All Forum Posts by: Lynn DeShazo

@Zac Chism,  lots of investors around B'ham - here's a local club. Plan to come sometime:

http://www.aiaclub.com

@Cory Ballentyne, 

I wouldn't buy anything I've haven't laid eyes on, and I don't mean just looking at pictures online. Photos can be deceiving.

@Chris Mason, yes I considered the federal regulations aspect. "Guidelines" vs. law?  You're probably right.  Thank you.

@Greg H.. , so if the property remains unsold for 120 days, then HUD might entertain a lesser offer. We'll see! Thanks for the input.

HUD Guidelines 24 CRF 206.125 applies to the sale of Reverse Mortgage Foreclosures. The stipulations state that "Property cannot be sold below appraised value (LIST PRICE)." Can anyone familiar with this HUD product advise me as to whether it would be worth submitting a below list price offer anyway, or will HUD stick to their guns?

Thanks for any knowledgeable replies!

The Happy Clause - I have learned something valuable!

You should contact @Denise Evans. She's a tax lien expert for our state of Alabama, and is often in the forums on BP. She can tell you if your perceptions are right or not. Good luck!

Adam, what kind of rent can you get in Walker County for what your proposing? I would think that answer would go a long way toward helping you decide on a MH park rental business. Since it's a rural location, how easily do you think you can fill it with tenants in your location? "If you build it, will they come" - or not?

Lance,

 You might consider just intensely working to pay off your $30K student loan debt in 2-3 years, since your a SINK person, and then throw that same intensity into saving up a down payment for a property purchase/rehab in a place you may actually want to live in for a few years. Then you'd only have the property costs/mortgage to pay, not a student loan on top of it. Nothing wrong with renting in the short-term while you're knocking out student loan debt. Besides, you might want to get married at some point, and you DO NOT want to drag a $30K debt into a new marriage if you can avoid it. Just my 2 cents worth.

You might also try Fairway Mortgage. Their office is in Brook Highlands. We've done a couple of cash-out refinances with them.