All Forum Posts by: Account Closed

With every week a new house sells and set a record in its respective area, with this trend having gone on for months the big question on everyone's mind right now is, is there going to be a big correction in the market soon. I believe any correction of sorts will not happen for a while, but feel free to point out something I'm not seeing.

 The Fed will continue to hold interests rates at the current level till at least 2023, (https://www.cnbc.com/2021/06/1...) meaning money is going to continue to be cheap, for flippers and landlords alike.

On top of cheap money, there is no big influx of inventory coming to market anytime soon. Yes, I've heard people talk about the tax auctions coming back which would in theory bring a large amount of cheap inventory to the market. My response to that is, if people are currently paying on average 82% of ARV on the MLS, once this cheap inventory becomes available why would it not get bid up crazy amounts to the levels people are used to paying right now.

Would love to hear what people think!!

Thanks Mike. Sounds like if someone were to buy this at auction - once the auction buyer has been issued the Sheriff's Deed, that Sheriff's deed basically overrides the quit claim deed that the homeowner executed... and transfers full ownership to the auction buyer (albeit there may or may not be other liens attached to the property). Do I have it correct?

Hello,

I am currently living in Norfolk, Va and house hacking a place I purchased in November of last year. I am looking to buy a rental property in the area for roughly 100-120k but I do not have the 20% down that most banks require. What are some ways that I can still get the money needed for a property without having to fork out 10-12k? 

I'm looking at a property due for auction sale in IL. A few weeks after the Lis Pendens was filed by the lender, the homeowner executed a quit claim deed to transfer ownership of the property to another person resident at the same address. For example... (and these are not the actual people's names or address)

Jeffrey Smith, an unmarried man, resident at 1234 Penny Lane, hereby quitclaims to Lucy Kelly a divorced woman resident at 1234 Penny Lane.

Jeffrey Smith is the borrower from the lender who is foreclosing. Lucy Kelly is not connected to the lender, i.e. she isn't on the mortgage loan that's being foreclosed on.

Does the state recognize this as a legitimate transfer of ownership from Jeffrey to Lucy?

If that were the case, then it seems if someone were to bid on this property at auction they'd be paying off Jeffrey's balance due to the mortgage lender, but not obtaining ownership of the property from Lucy, as ownership has been transferred to Lucy now. I must be missing something here.

What happens in these situations... where a borrower quitclaims to a friend or family member without first satisfying all loans attached to the property that's being foreclosed on?

Does anybody know how to pull a code violations list from a 3rd party? I've already sent out a email to the City municipal court with the freedom of information act. But I've heard of other websites to pull lists? Anybody can help I'd appreciate it👍🏻👍🏻

@Account Closed Thanks for the advise that's a good idea. How often do you have to deal with damages from college students in your experience? I've been trying to estimate what I will need for repair savings and I currently have 10% as a baseline but I'm not sure if that's too low. Thanks again for the help!

Hello, long time reader, first time poster.

Spouse and I are looking to purchase a cabin with my parents. Planning to share expenses, mortgage, etc. until parents pass away, at that time they want this to be our "inheritance". Not planning to rent it out right away, but possibly in the future. I have a few questions below relating to the process/structure, greatly appreciate this groups input.

1. Should we take out a joint mortgage? (i.e. all 4 listed on mortgage)

2. Should the title be in all 4 of our names?

3. Should we create an LLC? If so, before or after the purchase?

I've read many posts similar to this (especially the LLC/Trust/none debate), not sure how my situation falls given the dynamics outlined.

Thank you in advance for your advice/perspective.

 Thats Anne Arundel and Calvert County...I have no idea there. DC, Prince Georges, Montgomery, Fairfax County I know all have limits on short term rentals.

No where.

Each jurisdiction in the DC area limits how many days per year you can do a short term rental.