Buying a Foreclosure? Watch This Before You Make an Offer

Learn how to buy a foreclosure property step by step and avoid costly mistakes in real estate investing. This podcast covers foreclosure investing, distressed properties, pre-foreclosures, and how to analyze deals before buying. Discover expert tips on due diligence, title issues, and finding profitable real estate deals. Perfect for beginners looking to grow in property investing and foreclosure deals.

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Transcript

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the third piece of the puzzle actually transacting the deal so now you said okay you're underwriting fits my buy box the exit strategy makes sense for what I wanna do let's do this transaction welcome everyone I'm Tim Jones with foreclosure.com and today we're joined by Patrick Butler Patrick thank you for joining us today Tim I really appreciate it feels like old home week because as you know I've been associated with in one capacity or another foreclosure.com since 2008 oh yeah 17 almost 18 years now so it's a pleasure to be here yeah you're a legend around these parts so we're glad to have you back um can you please share your real estate background with the audience before we get started absolutely so this year marks my 40th anniversary in residential real estate 20 of which I have spent in the last 20 in the default real estate space so everything that is foreclosure.com whether it's pre foreclosure short sales bankruptcies myself and my team have really developed in many cases the processes the procedures and even things that the banks are doing and have been doing for the last couple of decades so you know it's what we live eat and breathe we provide this service for our clients we do it for ourselves and we educate as well as process so we're really thrilled to be talking with the audience today Tim Perfect perfect well I'm excited to dive into today's topic found a foreclosure now what ha ha ha wow yeah exactly seems pretty straightforward but you know many homeowners use platforms like foreclosure.com to find a deal but once someone finds the property they like what should their first step be okay so great question and in fact the first step should be before they find the property on foreclosure.com is determine what their buy boxes what are they are they a homeowner looking to buy their next property to live in are they an investor and if they're an investor are they a wholesaler are they a subject to buyer we can get into some of these definitions are they a fix and flipper are they a rent rehab and renovate refinance kind of a buyer once you've figured that piece out then you can start taking next steps on what you're gonna do with with property right so for those that are actually looking to close on the transaction themselves um they're gonna have to go through a series of steps and we're gonna talk about that as far as doing the due diligence on the property um as well as the due diligence on the financial implications of the property if you're an investor well that really depends on what your goal is for example the wholesaler they just look to find what appears to be a good deal and they'll sell that deal to another investor so their mission is very different from the investor that wants to buy the property renovate the property rent the property perhaps refinance the property very different goals very different strategies so it's really understanding what your mission is what we call a buy box what your criteria is and then what your exit strategy is going to be so that's what should drive the properties that you're looking for in addition to just stumbling upon them and foreclosure.com does a tremendous job of segregating these different asset classes which we'll talk about that as well so that you can really focus your efforts on what your criteria is and that's vital as a as a home buyer in the foreclosure space 100% I mean the the buy box analogy is amazing cause the more I learn about real estate the more I realize there are so many different listing types and different nuances between even different uh depending on where you're located so no that that's a that's a great um and you mentioned a lot of these terms already but people hear the term foreclosure short sale probate bankruptcy can you explain the main types of distressed properties in simple words for everyone to understand absolutely so the word foreclosure is probably the biggest misnomer that's a big word probably the biggest misunderstood term out there a foreclosure by definition is a property that had a mortgage on it and the bank was not receiving the payments so they went through the process of foreclosing took the property back as their collateral for the loan fixed it up in order to make it safe and habitable and then resells it on the real estate market listed with an agent that's also known as an Ro which stands for real estate owned it's a bank owned property those are generally not the best investment deals because they're literally being sold at market value it's okay if you're John and Mary Smith looking for your next home because they're often times in decent condition to move into and don't need a lot of additional repairs it's the pre foreclosures that are the things that most people really think that they wanna get involved with and pre foreclosure is a broad term that encompasses a whole bunch of other items that we're gonna talk about right now what makes something a pre foreclosure is the fact that it has not had mortgage paid on it for at least 90 days that means the mortgage is in default therefore it is pre foreclosure if the loan is current well it's not a pre foreclosure it's like being pre cancerous if you're perfectly healthy yeah if you are experiencing the symptom so a pre foreclosure is now a property that is in default again 60 to 90 days of no payments the bank begins their process legally to do what they have to do at the end of the day to take the property back or to sell it at auction so what are some classifications of pre foreclosures well one of them that we hear all the time is the short sale alright so a short sale pre foreclosure is a case where a homeowner is in distress they owe more for the property than it's actually worth and that can be defined in a couple of ways they may have one mortgage on the property and I'll use some simple numbers the mortgage is $400,000 but the house is only worth $350,000 so either they have to bring $50,000 to sell their house which most people can't or don't want to do or the bank will need to agree to taking a short sale since the Great Recession time of 2008 short sales have become a household word they've been around for a long time I've been around since the savings and loan crisis short sales were around then but after 2008 um it became a household word and the banks Learned during that time that they can still fare better financially by selling short than having to foreclose and and I'll give you the the simple reason for that a house is worth what a house is worth so in my example that I gave 400,000 dollar mortgage

350,000 dollar home it's worth 3: 6:39

50 it doesn't really matter if the mortgage was 600,000 or 500,000

or 400,000 it's only gonna sell for 3: 6:46

50 in today's marketplace so the bank understands that and they've got mechanisms in place they've got insurances they've got all kinds of things that can help them deal with the loss of that of that sale so that's a short sale um it can also be the case where the first mortgage might not be higher than the value of the home but there could be a second mortgage and other leans against the property that when added up again take you over the value of the property making it a short sale and so when you asked earlier you know what should you do when you're looking at homes well understanding some of this stuff is is really important because those two examples that I gave one mortgage over and covered or a series of leans over and covered two very different strategies as an exit on these and how you can negotiate a great deal as a buyer and that's probably way deeper than we want to get into for today but that's that's what a short sale is um interestingly for investors out there short sales don't always make great investment opportunities because we're selling the property at market value for the bank other opportunities for example bankruptcy you asked about that bankruptcy is one of the most misunderstood enigmas out there we got into that business in fact the former CEO of foreclosure.com started a company way back in the day and we developed programs for federal trustees to liquidate homes that were in bankruptcy that they otherwise wouldn't sell but here is a very simple explanation bankruptcy is 160 year old federal law that was written to help people that are in financial hardships get a fresh start so I can't pay my credit card bills I can't afford my house I can't pay my car bills often due to a job loss death of a spouse some other financial hardship and there are mechanisms in place that help people file bankruptcy either a Chapter 7 to liquidate all of their assets or a Chapter 13 to restructure their debt to hopefully come out at the end of the day clear well the reality is bankruptcy Tim is broken in a Chapter 7 97% of the time the federal trustee doesn't sell any assets at all that's a big hmm yeah and what's even more compelling about that is for the homeowner that filed Chapter 7 in order to get a fresh start if the trustee doesn't sell their home the bank can still foreclose on them hmm oh wow yeah yeah so even though the even though they're they're dissolved of their debts the mortgage instrument still exists and the bank can come after them that is a great investor opportunity we have a whole program on bankruptcy because many of these properties Tim have a lot of equity in them some of the bankruptcy sales are bankruptcy short sales mmm hmm so it's double complicated yeah the other ones are bankruptcy opportunities and and there's a lot of different flags that we can talk about in a future podcast or discussion about what to look for in these cases when those should appear it's all in public records a lot of it's in foreclosure.com right at your fingertips you just need to know what it is that you're looking for yeah you mentioned probate probate is another issue so probate essentially is a legal process where an administrator for an estate meaning somebody that's assigned it could be the courts it could be a family member or an heir to administer the will so that all of the assets of the dead person are properly distributed according to the will if there's no will the state steps in and state law dictates what happens so who are the rightful heirs they've got to be found it's very complicated so if you're an investor or even John and Mary Smith looking to buy their own home and there's a probate it's important to understand what does this look like is it going to be a fast track to resolution or is it gonna be complicated are the heirs all on board with what's going to happen are they even findable sometimes they're missing in action out there and and that can be complicated as well there's a myriad of other terms there are tax leans and foreclosure.com has a great database of tax properties and that simply defined is when a homeowner does not pay their property taxes that is the priority No. 1 lean it's above mortgages it's above every other lean type on a property lean being what's owed against a home if you don't pay your taxes you're gonna lose your house to the the local county municipality that's the tax collector great opportunities there as well so that's just a handful of those um if you have got any other types we can talk about but those are really the major classifications that you're going to find as an investor yeah no definitely some uh some differences there it seems like we could do a a video on each listing type almost you know so for sure and an hour on each one for sure yeah well we're gonna have to follow up on that but um so during our discovery call one of the main mistakes you had mentioned was that new investors don't check the title early why is title information so important before buying a distressed property yep so title is is really the it's it's the end all to end all of what's going on with the property so a title commitment as it's called is something that can usually be pulled by a title attorney or a title company it's a report that shows everything that may be against the property meaning okay here's a house at 1 2 3 main street it has a first mortgage it has potentially a past due taxes it may have HOA perhaps HOA has not been paid in a few months anything that could be a lean against the property so there might have been work done by a mechanic on the property repair of an air conditioner that didn't get paid for they can file a lean against the property wow municipalities big time for example you don't cut your grass in a in a reasonable time frame they can file a lien against your property and often times those come with 100 dollar a day um no no against you so you you might have 30 days of non grass cutting you could have $3,000 of of penalties against you for that so the title commitment has all of that stuff now it does cost a few bucks to get a title commitment couple hundred dollars but compared to potentially losing thousands or making a huge mistake that you can't get out of it's really money well spent one of the things that we do at our company asset resolution we don't pull title but we do it ourselves so there are a lot of different databases you can go to to look for all these things it's time consuming which is why title companies and title attorneys charge for that but it can all be done by a qualified individual we do that in our early phases of of the process so that we understand generally speaking what's happening but that doesn't mean something won't pop up behind the scenes even if a title company provides that title commitment to you so why is that a mistake if you don't do it well great example we had a fourplex and we'll talk about that deal in a little bit a fourplex that an investor was buying in Fort Lauderdale value is about $900,000 it was vacant because there were some issues that the municipality said hey you can't keep operating this as as a resident so they forced all of the tenants to move out and it was a vacant property well based on not having the fire extinguishers in the right spot not having smoke detectors in the right spot dumpsters in the wrong spot there ended up being over a million dollars in liens and violations on a 900,000 dollar property so the investor that was buying this property says well it's only worth 900 I can buy it for 900,000 but I've got a million dollars I've got a deal with on the back end so the question is would you have bought that property yeah no yeah now at the end of the day the resolution on that was we worked with that investor and we were able to negotiate with the municipality and the county and we got the $1 million in liens and violations reduced to $26,000 wow so those are some of the things that you need to be aware of when you're looking at these properties the physical structure is one thing and and we talk a little bit about the due diligence Tim and you know so we've been dealing with the financial piece well what about the physical structure so do you have a qualified engineer or a home inspector again another couple hundred dollars for a home inspector can be worth its weight in gold to identify foundation issues mold behind the walls electrical things that are out of out of code that may need to be replaced all of these things add up to a lot of potential money if you're not in that space and understand these potential costs you could end up with a huge headache that you just can't get out of and Tim we see a lot of people lose a lot of money um before they come to us and and that's what we are there for is to help them not make those mistakes in the future yeah no that's so important and um you know it's good to have a team that's making sure first time investors aren't making those mistakes cause as you mentioned it can be very costly and that's a great example and and how your team handled it so thank you so much for providing that info yeah and you know just one thing if if you're looking at a property that's in distress so a pre foreclosure if you will rest assured it's not just the mortgage that hasn't been paid deferred maintenance you know things that they may need to be updated are probably left to go on their own yeah violations all that stuff so guaranteed there's gonna be something on it in some cases it's very minimal in other cases it's it's a walk away from that deal situation so it's very important no that makes a lot of sense if someone's having issues paying their mortgage they're probably having issues with upkeep and any other bills that might be associated with that especially if they're dealing with some sort of you know heartache or you know where they're dealing with a death or divorce or something along those lines but and I'll add one other piece to the equation as well and and that is depending on what part of the country you're looking in some marketplaces are very conducive two people adding on to their homes right that they buy a smaller home their family grows so they they add another bedroom or they close in a carport or garage well that all has a process too and you've got to have proper permits completed and it's got to be done according to code and all of those things so again you may find a property that looks great but it's important to understand if there are any outstanding permits or any of those things that may need to be closed out and you may come to find out that half the house that you're buying is illegally built and needs to be torn down so whoops another huge mistake yeah friend of mine said you don't always have to buy the house but you always have to do the due diligence and I think yes some of those examples are exactly why you you can't uh yeah miss that step in the process 100% in fact what you just said is is extremely important for investors out there especially newer ones you're not gonna buy every house that that you come across in fact you should be expecting to find a reason to say no to it um and if you don't that's when it's a it's a home run you wanna go after those properties but otherwise you know there's certain amount of risk tolerance you may have in your model whatever your buy box is yeah um you know the big guys the giant hedge funds that went out and bought up thousands of properties their tolerance was pretty heavy but the the individual who may be using their their only savings to make a an investment it's vital that you don't make those mistakes oh that's very important thank you so much so for someone who finds a property but but feels overwhelmed by the process and I know you kind of touched on this earlier but what support does your team provide to kind of walk them through the the whole step by step uh process yeah in fact so I I'll tell you a real world example I think that was something we we were looking at and how that works so our process is is three parts essentially asset resolution advisors we are a company that was put together many years ago although under a different brand we came back post covid but we've got former I call them reformed loan servicers so guys that have 20 years in the mortgage servicing business meaning um when you get a mortgage on your house and you make a mortgage payment you pay it to the the mortgage servicer they collect the payments they make sure it gets distributed to the bank um and then if you don't make the payments that servicer goes through that default process that's the one that actually goes through the the foreclosure process so we've got guys on our team from that side of the business we've got myself and my team the real estate side of the business and then we even have investors who help do the due diligence based on years of buying these properties and knowing exactly what to look for so step one if somebody comes to us with a property we'll do an underwriting of it underwriting is a fancy term for open the hood and see what's in there we'll do the research on the public records if there's a title report available we'll review that and and we'll come up with a basically a health card saying hey here's the situation with this house here's what's wrong with it and the second step then is providing a potential exit strategy well based on these things that we found Tim these are what we would recommend if we were buying the property if you were looking to buy and keep it or to to flip it wholesale whatever these are some exit strategies might be a short sale might be a probate sale might be a combination of of all of those things and provide that that level of understanding we typically don't charge for the underwriting piece that's unless it's very complicated then we'll charge a few hundred bucks for that but that's something that we do for our clients so that they get a good sense of of whether they should proceed or not if it's a no we tell them that upfront very quickly if it's a yes then it moves on to step 2 step 2 is that exit strategy which leads to then okay I wanna do this deal what do I do well we can help cure the title those are big deals and that we do charge money for as would a title attorney as would a title company generally we charge less and we ain't saying we do a better job because we've been in the space doing that specifically sidebar many title attorneys or title companies no offense to them don't deal with all this hairy stuff they're there to to transact clean deals and to get them closed and and maximize their return on their time and investment there are some really good ones out there but that's the space that we're in the third piece of the puzzle is then actually transacting the deal so now you said okay you're underwriting fits my buy box the exit strategy makes sense for what I wanna do let's do this transaction and then from soup to nuts we will assist with hiring the real estate professional if there's one that is needed for the the transaction getting the property on the market qualified compliant everything that the bank may need if it's a preforeclosure and then walk through that offer process with the potential seller and the potential buyer get the deal packaged properly and process it through so there's a successful closing at the end of the day all of that we try and compress the time because in these preforeclosures time is your enemy right so preforeclosure means there is a foreclosure looming out there at some point yeah and and the faster we can get this thing fixed and closed the better off we are many investors do all the right stuff but they don't choose the right team and the process takes too long and they end up losing the property to the bank in foreclosure after spending money on due diligence inspections title work title curative you name it it can be you know thousands of dollars out of pocket only to come to find out the bank takes the property back and if that is looming we even have the skill sets and the ability to delay those foreclosures if we deal with the bank appropriately so that's that's what we do and then lastly complete sidebar we do education we launched a community um back in January um as you know back in the day with foreclosure.com I did a lot of education I I guess I'm a teacher at heart but I I love to give back what I've Learned and quite selfishly the more we teach the more we learn ourselves and we we get better at what we do and and I know you're a martial artist so there are varying degrees of proficiency that one gains by doing that and and it's exponential in many cases right so I believe that there's always it's karma it's the way of the good living whatever you want to call it yeah but we do provide that as well so this this podcast that we're doing this live stream is exactly what we do with our clients and potential clients as well no this that's great advice and it's so uh it's nice to see how simple it sounds right you know everything it's not easy to do this but the way you you you just uh broke it down sounds simple enough to where you could break it down piece by piece and I think the most important part was having an exit strategy I think a lot of people are focused on finding the property buying the property but I don't know if they're thinking it all the way through um and I do think that's extremely valuable because um you know you to having a successful exit in business is always important very true and you know it's interesting even outside of of our universe a good example you know way back way back in the day before I got into the default space I I was in the corporate reload space right helping companies move people around and it was amazing sometimes a small town that had a big corporation that was there moving people around or whatever if that corporation closed or they relocated the whole company sometimes it wiped out the town yeah that they were located in so what may have been a good real estate deal today when the news comes out that ABC Corporation is leaving um that that particular township the real estate market could drop to zero now you cannot always predict those things but the exit strategy and timing is always vital so yeah it's a very dynamic business and the more you do and the more you learn it all begins to make sense but I think for a lot of folks what we've talked about today could be overwhelming you might be like wow I heard a bunch of terms that I'm not sure about that's why it's really vital in our opinion to work with a group that can take you step by step through the process and the goal is to spend as little money along the way until you actually have to do it I I used to know an investor when I first got in the real estate business and I was like man I would love to invest in in real estate I just need to get more money he goes pat the money is the last thing you need he goes you don't need it up front he goes once you find a deal that you know you can make 50 a hundred thousand dollars on you'll find the money yeah you'll find a partner that'll fund you immediately on those things so go through the process you don't have to feel the pain until you're ready to close on that deal so that's how I recommend investors use foreclosure.com find these opportunities go through the due diligence process you'll learn very rapidly what we're talking about here it isn't rocket science but there's a lot of pieces and with the right partners and the right education you too can become a savvy investor in in virtually no time well I'm ready to sign up where do I start you know exactly well well well what advice would you give someone planning to buy their first distressed property this year yep so I first piece of advice subscribe to foreclosure.com and folks this is not a commercial message I don't get paid to say this but but that's important you need access to the data right so first and foremost you want to be able to identify opportunities professional investors that we work with many of them spend 20 30 40 thousand dollars a month marketing they send out mailers and they you know all these things that they do and the numbers that that they share with me are for every $5,000 spend on marketing I can anticipate 15 to 20 thousand dollars return on the back end so they do a lot of marketing spend a lot of money social media campaigns you name it to get these leads that come in well unless you're really well heeled and you can afford that kind of a budget I'd recommend spending a few dollars a month get the data and do some of your own homework so question then is I've I've found opportunities well how do I contact the homeowner direct mail door knocking these are all things that you can do to reach out to that person but the first step in any real estate transaction is to find a seller that is ready willing and able to sell or that needs to sell and isn't quite aware of that yet and we see it all the time in the short sale in the bankruptcy etcetera where people they they've been living rent free mortgage free for months or years even they're getting used to that they're happy with that and now somebody's asking them if they wanna sell their property even though through the data we know that they're gonna go to foreclosure there is a great number of people that just stick their head in the sand and they're in denial so there's a process there as well but identifying the opportunities first and foremost once you've identified the opportunity you gotta get in touch with that homeowner and have that conversation with them um on occasion our team will do that on behalf of a of a professional or if somebody is maybe a member of our community we'll take some time and jump on those calls with them but it's under very specific circumstances so that's the first step you should do once you've contacted the homeowner and they've indicated an interest in doing something that's where you wanna begin the due diligence process and that's we talked about that you know is what does this deal look like is there an opportunity for me as an investor or if I just want to buy it and live in it does it make sense can I get it at or below market value that's vital because there are many properties out there we can overpay for but nobody wants to do that because you may end up being one of these preforeclosures at the end of the day yeah that's something you want to try and avoid um then you've identified a potential case well we talked about that you know talk with somebody we love it if you talk with us let's underwrite that file and take a look at it and see if it makes sense based on your goals and what your proposed exit strategy is and and then it's just going through the process Patrick this is fantastic information I'm really excited to rewatch this interview and learn some more myself cause I feel like every time as you mentioned earlier when you're educating someone or or you learn more about the process and you said a few things that I've never heard of that really got my eyes open you know and excited for uh some opportunities that I'm working on as well Tim I've been doing this for a long time and every time we do a podcast I've got my show my age I've got my notes and my pen I'm always writing stuff down because I even get aha moments from my own self I didn't think about that and so it's vital yeah it's the I what I love about the real estate business is there's always something to learn and it's always changing right so we could be in a seller's market where the seller commands I get whatever I want for my property we saw that for sure um towards the end of covid when interest rates were low buyers were coming out of the woodwork sellers could sell their property for above what they above market value right people were lined up multiple offers yeah then things shifted and now we're in a bit of a buyer's market and we're seeing prices softening sellers that can't quite sell their homes as quickly as they thought they could those become opportunities as well in fact properties listed on the Multiple Listing Service that are aged over 120 days often times are potential distress sales in disguise that that we may not even see anywhere there's no default they're still making their payments but they're struggling and they're overpriced for a reason either they're just crazy or they're trying to hit a number that's unrealistic so that's another great place to start oh and I think we're gonna talk about you know some other advice the biggest piece of advice I can give is create a team this is a team sport together everyone achieves more so who should you have on your team well my recommendation you need to have a qualified real estate professional or more than one depending on your areas and types of properties not all real estate agents are are cut from the same cloth you may have some that are short sale specialist and understand what to look for in that environment others that may be bankruptcy specialist although you won't find many of either of those out there and others that have dealt with other distressed property situations so they can help you estimate market value they can help you find deals potentially off market deals as well as those that are on the market and deal with all the contractual paperwork a great lender okay unless you're a cash buyer out there traditional mortgage companies are great you want to find someone that you can work with that has mortgage programs that meet your buying style you might be very well qualified or you might need um non qualifying type mortgages back in the day they were prevalent back in 2008 well there are still some today uh non qm non qualifying mortgages or a hard money lender that's somebody that says I don't care about you you can have terrible credit not have a job I'm gonna loan based on the property value and that's a high cost and a high risk loan but if you're looking to get in and get out it's a great opportunity as well so realtor financing title company or title attorney again if you've got a friend in that business and they'll do title reports for you sometimes they do what we call a pencil search where it's you know if you're doing a lot of business with them they'll run a quick uh easy title search just to give you the lay of the land right is this thing loaded with violations and leans or does it look pretty clean um a home inspector unless you're a general contractor and you know what to look for as far as you know we can all see stains on the ceiling you know that there's a roof leak but we don't necessarily know if the wiring is up to code or if the plumbing needs to be snaked out or it needs to be replaced all together so home inspector is also good or a friend that's a general contractor don't rely on dad or Uncle Louis they may say that they they know what they're doing don't trust them yeah OK good I'm sure and then and then a group like Asset Resolution Advisors to help you with the the back end of this stuff and and determine based on all of those things that you've just done for this investment opportunity is it a good strategy to move through and and by the way you don't need to get the home inspected every time you find an opportunity that can come later that can come after you've done the due diligence on the the financial aspect of the property does it look like a good deal financially if so then let's take a look at the physical property and spend you know the hundred and fifty or two hundred bucks for the the home inspection I like it I'm ready to get rocking and rolling yeah man you know when you drive up and down the streets these days I would say you know keep your eyes peeled I I use the jet fighter um concept your heads up display look for properties that have overgrown grass newspapers lying in the sidewalk junk cars in the driveway they look like they've been vacant for a while all of those are potential opportunities and if you cross pollinate that with your foreclosure.com search now you can say oh look this one's a tax leaner this one happens to be in bankruptcy and all of a sudden the dots start connecting and you're becoming that that investor a big investors that that we talk to call it driving for dollars they'll pick a location just drive up and down the street'cause it's not always something that you can find in the internet yeah no this is great advice I I um I think we're about out of time for today um and I definitely want to follow up with you and and go into detail on some of these topics that we I guess just touched the surface on so oh yeah um before we jump off is there anything else you want to mention to the audience before we get out of here no I mean you know for me real estate so I was a United States Navy deep sea diver back in the day and and my my ex wife hate to say it didn't want anything to do with military life so I got out of that business and I was like what am I gonna do I mean there's not much calling for deep sea divers other than in the North Sea or the Gulf and real estate was something that had always intrigued me I went to those back in the 80s the investor gurus that talked about buying low selling high and what not and and I got into real estate as a career as a real estate agent I went through the entire process and it's been one of the most rewarding careers thankfully for me financially mentally friends like yourself and the guys at foreclosure.com and and everybody I've met along the way it's truly a wonderful business to be in and it can be done from so many different angles so I would encourage your audience our audience uh don't take this lightly you can do it as a side hustle you can do it as your primary source of income we like to call it being semi retired in our world because you know you can work from a remote location I was just in Thailand as you know I worked a little bit while I was there not a lot um but you know it's something you can do remotely as well as in the field so it's a great industry and I really appreciate you inviting me to share thoughts with with the group well Patrick so much respect first of all thank you so much for your service um I don't know if I told you this but my father was in a UDT frogman so who ya baby yeah yeah who ha who ya yeah exactly class of 64 so um much respect for that and I'm excited to keep these these little interviews going and uh sharing more knowledge with our audience base and and and going on to our next deal so for everyone that made it this far please don't forget to like and subscribe for more investing strategies don't forget to turn on the free foreclosure alerts to get foreclosures directly sent to your inbox until next time I'm Tim Jones and thank you for joining us today