All Forum Posts by: Mario Mormile

@Federico Gutierrez I have had numerous conversations and haven't gotten a straight answer yet. If you have a resource I'm more than happy to contact them. Thanks

@Joseph M., there are definitely deals at the auction. However, many fix and flip investors have been willing to bid pretty high to get these homes. I am focusing on whole tail deals; buy, do a thorough clean out/ trash out, fix anything that may be a safety concern (broken window, door, etc.), share the deal with wholesalers for 10 days, if no sale then list it on MLS. I am not looking to do the full 30-50K at this point. I have become a regular and am learning the ropes from other successful investors that have been going for years.

thanks @Jesse Blaine. We are still shopping on doing a refi.

Greetings fellow investors,

I am looking for some information on this. 

Is anyone familiar with the laws in regards to condos being foreclosed on by their HOA? This is in Ohio. From what I have come across so far...

Florida will hold you to settling up on any past due payments. 

California will not. 

Is there a resource that lists each state and what it will hold you accountable to pay?

Any advice would be very much appreciated. 

just wanted to share:

 I HAVE ditched E-Rent Payment.com and have gone with Cozy to collect our rent checks now

Hi BP community-

When a condo is foreclosed on by the HOA and then goes to sheriff sale, are those fees wiped clean after the sale? This would pertain to Cleveland, Ohio (Cuyahoga County) in particular. From what I am reading every state has different laws about this. Thanks!

Thanks @Tom Gimer and @Scott Weaner for input on E-Rent Payment. We were unaffected- however after reviewing things I am going to drop ERentPayment.com and go with Cozy. I really appreciate the heads up. 

@Chris Davis congrats on the acquisitions. I strongly encourage you to look into working with private money lenders. Until I really started making it part of my business model, to reach out to and connect with people who have funds available to lend, I was getting discouraged. Last week I secured two new private money lenders over coffee. Merry Christmas!

@Elizabeth Garcia, it adds an extra (unnecessary) step to the process. We use E-Rent Payment and it has worked out great. The monthly rent is automatically withdrawn from the tenant's checking account and I receive that rent check within 2 days in my checking account. Number of minutes I spend each month collecting rent? Zero! I am always looking for ways to systematize and scale our business. Anything that can be done automatically every month is something I put in my arsenal. 

Merry Christmas!

Thanks @Daniel F. Harb. What other markets are you looking into?