All Forum Posts by: Aubrey Bailey

Ozell, welcome to BP. I'm an investor (flip and rental) here in Atlanta. Hope to meet you at one of the events sometime soon. Check out www.biggerpockets.com/meet Also, you may want to join the Atlanta REIA. Here's a link to an upcoming event: http://www.meetup.com/AtlantaREIA/events/226646228/?a=me2_grp&rv=me2

Demetrius Gatling feel free to send me a private message here on BiggerPockets. Just click my name, then click contact. I tried to do the same with your name so I could send you a message but the mobile app didn't show any contact info for you.

Patrick, happy to have you here on the forums. Feel free to add me to your cash buyer list whenever you come across deals in North Atlanta (outside of 285). You found a great resource here on BiggerPockets. I can't say enough about the sharing mentality and comradery that happens here. Be sure to hop on the podcasts. There's a wealth of knowledge there and it will keep you motivated to stay with it every day. Don't give up!!

Randy, I would recommend finding a local closing attorney or title company who will do preliminary title work for you for about $50 each.  I've found that the larger law firms who do their own title work in house will often be more willing to do it for a discount than an outside independent title company might, that's just been my experience though. I also wait until about 10 days before the auction to have them run the title searches. Doing it that close to the sale date usually minimizes the number of properties that get pulled at the last minute. You'll still have it happen, but I just look at it as a cost of doing business. My list is usually down to about 10-15 that match what I'm looking for so $50 a pop isn't too bad (especially if you come home with a few winning bids). 

Good luck out there my friend and happy bidding. 

Awesome, I'll be there too!

Liens are typically satisfied in the order they were recorded, not by who chooses to initiate the foreclosure. In other words, a second lien holder (2nd mortgage) would get paid only if the house brought more money at the courthouse steps than was needed to satisfy the 1st mortgage. If the home sold for enough to satisfy the 1st and 2nd mortgage, then whatever was left would go to satisfying the other liens in the order that they were recorded...until there's not any money left. Any overages, after all liens are paid, would go back to the old owner. If the HOA is way down the list as far as the position their recorded lien holds (the date when it was recorded), they typically won't get paid anything because there's usually hardly even enough money to cover paying off the 1st mortgage/lien holder (at least in GA anyway). Side Note: I've never had to personally pay any of the old HOA dues as the new home owner after buying a home at the courthouse steps. Hope that helps.

Welcome to the BP community! The amount of sharing and camaraderie here is absolutely amazing. Listen to the podcasts, buy the books, read the forums and be a sponge. Your life will never be the same.

@Nathan Paisley that's not bad at all and congrats on the new baby. Happy to hear the home is all wrapped up and please keep us posted with how the sale goes. 

@Nathan Paisley nice work! How long did the rehab take? It came out looking beautiful. I'm sure it will sell fast. 

Congrats on finding a deal! Here's been my experience with townhomes (and condos for that matter): 

A big portion of the townhome buyers are often first time buyers who will be getting an FHA loan. FHA has certain guidelines in attached homes (condos/townhomes) that they don't have in SFR. Some communities don't qualify for FHA loans to be used. I would recommend talking to a lender you know to look to see if that community is FHA approved. If it's not, you might be missing out on a a large pool of your potential buyers once the flip is done and the home is on the market.

FHA has an allowable cap on the % of units that are in default in a community. If too many are in default, the condo won't be FHA approved. There are other criteria too that's considered for the complex to be FHA approved.

There's a website that you can use to check yourself, I just don't have it handy (I'm on my phone). If someone else doesn't post it, I'll see if I can find it for you. However, if you know a lender, they'll have it handy for sure and might be able to give you more info. 

Hope that helps and I hope it turns out to be a great flip for you.