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Crazy Sh*t In Real Estate with Leigh Brown

Crazy Sh*t in Real Estate!—a podcast that will shatter the HGTV-induced veneer of real estate, and celebrate the challenges of working in this wild, wacky business.
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Crazy Sh*t In Real Estate with Leigh Brown
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Apr 14, 2017

Foreclosure properties can cause a lot of headaches for the average home buyer, but for an investor? That all depends. Bill Hamberg shares his crazy story entering a “Winter Wonderland” house as excessive water damage was actually forming icicles.  He also offers realtors and investors first hand advice regarding investing in a foreclosure home. Leigh welcomes Bill Hamberg, who has been in real estate for 13 years and is an investor/agent in Philadelphia. 

Please subscribe to this podcast in iTunes or in the Podcasts App on your phone. Never miss a beat from Leigh by visiting The Leigh Brown Experience.

Time Stamped Show Notes:

  • 00:21 – Introduction for today’s episode
  • 00:38 – Leigh introduces Bill
  • 00:53 – Bill and his wife are in their 13th year in real estate
    • 01:05 – For the past 11+ years, they’ve been in the REO side
  • 02:12 – Bill shares his story of the most recent crazy thing he experienced
    • 02:28 – The general public doesn’t understand what a foreclosure is
    • 02:47 – Bill had an assignment in Levittown, Pennsylvania
    • 03:50 – When Bill visited the property, no one answered the door, but the windows were open
    • 04:17 – Bill climbed through the window to make sure that the property was safe
    • 04:38 – When Bill got inside, there was a water leaking from the second floor to the first floor
    • 05:00 – Bill took a video of the water damage
    • 05:24 – Most properties in Pennsylvania have basements
    • 05:34 – The water was just accumulating on the first floor
    • 06:20 – As Bill walked into the bedrooms, it looked like a winter wonderland as the water that was leaking turned to icicles
    • 06:48 – Leigh asked Bill about fungal growth
    • 08:03 – When Bill called the water company, already 168K gallons had been used
    • 08:35 – Bill shares what will happen with the water bill
    • 09:26 – The house needs to be stripped down completely because of the fungal growth
    • 10:25 – In Pennsylvania, banks are not allowed to disclose too much information
    • 10:42 – Bill understands that consumers need to ask about the issues with the home
    • 11:40 – Bill shares about the mortgage and the foreclosure of the house
    • 12:19 – The banks are also repairing the house
    • 12:44 – Bill’s opinion regarding selling the property as is
    • 13:42 – There are good and bad investors
    • 14:27 – Bill had an investor for the Levittown house who eventually transformed the house
  • 15:20 – Bill shares his advice in regards to purchasing a foreclosure home
    • 15:25 – If you’re an investor, you really need to find an investor/real estate agent
    • 17:25 – Bill prefers a quick resale value (QRV) over pursuing the after repair value (ARV)
    • 18:51 – When you’re bidding on a foreclosure property, you’re bidding against other investors and not the bank
    • 20:00 – You have to set good criteria
    • 20:58 – Set a price that will attract lots of activity
  • 22:15 – Realtors who want to get into the investor side of real estate need to do their research
  • 22:57 – If you’re an investor, the first question to ask a real estate agent is, “If I purchase this property how should I cost segregate it?”
    • 23:38 – Go to someone who knows what they’re doing
  • 23:43 – Take extra classes and find a mentor to be a proficient investor/real estate agent
  • 24:15 – What Bill loves about foreclosure homes is that there are no emotions tied to the property and everything is just about numbers
  • 24:53 – Reach Bill through his email at bhamberg@pahouselink.com and google “Bill Hamberg”—Bill is on the top 3 results
  • 26:35 – Tweet Leigh Brown for your very own crazy story in real estate 

3 Key Points

  1. Being an investor/real estate agent requires thorough study and research to be able to serve your clientele well.
  2. An advantage of investing in foreclosure homes is that you’re dealing solely with the numbers—not the emotions.
  3. House pricing won’t always depend on ARV—consider all your factors before sealing a deal.
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