All Forum Posts by: Erin Legler

@Wayne Brooks  Good to know.  I know the tenants have rights, but wasn't sure on the details.  Is it still 90 days tenant notification for the new owner?

Hello everyone,

Hoping some fellow investors in Orlando can give me some advice. I just finished one rehab that just went on the market. I have a lot of cash tied up in that property and was going to wait till that sells before I re-invest, but a great property has come to my attention. The best deal for hard money so far is a loan up to 65% ARV, at 12.99% APR with 2.75 points. Does anyone know of any private money lenders or hard money that can beat those terms? The property is thru a wholesaler so it has to be cash or hard money.

Thanks!

Just wanted to give everyone an update. Found out the deal why people are buying the HOA liens. Too risky of an investment for me, but some investors are making money. So the deal is they buy the HOA lien and get the access to the property. Now they are in a race to rent out the property before the bank forecloses. Down here in Florida that can take some time. So let's say an investor picks up a HOA lien for 5K. Then they rent it out at 1K a month. Takes them 5 months to recoup investment and the rest is profit. Also here the tenants have lease rights, which would extend the foreclosure process.

@David Sicherman Thank you for your input!  With your company doing all those searches, do you provide an all inclusive title report document for that days upcoming auction for a fee?  

@Wayne Brooks Thanks for the info!  Yes I'm a newbie at foreclosures and tax deed sales.  My brain is like a sponge tho and is excited to learning as much as I can.  My recent rehab I purchased the traditional way as a bank owned property thru a realtor.  I will look into RE attorneys.  Hows West Palm Beach treating you?  I have friends in that area that have been urging me to move there.  

@Jon Holdman Awesome info thanks!  I will be staying away from those properties!

@Jon Holdman and @David Mitchell Thank you for the info! So unlike tax deed sales where they provide you with the title report. With foreclosure sales having the HOA being the one who forces the sale, the county does not have to provide the title report? That is something you have to research yourself? Could you purchase the property, wait the 4 years (time in florida, not sure about time period for other states) and then apply for a clear title?

Hello community,

My rehab is almost complete and my goal is to price it under market value to it sells quickly so I can re-invest.  I've been researching different methods for my next property, short sales, reos, tax deeds etc.  

There was a foreclosure auction that went for 10K. The auction was brought on my the HOA for past dues of 4K. So total investment of around 15K. The comps in the area are at about 125K. So my question is "What am I missing?" Most of the other auctions went for assessed value or over.

Did the 3rd party bidder just get lucky or are there some other factors that I'm missing?

Anyone have any info it would be greatly appreciated as my rehab will be done in a week.

@Doug Smith, thank you for the info!  With your experience, is 2K the typical cost for title clearing the title?  I've mostly done flipping with REO properties and have no experience with tax deed sales.  I will be attending my first auction on July 24th and wanted to get all expenses estimated.

I've just been researching them all on which would make sense given the numbers. All of them have liens being a mortgage etc. The ones with no liens or mortgage, I highly doubt will make it to auction. If they do I'll be there with a bunch of other investors. I know there are a couple ways:

Hire an attorney, costly and timely and in end may not be able to clear it

Wait four years, not the investment I'm looking for

I've heard there are shorter methods, that's what I'm looking for advice in if anyone has any experience with that.