(BANK OWNED) Buying Mistakes…

Buying a house can be a stressful event especially buying a bank owned house. Wayne Turner walks you through the ins and outs of buying a foreclosure.

Watching Wayne’s videos will give you a first hand look of what to avoid when buying a bank owned home.

[mikesnyder]

As a kitchen specialist, I design, build and install cabinetry in new construction and remodels. To remove the soffit and replace all of those cabinets, appliances and upgrade to granite countertops, you are looking at about 3 times what you estimated at $7000. The floor tile needs to be replaced and the cieling scraped and refinished adding LED cans where needed also. To do this correctly would take a significant amount of time and investment.

[LadyOrion]

I would caution strongly to consider the HOA fees. There are townhomes with HOA fees much higher than single family homes. Townhouse HOA in the $200/mo to $700/mo range in many places. Townhomes used to be considerably cheaper than single family homes, but in 2024 that is not the case anymore for much of the country.

[RicCross]

“Emotions” and “make an offer” is solid advice … Since that foreclosure has been hanging on the market a while I’d be inclined to offer less than ask and see if they counter… build a budget for the things you know you’d want to do for the level of finishes that would elevate this property to the market standard or slightly above… I do a lot of the work myself, so I view this as real winner and can understand why Wayne is enthusiastic about this one, looks to be a sweat equity gold mine

[Bonnie.Inspired]

I would put 1” x 6” for base moulding. I love looking at a house and knowing what I can do to it. I love walking new construction and staging a house. My plan is to buy foreclosures to flip and have multiple rental properties. I’m switching from doing commercial real estate to residential. I’m really enjoying watching your videos. Thank you.

[longlost]

even as it stands, I'd probably offer about $100k and see where that gets me. back in the 90s, I bought my first town-home outside atlanta for $50k (it was listed at $65k). the realtor didn't want to offer the bid, but did anyway and it was mine. 4 years later and about $6k in improvements, I sold it (FSBO) for $99k in less than 24 hours on the market with 3 realtors in house offering me around $83k and telling me that I'd never sell it at the price I was asking. loved showing them the signed contract as I ushered them out the

[unconventionalforager]

IMO- I love the look of the first floor in the townhouse, BUT I APPRECIATE the information even better!!

[jerdavis]

I was a contractor, these are the types of homes I'm used to. Totally agree 👍 on the upgrades and estimates

[Bryanj]

Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult

[laura]

Wayne amazing video as always. You just let everyone know the steps to start flipping/investing in real estate. Some of these steps are crucial to building our future and helping others . Yes if you can do some of the work it all it is definitely golden. Thank you.

[Bjli]

Please keep posting videos like this, I need you in my life to learn lol ! Thank you !

[jesseeburcham]

To me the $168, 000 would be the value if it was fixed up.
Who would want to live in such a crowded place? No land, no place to even grow a garden.

[madstarr]

In our younger days we would have jumped on the real estate flip/rent bandwagon if we had the resources, but now we just don't want to bother with contractors, renters, fixer uppers or property managers. We'd rather find a reputable REIG/REIT and see if it's better to invest that way.

[TheTruth-dyze]

I would never buy any property that has hoa fees as they never stop escalating plus too many restrictions on how you keep your property.

[jeanmartin]

I love this town home. It seems to be laid out really nicely.

[David-clfb]

Water heater in the garage should be on an elevated level above the garage floor and enclosed. HOA fees and restrictions are a headache.

[TillWonMillion]

A walk-in shower and exhaust over the stove fan are a must for me...

[dsy]

Where I live(3miles north in Maryland from DC NW) there's no foreclosure so its difficult to find one, unless DC SE or PG county. Its very sad to see foreclosed townhouse it looks nicely maintained old charm. That may costs well above 500k - 600k foreclosed in my area.Thank you for the video!

[BrianODonohue]

Just found your channel and love it. Thanks for the great info! I'm looking to possibly sell my home, and rather than jump straight into another, I think I'd like to start flipping by using the equity I have and seeing how far that can take me towards retirement. At 60, I need to get creative! Thanks again.

[ecpgo]

It's like purchasing a 1986 Pontiac Grand AM 4dr from a junk yard and flip it. Afterwards you put back on the market determined to make $15, 000.00

[larrylucas]

There's a lot to learn from your videos so keep them rolling!