Crazy Sh*t In Real Estate with Leigh Brown - Episode #57 with Bill Hamberg

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. 


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