Buying a FORECLOSURE…10 Common Mistakes People Make

If you are new to real estate or a novice investor we're sure you will agree that Wayne Turner shares valuable information that anyone can use to succeed.

In this episode (Video) Wayne shares the 10 mistakes that he and his clients have made over the years when buying foreclosures and most importantly how to avoid making the same mistakes.

For nearly 30 years Wayne has experienced just about everything when it comes to real estate and he's an open book when it comes to sharing his experiences.

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*DISCLAIMER* The contents of this video are for strictly educational and entertainment purposes. This video is not intended to provide financial, accounting, tax, or legal advice. For financial or legal advice consult with financial advisor or lawyer. I may earn commission from purchases made through links in this post.

[tabbott]

I bought an abandoned foreclosure in 2009. It was turned into a HUD house. i paid 9900$ cash--$11k total with tax/fees. I gutted it and remodeled it completely in 6 months while living in my old house for free saving my unpaid mortgage payments. I HATE paying interest and have been debt free ever since. I do all the work myself so there is no labor cost. Im a licensed builder by trade. I got burned buying a foreclosure right before the market crashed in 2008 and i couldnt sell it and was buried in debt so i rented it out for a year then walked away. It wasnt meant to be as far as timing went so i walked away from my own house too as it wasnt worth what was owned thanks to the banks destroying home values with their policies. I looked around for cheap foreclosures and got out of debt by paying cash for a fixer upper instead of paying a mortgage for 30 years. My credit was bad for 10 years but now its 800 again and i still dont have any debt.

[dougcook]

As a long-time home rehabber, your recommendations on what not to do are SPOT ON! Your advice to pay contractors and handymen for their upfront quotes is brilliant, as it makes them more willing to partner with you at reasonable prices. For budgeting money and time, I plan for costs to be 50% over my initial estimates and everything to take three times longer than I originally thought.

[kathyhuckaby]

I felt like after listening to this entire video I had just read an entire book! Wow!👍🏻

[ThePropertyProject]

I bought a place that had been sold on seller financing, buyer didn’t make payments and seller reclaimed it. I was a little nervous buying, hoping to avoid a difficult seller and any legal fights.

Turned out to be a totally legit and awesome seller. Really happy with how it turned out.

[bravewave]

Flood zones. Lost my home from storm surge, Sanibel. Flood insurance doesn't cover storm surge, at least that's what my agent on MidAtlantic coast island. Make sure you check if you live in storm surge area.

[DonaldMark-nese]

Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighborhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighborhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.

[surffish]

i appreciate the video, im a tile 33yo contractor in daytona beach area never owned and have been trying to buy property to put a barn on for years and just cant seem to keep up with the hoops and rapid growth of cost here. what you said about even if you break even and make no money you gained experience is the reaffirmation i needed to not give up.

keep up the good work!

[AshleyRDB]

Wyane, this was posted just for me. Yesterday morning, this was the 1st video in my notifications right before I went to my 1st real estate tax auction. I did watch this before I went. I did bid on 2 properties yesterday and lost both thanks to you!😊 After I went over my cap by 10k, a Wayne Turner voice popped in my head & and said, "You're getting emotional." So I stopped. Thank you for this video!🤍

[MADDCHOPER]

I learned that the hard way thousands of dollars later live in New Hampshire on the Maine line went to work in Maine while fixing up the place they stole about everything I own. And it was a money pit.. if I had a cord of wood in the basement 1700 cement blocks I almost put a cord of wood in that basmemt 5 gallons of diesel fuel in a case of beer we'd had a barbecue😂 you got to know when to give up and you're going to have good neighbors finally walked away thank God.. I grew up in the construction business my dad was professional builder by trade but if he was alive at the time he would have just slapped me before I bought it😂 sometimes you can't fix stupid.. but I learned a very good lesson. . next piece of property I buy buy there will be no neighbors only trees😂
On a good note I had a view that people come from all around the world to see. I'll never make that mistake again. In Carroll county New Hampshire land of the mountains and lakes you might as well build something out of solid masonry fort Knox keep your neighbors out😂

[joking]

Wayne, $20 or $30 to pay a contractor for a bid is not even going to cover his gas to get to the property let alone for his time when they can earn thousands per hour in contracting deals. Otherwise, invaluable advise that you provide. I was fortunate in buying a foreclosure ten years ago that is now worth about five times my original cost . In the meantime, I have earned at least $130k on rents. Thanks for the advice.

[mrlarry]

I enjoy your channel Wayne. I’ve seen a few of your videos in the past, and the occasionally pop up in my feed. I recently subscribed and have been watching your videos. Keep up the good work. You share very valuable insights from your direct experience. 👍🏼👍🏼

[jasmith]

I watch your videos a couple times a week. I have learned something from every one. Some of these things I already use but now I know I'm doing things the right way. Thanks

[gusloader]

Good video with helpful tips. Good advice about the "Flood Insurance".

In the county where I live there is a river that is winding and long. It goes all four directions of the compass. The Army Corps of Engineers built a dam (and formed a lake) to help control spring floods, and usually it has been helpful, but occasionally there has been some flooding. For some strange reason several people build a house within a hundred yards of a river or stream, or contractors build homes, and the city, county or State government officials allow such foolishness/silliness. Now every house within one mile of the riverbank must have Flood Insurance within 2 counties. It is added on to the monthly house payment.

[brandonroussell]

I'm a property preservation vendor in Slidell LA since 2010. I really appreciate this info. I have been considering real estate but have 0 experience.
I have good leads and get all the initial secure work orders.

[courtneyfulcher]

Mr. Turner, thank you so much for the most valuable information in this video. I’m some what knowledgeable about home buying and fixing stuff in my own home but your information has taken my knowledge so much further. I thank you so much for your kindness and time for putting together the info for us out in the public trying to make good home buying decisions. Thank you, thank you, thank you. I’m so appreciative!❤😊

[artisticagi]

2:23 chance to inspect Grace period 😊

[philiplarson]

Wayne always you have a good advice. Always preach to get title. Insurance is worth the value. I am also seeing what you were talking about. People were so angry for losing their home. They Did destroy the inside and the banks will not cover it and right now they’re not budging trying to get full market value I have tried numerous times. don’t forget the squatters it’s starting to get worse. I was viewing a home in Diamondhead, Mississippi and me and the realtor was just stunned and law-enforcement. Couldn’t do nothing about it watch out for this.

[georgedevine]

I'm new to this and I'm just trying to learn. I'm a bit overwhelmed at the moment but this is what I want to do.

[cheryldunaway]

Appreciate the great ideas and thank you for saving me time and money for the information. Best to you going forward!!

[ros]

I always look forward to the information you provide. Thank you