All Forum Posts by: Greg H.
Greg H. has started 51 posts and replied 4177 times.
Post: Possible to close on a property with active eviction?
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
Quote from @Matthew Lindsey:
Hi,
I know this is not ideal at all but if the sellers of a property with a tenant in place has filed an eviction on the tenant within a couple days of closing on a property does the eviction stay in place, or is it null and void once the closing takes place? Eviction for non payment of rent.
I’m supposed to close on a property this week and the sellers just decided to file an eviction on the tenant. The tenant had already been given the 60 day notice to vacate then the sellers just decided to file the eviction on Friday. I know the ideal thing is to acquire the property vacant but that wasn’t an option here if I wanted to buy the property. I’m just trying to see if eviction stays in place and is still legal after closing if I amended the contract to state the sellers must follow through with it. Also I haven’t had to evict anyone yet but do the owners have the option to not accept rent payment from the tenant since they are late in order to have them removed, or do they have to accept rent and keep tenant in for 60 days?
Thanks,
Matt
Post: Florida insurance rates are going up a lot. would switching brokers help?
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
I am in Florida in Jensen Beach and was able to lower my insurance to less than $2000yr for $500,000 in coverage. It helps that I have a 2022 construction with Hurricane windows, doors and double tied rafters. Definitely do some checking with some insurance brokers
Post: Sell? Ride it out? What to do…
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
Quote from @Katie Lyon:
The backstory - we have an investment property in Cape Coral Florida. Right outside of ft Meyers. We have had it for one year and it renting right at about 1%. Hurricane Ian was not good to us and cost us about $10k out of pocket.
Renter demand is lower down there right now. We can sell, and have it cost us about $30k total (value went up but fees, insurance, commissions, etc kill me). They are predicting more large storms this summer. My gut says swallow the loss and sell. The Florida market is wild particularly with politics right now. I could furnish it and STR but insurance is wild for that and we have no other properties close so if it doesn't work out we have all the furniture and nothing nearby.
Everyone including myself is moving to Florida. The politics you refer to with have a zero or net positive effect to the state. As far as a “big storms” prediction, it is literally impossible to predict a storms path or size.
If you want to sell, definitely do so. However, Florida prices as well as demand are not softening appreciably anytime soon.
Post: “IT DEPENDS” - the real answer to most questions in Real Estate
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
Success in this business hedges on one’s ability to solve problems. Every and I mean every deal is different.
Post: UNDER CONTRACT: 2nd home loan- tenant occupied
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
The biggest issue I see is that you will not take possession until April 2024. At this point, this would be a rental property and not a 2nd home which does not meet the guidelines for 2nd home financing. I would address this with your lender asap
Post: Attorney Never Filed Closing Documents
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
Quote from @Jay Hinrichs:
Quote from @Greg H.:
Documents such as the Deed and Deed of Trust/Mortgage are recorded documents. Have you checked with the county to see if they were recorded?
I wonder if this was a contract for deed . so no recorded deed .. but so maybe the finance agreement is all there is ? if they want sell the note there must be a deed of trust or mortgage and note to sell..
Post: Attorney Never Filed Closing Documents
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
Documents such as the Deed and Deed of Trust/Mortgage are recorded documents. Have you checked with the county to see if they were recorded?
Post: Seller refuses to sign escrow agreement
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
I believe Hubzu uses Altisource to close deals in most states. Keep in mind most of the asset managers deal with many many different states and are not familiar with how closings are customarily done in your area. They are not going to change how they do business. I have no problem using their title company as insurance is only underwritten by a handful of companies across the US anyway
Post: Disclosures when agent represents both parties
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
I believe Hubzu uses Altisource to close deals in most states. Keep in mind most of the asset managers deal with many many different states and are not familiar with how closings are customarily done in your area. They are not going to change how they do business. I have no problem using their title company as insurance is only underwritten by a handful of companies across the US anyway
Post: FlipSystem by Antoine Martel
- Broker/Flipper
- Austin, TX
- Posts 4,356
- Votes 4,255
Quote from @Andrew Frishman:
I am confident the "Flip system Method" is most likely good. My concern is in regard to one's ability to offload properties for profit in today's high interest volatile markets.
Any feedback from students much appreciated.
Below is a link to rehabbed properties for sale.
martelturnkey.com
Typical “Guru” marketing. List their available inventory and the first one I look up sold in 2022.