(BANK OWNED) Buying Mistakes…

Every Foreclosure for Sale in the United States... www.foreclosure.com/?rsp=3820
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.

[@mikesnyder6358]

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.

[@firesign4297]

I would suggest that type of work ONLY if the person is going to make it their home.... But as for a Flip...I Would Stick To what He Stated ... I know You Know...Sheet Rock And Paint Makes a... Major Difference.. And the kitchen cabinets a person may just want to change the Door....or Paint Grey and Change The Hardware... I have so many remodeling ideas for a Flip...Now for someone who's getting it to make their Home.... I'd go Your way...😊... Flipping.... I'd go His way😊 Any thoughts on my take... please feel free to share 😊...

[@scotts6503]

misleading title (click bait). Would like to see you completely redo that kitchen with granite, new 36” cabinets, new sink, faucets and nice appliances for $7000. Also you said $7000 for new heat and air. Maybe a low end strip heat and a Craigslist install. Lots of perfume on a pig

[@amoragape7339]

I literally just remodeled my kitchen, entirely, which is 10x the size of this. Marble countertops, and a fully high-tech appliances set. All in, I paid about $30k. And you are telling me that this kitchen in the video would be 3x more than $7k? I don’t think so.

[@kateeydelnant5840]

this is not a 21k kitchen, no way, not if he assembles and installs cabinets himself.

[@celiauzarski2064]

⁠@@firesign4297 I would have to agree with you. As someone who has not recently purchased or renovated a home, I thought estimations for upgrade were far too l😮w. Even to me, a female, it’s obvious that the granite alone would run close to 7k. The same about cabinets, only reface them, unless you plan to there there. I think Wayne only got excited about potential of this property in promoting it. His videos are so helpful as well as informative. I am paying close attention to what he says before I make any property purchase. He has opened my eyes to much that would have gone unnoticed.

[@LadyOrion2012]

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

[@unconventionalforager6389]

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

[@longlost8424]

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 door......

[@TheRealWayneTurner]

Great Story. Ty for sharing.

[@longlost8424]

@@TheRealWayneTurner thank you Wayne. your information is fantastic. I just hope young people today can take some of your information to heart...

[@Bryanj869]

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

[@JamesShaver550]

Now with the recent economy, To get Financial FREEDOM you have to be making money while you're asleep.

[@Kimberlybaker331]

True though unfortunately mine always end up with losses 😭

[@LooniieC214]

Building a good investment portfolio is more complex so I would recommend you seek Brian Nelson support. This way you can get strategies designed to address your unique long/short-term goals and financial dreams..

[@CoreyLogan-qj7lb]

The technical analysis expert I admire the most. his risk management tactics truly deliver results. Brian C Nelson program of expertise has a wide presence across the internet.

[@_omarlives]

Investing has proven to be an incredibly beneficial decision. My cryptocurrency profits continue to play a substantial role in growing my overall wealth, reducing my reliance on my salary

[@boat_topper6147]

Thanks for the great information in your videos and thanks for answering my question about unfinished garages with new finished homes.

[@BGga.]

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.

[@TheTruth-dy8ze]

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.

[@larrylucas5731]

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

[@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.

[@laura18093]

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.

[@Q.Evoyne]

My favorite type of content!!

[@jeanmartin6410]

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

[@ec021pgo2]

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

[@steelisthemeal]

Somehow I don’t see that kind of a profit maybe $1000 maybe $2000 on that type of car

[@nathanaelhandley514]

Love the videos and the information thanks

[@mariapadilla7501]

Just found you. Love your experiencial advice!

[@dsy096]

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!

[@madstarr2]

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.

[@xavier_lucas]

I foresaw the housing crisis and sold my property. I then put it in the market, about $200,000 of it. That was late February. I've lost more than 40% of my portfolio's value. It makes me really sad. How can I turn this situation around?

[@FranciszekPawal]

This is really sad. If you're not who understands strategies to invest in the market, why not seek a financial advisor to help you grow your portfolio?

[@EmmaFritz90]

Having an investment advisor is the best way to go about the stock market right now. I’ve been in touch with a coach for a while now mostly and I gained within a short time.

[@xavier_lucas]

That's impressive! I could really use the expertise of your advisor. Could you recommend who you work with, please?

[@EmmaFritz90]

Doing your research will save you a lot of hassle. Monica Mary Strigle is her name and she is licensed.

[@xavier_lucas]

Thank you for this. I'm gonna check her out and try to reach her. I hope she gets back to me.

[@Happey67]

Thanks for the info!

[@RussellD11]

what the HOA a month though? thats the killer

[@SPYSpreads]

More videos like this please 🙏🏼 And if you can tell us where to find foreclosures !

[@JomoDaMusicMan]

PROBABLY BACK IN 1990, TODAY REAL ESTATE INVESTORS WILL TAKE ALL THE FORECLOSED PROPERTY ,THAT MONEY CAN BE MADE OFF OF, EVEN THE BANKERS AND AGENTS HAVE INSIDE INFO AND WILL GRAB THESE BEFORE A REG CONSUMER CAN GET A CHANCE

[@jesseeburcham4135]

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.

[@kjam360]

Yes, I love your video's. They are a treasure of information on what to do and what not to do when buying Real estate property! Thank you.

[@matthewronson5218]

videos.

[@kjam360]

@@matthewronson5218 - I've watched more than one of his video's. So it's plural!

[@Michael_English87]

You had me at "This is money right here." 👍

[@jerdavis9489]

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

[@nicholaslandolina]

The stone work looks cool just needs brown added in the crevices

[@bobblazer100]

Great video thabks

[@SuddenEden]

Thank you. Learning lots! Do you have someone in MI.? I would love to learn what you do. I find this very interesting; also love to redesign.

[@lifeinthemo2372]

Man that TH is bigger than my single family ranch. I LOVE it!!! Heck I’d love to buy it for myself.

[@David-cl4fb]

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

[@user-kz2wk7xl1z]

Hi, happy healthy years to all.

[@brianhec4962]

I own real estate. Where I'm from that forclosure goes to auction. Cash only. Possible leins. Also you don't get a chance to look inside.

[@saeedhossain6099]

a deal is a function of value vs price, if the price is low but the value is beneath that, you're not coming out ahead. given its showing well, the biggest open question is how is the location and what do others value it at.

[@sydneyo4289]

I wish we had similar cases in San Jose, CA.

[@DNG1966]

Love it😊

[@Jean-ni6of]

Handy man's delight.

[@daniellascaris4533]

I love Real Estate too Wayne.

[@firesign4297]

🤗Great Tour And Tips👏🏿👏🏿👏🏿😊 Side Note: I Love Everything! Real Estate!😅😅😅👍🏿👍🏿

[@mistiwjordan3268]

You take a 16 oz. Can of heirloom cabinet painting kit, 2 liters of Folex carpet stain cleaner some batterry operated jets in that tub some vinyl flooring slats your good togo

[@mistiwjordan3268]

Do some faux stone painting at the fire pla e heirloom paint also has marble or granite counter top paint i could do everything cosmeticly for so cheap and it last look awesome, Then you're big money on replacing the appliances and replacing the windows for good storm windows. My mom lives in recent Lewis. Mississippi are very well versed on hurricanes and flooding. Spending money on that and should everything yourself and make it gorgeous. I wish I was there. I would redo it so quickly. And love doing it thank you so much for sharing your videos you're awesome

[@Bryan-yq9pz]

Thank you, This Man ☝Knows how to Flip.

[@celiauzarski2064]

@mistiwjordan3268 You are right about cleaning the tub for appearances sake. I’m not sure if the jets on the tubs would still be serviceable if they had not been maintained, or the structure sat unoccupied. The townhouse was from the 70’s when fiberglass was used for whirlpool baths, the surface scratches easily. Sometimes you can save money starting with new rather than wasting money and time into old stuff. Please don’t take this as a mean comment, just another viewpoint.

[@TillWonMillion]

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

[@Byrondavis89]

Not in a hurry to buy here as big financial issues are about to be recognized, IMO. Banks are in big trouble and over-leveraged (bail-ins?), debts are out of control; peeps CC's are maxed, and globalists think we should depopulate, eat bugs, and be controlled for their benefit. This should all get resolved very soon, might be very bumpy for a while, but peace and tranquility on the other side. There's so much f*ckery in markets that they may just close for good. I'll be patient for better clarity over the next 2-3 weeks,At this point, I'm still at a crossroad regarding whether or not to liquidate my $138k stock portfolio. What's the best way to take advantage of this current market?

[@mourbonaventure7475]

Liquidate and buy beans and rice.

[@MikaAKAJada]

Imagine having 100% of your money on a website.

[@DaBiggBosz]

Kiyosaki says buy canned tuna.

[@celiauzarski2064]

@byrondavis89 I think you summarize the world situation very well. I don’t watch mainstream media but I do pay attention to all the alternative news. We’re supposed to see things improving in 2025. The advice for now is to sit quietly and listen to your gut. When your moved to do or say something pay attention to feelings. I think we can perceive that is good or maybe not so good right now. I believe you and I are walking the same path, that is wait and see. The alternative media tells us diversify investments. Have a little cash, have a little coin, stock up on storable food, be ready to move on a financial opportunity when it presents itself. Let’s have faith that we are paying attention so we are not caught like deer in headlights when things start to happen. Fingers crossed.

[@John-wp7kl]

Thank you

[@Advillin]

Thank you Wayne, I am a new subscriber. Wish I had an opportunity to pick up something like you founded Louisiana. It seems like it's harder to find properties and I have never purchased anything from a bank so I don't even know how the process works. Do you go to a realtor or to the bank directly? How can you find great deals like this? Thanks and I appreciate you sharing your expertise.

[@TheRealWayneTurner]

Thanks for the sub! Most foreclosures will be presented for sale publicly, so I recommend working with an agent. Let me know if you would like help finding one near you!

[@reneeriley1953]

Yep

[@RaadYacu]

I would buy it without any hesitation - awesome townhome

[@ursulasmith6402]

They couldn't GIVE that to me! Nothing ever got done!

[@HistoryRepeats101]

I’ll take it, put 30K into it, with 2 exit strategies sell or rent to own. Rehabbed one similar in Ohio 3/2 1/2 with attached garage small patio.

[@rafaeldallavecchia9437]

I would love to start but I don’t know how and where to start…

[@COYO-T]

Shouldn't the bidet be next to the toilet and not in a different section of the bathroom? I look at foreclosure homes before and see where the last owner wrecks it by taking the cabinets and putting hole in the walls. What would be considered a fair price to offer on a home where the home is nearly 130 years old and in poor shape but you mainly want the land it's self. It's outside of a town so you have own well and septic and sure both would need restoring or replacing.

[@beesybee8921]

Tax deduction only for interest paid and depreciation

[@turnipsucks6416]

Yes, in the right area. Also, got to be ready for something like that.

[@philiplarson8228]

Wang great videos like always you are the interesting realtor, I have been looking in the area never thought about looking around New Orleans. I have been exploring neighboring state Mississippi, and Alabama

[@LifeVersity]

Bidet toilets are great. ppl don't know lol

[@dorotamaty888]

It should be very close to a toilet.

[@goohee22]

u the goat Wayne

[@imchico1970]

How long did it take for the bank to release the property? One thing I don't get it is that the bank near my area holding this Town house for nearly 10 years still don't want to sell nor foreclose it.

[@zztops4504]

I took $50,000 loss in Atlanta suburb 4 bed home I bought in 2008 and sold in 2011 during Obamination.

[@heavymckean4891]

Nice property!

[@marmaladesunrise]

I don't like condos or townhomes.

[@tomr9661]

A new roof and a fresh looking exterior? - great deal.

[@michaelbartow1546]

The main bathroom I agree needs abit of a updating on it. The kitchen the same. But like you said if you can do some of it on your own then hey your golden. I would say I would buy it if i could.

[@gslvqz8812]

Quick question, and I hope you can help me with this... I was told that you cannot get a regular conventional loan to buy a house on foreclosure, is that true?

[@ya472]

No handrails on the stairs.

[@RobotsCanDoAnything]

Nice place. Need to get down to the south.

[@emailuser8668]

He's said it's not a flood zone, but it's in a hurricane zone. Every year homeowners in Southeastern Louisiana go through that drama. That's why the houses in that area are selling for $168k, they're cheap for a reason. As far as flipping or renting, based on what was shown in the video, the house needs a minimum of $50k I'm renovations to make it sellable.

[@laladeylaya6738]

how do you get to these properties with out some company jumping in front of you charging you for the information

[@valerimacdonald5146]

I know you can't get granite countertops for $7k, let alone all the cabinets, where I live. Cabinets are going to cost ~$15k with pulls (cheap ones too). I don't think you can lay vinyl over tiles. It will wrinkle or feel bumpy along the grout lines. Nothing wrong with those tiles that a good cleaning wouldn't fix. I would definitely hammer out the hearth, it takes up too much floor space. Then I would put Ikea cabinets on either side of the fireplace for storage and build out a small hearth in front of the fireplace. Leave the wood accent wall and maybe put floating shelves over the cabinets for decor.

[@sct4040]

Float shelves are dust collectors and are outdated.

[@celiauzarski2064]

@valerimacdonald5146 I love stone but I thought the fireplace was hideous with gray paint. My vision was the same as yours, rip out the hearth on either side of fireplace, then replace with built in bookshelves. Wayne must have better contacts for construction materials, unless someone had preordered then rejected it before installation, $7k is not a true cost in this market. He might be right about the vinyl flooring going over tile. There is an underlay available for older homes with squeaky wooden floors. That material might keep the grouting from feeling lumpy and bumpy if you put something on top like a new floor. Valerie, I think you’ve got a good eye for revamping new purchase. I wish you luck in your househunting.

[@vannshuttleworth4738]

I would buy it. Now all I need is $$$$$$. I would live in it for a while before I would sell it.

[@sidshri6080]

thanks Wayne. We still need a fulltime W2 job to get the loan and the things you talked about needs us to be hands-on for atleast half the time, based on the contractors and materials these days. We Maybe able to do 1 home, but next home will be difficult, especially the 5% down scenario as we have to move atleast 50 miles away from current primary residence.

[@Cheeseheadhomestead1]

Where do you find listings that are bank owned property?

[@lostwhirley]

Question: How do you get a loan for 8-0to 90% of the value of the house?

[@alucard4860]

If only most foreclosures were as simple as this.

[@mahnamahna3252]

5:50 when does he start talking about the mistakes buying foreclosures?

[@Trtrucking79]

My wife is connected to Our first home, I would like to sell it to get out of debt… we have an older home that my dad left me, it’s paid off… the newer has 130k of equity.. we still have 23 years to pay it off.. we’re in our 40s…. How can I convince her to sell??

[@ericjohnson9080]

Am important factor on something like this is maintenance fees.

[@TheRealWayneTurner]

Absolutely!

[@ericjohnson9080]

@@TheRealWayneTurner so how much is that in this case?

[@ThomasG-og4yb]

That house put the fug in fugly, oh my goodness...😂 Because you can see right past that and visualize what it can be, you are not only making the world a better place bit you are making good money doing it!

[@siewkonsum7291]

What a low ceiling house, how to live in it comfortably without lots of airflow? 😮

[@gloriabeckley7464]

You only now if you had a good renter after they move out.

[@reneeriley1953]

How did u find foreclosure?

[@dcal7406]

Wayne , my man !

[@TheRealWayneTurner]

This is a good one!

[@user-jo5bl5jy4y]

I can work with this.

[@patrickbass2398]

👍

[@mikeatgoogle501]

I don't like all the wooden doors and frames.They make the house look old even if you upgrade everything else. I do like these kinds of properties if you can hook me up with an agent.

[@TheRealWayneTurner]

Absolutely! Reach out to me at ContactWayne.com

[@ayo9057]

Best site to find foreclosures?

[@t3dwards13]

I've almost forgotten this is a townhouse.

[@user-jw2cf9ip2u]

Are they selling these houses to big companies instead of first time buyers. 👀????

[@BigJohnson1566]

You’re not going over tile floors with vinyl without the grout joints being telegraphed through. Unless you have low standards then it’s doable.

[@activedogzz100]

Wow whaaaat168? Moving to Luisiana

[@leestill3733]

NOOOOOOO

[@paultaylor8396]

Hey Wayne, I buy real estate but I wouldn’t buy that one I tend to buy land build and sell or subdivide and sell. I’m on number 34. I love real estate I always have had a primary job and did property on the side. Just started my own business and will retire from the primary job in 3 years Do properties full time. I love you video Alaska Paul

[@spsmith1965]

How do you buy foreclosures?

[@cultleader3572]

I would like to know

[@stoneyswolf]

They usually have an auction date in the listing and the requirements. Usually you'll need 10% cash if your the winner payable immediately and full payment within a short period. A lot of them have squatters your responsibility to evict or very limited viewing no inspections. I wouldn't recommend a foreclosure.

[@ebonieriley8309]

I wonder how much is the Assoc. dues.

[@sahadev456]

What is the address of the property

[@KelCap]

Love your videos Wayne thank you

[@user-sr7wl5kq3u]

where is this located

[@jonysparks1]

What zip code?

[@shaunbeers5894]

Where is this?

[@beenasejpal9666]

Hey Wayneee nice house ...make videos on low cost houses for investments...

[@TheRealWayneTurner]

Will do soon

[@zeljkodjukic5889]

Van you make more you tubes

[@cryptohound]

I love bringing profits from a volatile asset to real estate which is more stable and comes with passive income.