All Forum Posts by: Joehn B.

Not my property, asking for a friend.

a house is rented to a female (only person who signed the leased), and an adult boyfriend lives there as a named occupant on the lease.

boyfriend shows up at night, shoots up the place, pistol wips tenant and kicks down the garage door.  I estimate the damage at over 3k.

the woman has requested to end the leased, which under texas law is covered as a victim of domestic violence, and that all good.

The question is, is the damage recoverable from her deposit?  or is she not liable somehow by DV laws in Texas?  she is asking for her full deposit back.. 

Thanks Bruce, one of these days we should have lunch :) I'm in Coppell too. 

I just found the perfect adverse possession home, dead owner, no heirs, no bank but was too late and owed way to much in taxes and interest to bring current without a title. 

I'll keep on searching for my fun deals.

Hi,

I have rehab cash+, and tons of equity, and want to buy a known un-redeemable property at Tax deed sale for a flip. 

Is there a lender that will loan just the purchase price, collateralized on one of my properties (2nd position, well under 70% LTV) so I can bid on it?

It would be about a 12 month hold.  170-180k

I am assuming nobody does this, but thought I'd put it out there. Also looking to JV with other local investors, but again need the funds on hand at the auction.

Suggestions?  Thanks!

Fix & flip or Foreclosure auctions to cash up? Also, don't forget your 401k's can go SOLO, self directed and buy properties themselves.. look at the stock market lately? yeah get out of that when it recovers and self directed IRA conversion to buy more houses :)

Good luck!

Yes, computer and data sifting skills do come in handy :) 

I'm a database guy myself.

Quote from @Mike Dymski:

The cost of the repair plus a margin (maybe $30k) to compensate you for the added work and risk.

The problem with this, is you don't know the extent of the damage concealed behind the walls.  you might have to basically take the entire interior down to the studs, perform mold remediation, reinsulate, new drywall, new wiring etc.  30k might not cover it.

If I buy a small business that includes real estate, it is possible to assume the existing loan (at a lower rate), and finance the additional amount up to asking on a second position mortgage? I am talking about SBA loans.  ?

For example, say the owner took out a 1 Million loan for his building 5 years ago, now is selling it at 2M.  Can I assume his note, for 1M and just borrow 1M from SBA in second position?

Thanks

Let us know how it goes!

Hi, wanted to better understand the risks of buying a HOA foreclosure in TEXAS. The property I am looking at has equity and only a purchase money loan (1st mortgage).

I understand the basics, Wining the bid, gets me the deed subject to the existing loan.  Owner has 180 days to redeem and my purchase price would be paid back if he does so.

I see two key risks I am worried about:

1) Owner stops paying the mortgage and bank initiates foreclosure. I would have no way to stop the Bank foreclosure during the HOA redemption period and could get wiped out. Would a bank delay foreclosure during the redemption window?

I understand a bank won't likely start a foreclosure until payments are over 180 days late, but what if the owner is already 180 days late and foreclosure notice is about to be posted?

2) Bank notices sale and invokes DOS, giving previous owner 30 days to PIF. Again a scenario where I get wiped out unless I explain to them the owner still has a redemption interest and to delay DOS for 6 months?

The only way I see mitigating these risks is getting the previous owner to waive redemption for $$, not a guarantee ahead of the auction.

I did find a case here on BP where the HOA buyer got wiped out a month into the redemption period by the bank foreclosure! Auch

How would one mitigate these risks?  

Great news!