above asking prices with little equity. If prices drop, affordability and potential foreclosures may arise, worsened by future layoffs and rising living costs. I want to invest more than $300k, but I'm not sure on how to mitigate risk.
Consider reallocating from real estate to other reliable investments like stock, crypto or precious metals . Severe recessions offer market buying opportunities with caution, as volatility can yield short-term trading prospects. Not financial advice, but it may be wise to invest, as cash isn't ideal in this period.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
nice! once you hit a big milestone, the next comes easier.. who is your advisor please, if you don't mind me asking?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.
How do you get a good deal on these when there's almost no inventory?
If you can find one that fits your needs but it.
No opportunities when those listing agents list at and over retail. I see a lot of price drops on those listings.
What if home is fully owned and only municipal taxes? Are they still being seized?
The government can take your home if you don’t pay your property taxes.
I contacted like you said and no one ever reached out in 2 months ,
What about other liens on foreclosures?
What if im looking for a personal small piece of hunting land , any tips?
Very informative, I wonder if those can be purchased with a 203k fha loan, that would be sweet for a primary
It depends on the condition of the home and the lender, some will, some won't.
Where is this house located
Home values are declining rapidly in the greater Knoxville area.
Less people buying homes brings down prices.