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Derek Dombeck loves creative deals, so when a friend offered him a defaulted note that he wanted to unload, he jumped at the chance to be in first position. For only $4500, he was poised to take possession of a 4-bedroom, 2-bathroom house on an acre of land in Wisconsin.

But this wouldn\\u2019t be the Deals Gone Bad series if something terrible wasn\\u2019t about to happen. The first hint of trouble was that the owner didn\\u2019t want to meet Derek at the house. He chalked this up to a slight hoarder problem, and he ordered the dumpsters to get ready to clean out the house. Then he found out about the back taxes. And then he got into the basement.

This house had $125,000 in ARV, and the back taxes equaled about $18,000. It was a solid deal. But it wasn\\u2019t hooked up to city water or sewer. In fact, the ten inches of water in the basement indicated that it wasn\\u2019t hooked up to anything really. And the contractor Derek had hired to clean out the house refused to touch the floating furnace and open pit of sewer.

The work Derek had to put into this house to get it ready for anyone else to buy it was tremendous, but he couldn\\u2019t have done it without his local networks. We talk about how much stronger an investor can be when they are plugged into their local REA or mastermind. If you\\u2019re not a part of a real estate investor network, then you absolutely should stop putting it off. Newer investors have no idea what it\\u2019s like to have the real estate market go south, and they\\u2019re going to need that mentoring to get through the next year.

If you\\u2019re in Wisconsin, or you\\u2019re interested in Derek\\u2019s Generations of Wealth cruise in 2022, send him a message at Derek@bestREIfunding.com.

What\'s Inside:

\\u2014Why you want to have an open relationship with the town treasurer, tax department, or city hall.

\\u2014How to spot a hoarder in 2 easy steps, and why you need to be prepared for the worst.

\\u2014The importance of a local REA, local networks, or relationships with local real estate investors who can help out in a pinch.