All Forum Posts by: Ivan Vargas

As @Wayne Brooks said lots of competition. Especially in Boca. There's the newer inexperienced investors, the factory flippers with endless cash who buy 2-3 homes a day and are satisfied with much smaller profits and the owner occupants looking for a deal on a fixer upper, all of which IMO are overpaying and driving prices up.

For 200k you're mostly looking at condos and townhouses unless you go out into the hood, but there's plenty of areas to look within much less than an hour drive from Boca.

The GC has the license and the PM does not... The project manager is the one that gets the job done while the GC "supervises" multiple projects/project managers and collects the checks.

That still sounds like a steal to me. Even if the bid reaches 10k, add the 100k you're in it for $110k plus rehab cost for a $200k ARV.

If you buy at the junior lien auction the superior lien(s) are not affected. Also any lien junior to that lien that was foreclosed, if it was not named a defendant in that foreclosure case, it survived the sale! Big risk but you already did a lien search so you should know about all liens. Taxes, utilities, construction or city liens etc... 

The lender that holds the first mortgage will not discuss the loan with you. In fact it might already be in foreclosure. If not, as soon as they find out title passed they will call the loan due and file the foreclosure. They are however, obligated to provide a payoff statement to a successor in interest, whoever holds title. No curing the default or negotiating the balance, just a payoff.

Keep in mind you're the 17th person to try. Their phone is ringing they get letters in the mail while some are more aggressive and show up at their door. They know their in foreclosure and they know you know it too. Sometimes its the way you talk to them or maybe how you look but most times its the guy in the Benz with the big stack of cash thats gonna win.

I remember back in 2003-04 I was calling everyone with a lis pendens. One house stood out because it was around the corner from my office. I tried over and over again until the guy just hung up on me. Few weeks later I see a beautiful Benz parked in front of the house with a big "for sale open house" sign on it so I go in and talk to the guy and ask him how he did it and his answer was: "Easy, I showed up with a bag of cash in my hand." Next day I bought a Benz.

Yes absolutely... They hold a valid lien and can certainly file a claim on the surplus. It just needs to be brought to their attention. Just keep in mind filing a claim might be more costly for them than pursuing a tax deed sale, so maybe if you offer to pay their legal fees to file the claim they might be ok with it. 

Yea that is normal on FHA foreclosed properties. They won't look at offers from investors for 21 days but they usually won't accept offers from buyers until they see highest and best (cash) offers from investors either.

Also contact my friend @Jean Taveras if you need an investor friendly realtor/broker.

Hey @Mason Liu I'm in Palm Beach County welcome to the neighborhood. I've been fix n flipping for 15 years so I know how to rehab fast and cheap. I just recently partnered with a contractor who's been licensed since 1986 to offer affordable rehab services to local investors like myself. Give me a shout when you find a deal that needs work, chances are I can beat any contractors price and time. I can also show you around any project(s) I'm working on at the time. Link in bio.

45.032 Florida Statutes says the surplus funds belong to the owner of record at the time the lis pendens was filed if there are no other lienholders who timely filed a claim (within 60 days after the sale). A tax lien is not subordinate and the lien survives the sale so they have no need to file a claim. 

You have no right to the funds whatsoever, but I have seen more than once third party bidders successfully claim surplus funds, so it won't hurt to try. Just know that if the owner is out there they could certainly use and probably need that money when you should have accounted for it when you were bidding. There should be a hearing and the judge will decide. 

@Cassie Montalvo I saw your post minutes ago and almost posted this same reply until I saw it was from 5 months ago. The heirs can still claim it I believe they have a year or 2 before the state takes it. A trustee gets appointed to find the owners and help them claim it for a 12% commission. There's also tons of private investigators out there who aggressively search for these to take advantage of the uneducated or elderly homeowner.

Closed today. My title is perfectly fine as per ORT. Previous owner's bank is paid off and I'm left with a cash flowing property with over $120k in equity. Success!

Title Trust Services in West Palm Beach. I was in and out in about 15 minutes. Warren Kirschbaum (aka Mr. Title) is a great RE attorney.