All Forum Posts by: Julius G.

HSBC

I have located a vacant property in my area that will be a good buy so I did my research and found it was taken by the bank. I got the property report and the last bank that owned the mortgage was HSBC Mortgage Services. HSBC has closed shop in the US. Any pointers on how I can locate the current owner of this property?

You should get a lawyer. Here in GA it’s only 3x the deposit if not returned in 30days. I have a current case involving this.

Thanks for these responses. Very helpful.

Thanks for the reply Martel. I appreciate that.

I am looking at an off market Atlanta property that is scheduled for a tax sale. My research shows that the owner is deceased. Any strategies on how to acquire the property before the tax sale? I’ve thought about the probate court or contacting the mortgage company. Have you ever been in this situation and how did you handle it?

Is this for individual or commercial? Another tip a lender gave me is that your net worth or assets have to to be close to the line of credit you are seeking or have a partner or cosigner whose is. 

Some talk about the 2% Rule but I'm OK with the 1% Rule. It seems your rents will meet the 1% Rule in this case which is great. I would do the deal if I get satisfactory answers to the questions you asked.

You may also want to know why the current owner is selling in such a renters market and get to meet and talk eventually with the current tenants to get a feel of what type of tenants they might turn out for you.

From what you described, I think you should buy in Atlanta, live in the property, gain experience with your property and add Charleston after you have gotten your feet wet. Apply the BRRRR strategy discussed here and refinance and take some money out for more properties in Atlanta or Charleston. And while you are at it try to find a good property manager in Atlanta to manage if you have to leave Atlanta. A good property manager in Charleston can help manage properties there for you as well.

Rental rules are different in some parts of the world like Africa. Some landlords take as much as the whole years rent as security otherwise known as the Advance before renting out to a tenant to prevent issues as this. This is convenient for the landlords and your parents should consider something like that in the future.

It seems to me your parents are hesitant because of either the relationship they have with these tenants or they feel the situation may not be as dire as you see it. Either way it will be hard to convince your parents. Get them to understand the importance of setting a deadline for payment. If there are any rental laws in SA that they can refer to that will help. And as the last resort they can always take it to court or involve the police.