All Forum Posts by: Gina Shields

Update: This was an auction house that we bid up to $70k on....it went for $91k...too close to value for us! Thanks for all the good input!!! Always learning!  :-)

Gina

Thanks everyone! I have an AC referral from another member in this area and I'm going to have him check it out. I didn't think about the split system and that may work in this house, not a lot of sq ft.

Gina

Thanks Jeff. I was thinking of contacting you about this one for your input! This house is barely 1000 sq ft and doesn't need much else, paint and floors, so thought it would be a good one. Appreciate the referral of good people to work with!

Gina

Hi Everyone! We're looking at a small house that looks like it may be a good 1st flip but it has no A/C system at all. This is in St Pete, FL. Any estimates on anything like this that anyone has done before as it will need a complete system AND ductwork? So far, this house has small margin of wiggle room so don't want to be truly surprised.

Thanks!

Gina

@K. Marie Poe

Of the older couple involved in the foreclosure, the husband died in 2012 and the wife is in a nursing home, had to be taken out of the house. I do not know where she is. Her daughter supposedly is her guardian but there are neighbors who have told me that she was stealing from them anyways so I'm not sure contacting her would be a good thing. When you say "reinstatement amount", I'm not sure what that is. Is that the amount that is past due on the note? I did get a copy of a statement from BB&T dated 2/1/14 showing a total payment amount due of $35,137.17 . But if I were to pay that, I'm still on the hook for the whole mortgage of $91K right? I'm confused. I really don't want to lose my $12k, can't afford it and I'm willing to look at any options to work this out. Thank you for your input!

Yes, what I meant was that I missed catching the whole mortgage outstanding when I did my (obviously sub-par) research. I appreciate everyone's thoughts and suggestions but I think I've exhausted all my options. The bank will not even talk with me since I am not the original owner that are the ones getting foreclosed on. The house is vacant so there is no tenant concerns. I bought this house for my elder parents so I could bring them down to Pinellas from Citrus County so I can take care of them. I did read the other thread that was mentioned and I had no intent to rent it out until it foreclosed. I am very new at this but persistent. I continue to learn so much from everyone on here! Thanks!

Gina

I have a similar situation in Pinellas County, FL. I bought the HOA foreclosure but missed the mortgage that is due. BB&T are about to foreclose on the property (been in process for over 2 years) and it does not make sense to pay off the $91k mortgage, on a house valued at barely $100k (I paid $12,200 for the HOA). My question - once the bank forecloses on the property, don't they then put it back up for auction to try and recoup some of their money? And, if so, can I bid on it at that time and try to outbid the bank? Unless they stick to wanting the whole $91k I'm thinking if they'll let it go for a 1/3 of that, that woul dbe worth it. Any thoughts or stories from experience are most welcome. I'ma newbie and I've gotten myself into this spot and am hoping to not lose my cash. Thanks!

Gina

Thanks for all the great insight. I am going to start looking in my area and see what I can find. Very new to this and already got burned on my first foreclosure purchase (still trying to work that out) so maybe MH's are a better way to go for me. I now know to do ALL of my homework on liens and mortgages..lol!

Gina

Bill & Paul, thanks so much for sharing your insights and experience. The snowbird issue is real down here but I did not think about the vacancy side of it, good point. I was thinking that many seniors that live here full time are struggling and if you offer a decent, affordable place to live, you may find loyal renters. I think I'll try 1 and see what happens.

So many good, knowledegable people on here, this is great, thanks!!!

Gina

Hi All,

    I bet I know the general concensus on this question but since I am in the mobile home capital, Florida, I'm wondering if there is any reason to, or not to, purchase mobile homes for rentals? I know most are in parks with crazy high lot rents and others are 55+ but there are some that are reasonable and in very nice parks. Has anyone tried this before and what are the pitfalls I'm not thinking of (besides them getting blown away in a hurricane!)? I know you don't own the land they are sitting on (hence the lot rent) but I'm still thinking it may be a good source of senior housing. Any input is welcomed!!

    Thanks!!

Gina