All Forum Posts by: Lauren B.

@Joseph Rodriguez I’ve done this a few times and had to evict once. Always hold back at least 10-20% in escrow with a per day penalty.

i just replumbed my 2/1 LTR. Poly to pex.

@Jason A.

I agree wholeheartedly on the pics and hashtags. First pic is important. It’s awful. My thoughts exactly on all the hashtags. What is going on with that?

We don’t need a pic of the roof. It looks old and Reminds me to budget for its replacement.

This year especially I’m noticing a lot of properties for sale that have reverse mortgages that are seemingly underwater.

It’s not just N.C. - I’m from Pa and have noticed a few there too.

Here’s what I think I know. If you’re a mortgage professional please educate me.

I understand reverse mortgages are originated by private mortgage companies and backed by HUD. The homeowner can take a lump sum or draws. If the loan is 95% fulfilled It can be assigned to HUD.

I have read things like reverse mortgages allow homeowners to access 50-66% of their equity , yet the recorded amount is 150% of that. WHY?

And how can reverse mortgages end up underwater?

I read an article saying the amount recorded is 150% of the loan amount to account for “growth features”. What does this mean?

Here’s the article I’m referencing ;

https://reverse.mortgage/reverse-mortgage-notes-trust-deeds

Thanks.

@Jeremy Holcomb

Clayton is doing this in my area already and has been for a while. They buy lots for about $30k and drop their own repo’ed slightly used Doublewides on them and get about $150-170k after the fact.

@Sophie Maisel can you add more pics or address? Depending where in auction this house is located I could see having added value from an MCM style. I would th I kremoving a roof and going back to flat roof would be quite costly but maybe you have room in the budget for it?

I didn’t think the story was appalling. It could have been worse. The twitter responses / comments were worse (in terms of polarity).

I didn’t think there was anything false in the story and my feelings were not hurt that they didn’t represent the landlords’ side. It’s a business. In N.C., courts are landlord friendly. It’s why I buy rentals here. Facts. All facts.

I’m pretty liberal politically but we all have to play by the rules or it does not work. I don’t pay my mortgage, I get foreclosed on. You don’t pay rent, you get evicted. Pretty black and white to me.

It’s business. I am happy to point people in the direction of assistance programs if they have a crisis but I will also send the notice to quit on day 5.

Hey! Sorry I Have no suggestions on management. Just wanted to say “Nice buy.”  

@Steve Maginnis

skip the owner and title and affix it to the land. You could also file for an abandoned vehicle title if you want a title; the difference is , if it’s titled through DMV it’s personal property. If affixed to real land it’s real estate and taxed as such.

If it has additions, just make it real estate. it will be more valuable attached to the land. It’s worth $0 as personal property. Listen to your attorney.

@Zachary R. Try a magic eraser on the paint first. Then if it takes the paint up use quick shine (at lowes or HD ). Quick shine saved us from refinishing hardwood in a flip.