All Forum Posts by: Parker Detweiler

@Lenny Wilbourn

I have typed a long response twice and it logged me out both times for some reason. In short I personally would toss him without an eviction and tell him to either kick rocks or sue me. With the history of police coming to get this guy and the current situation I will take my chances in court with my team of attorneys before I will risk being sued by families for wrongful death. If it was my building I would change the locks board the windows throw up a fake condemnation notice and call it a day. Screw tenants rights in this situation.

@Oren Sharony

The first mortgage was not named, two Jr lien holders were named but the 1st Mortgage is held by US Bank.

@Oren Sharony

Just rent it out as long as you can and if you feel like spending the money have an attorney fight the foreclosure for a couple years. If the property is occupied by tenants go tell them they must pay you the rent now and if it is the old owners either work a deal for them to pay rent or evict them and rent it to someone else. 

@Lenny Wilbourn 

Might as well just file for an injunction, wouldn't have to go in front of a judge. 

While you are at it just buy his direct neighbors some pepper spray and tazers as "good tenant gifts". He will stop all the BS real quick if you leave it in the neighbors hands

Of course simultaneously file for eviction and be very cautious with how you approach the neighboring tenants if they are late with rent in the future.

Lancaster County as a whole is at an extremely high point right now. It is also one of the most competitive markets in the country currently. I know this sounds ridiculous and I laugh every time I think about it as a reality. The rental rates are also not sustainable at their current rates, so don't go into a deal expecting those rates to be standard. With regards to the 2% rule so many speak of one here, thats extremely unrealistic in anything other than "cheap" (slumlord) housing. If you want to make money on the front end and back end it is much more complex than a simple percentage and differs property to property.

If you are still feeling an urge to buy something for investment purposes, follow the Amish. I know that sounds ridiculous but a bunch of the Amish have been buying up some of the worst streets and trying to turn them around as an investment strategy. What is even funnier is that I didn't know Amish were even allowed to own property that they rented to "outsiders". 

@Oren Sharony @Wayne Brooks

I couldn't have been any more clear, I even gave you the exact specifics on the exact HOA foreclosure you purchased. The home has WELL over $500,000.00 in outstanding debt that would have to be satisfied in order to gain clear title.

PLEASE EVERYONE take this as a lesson, LEAVE HOA LET ALONE ALL FORECLOSURE AUCTION PURCHASES TO THE PROFESSIONALS.

If he is trying to blow himself up (you mentioned the gas) I would consider pressing charges for attempted arson. Just an off the wall idea, assuming he has nothing and can't bond out you could easily change the locks until the eviction is finalized while he sits in jail.

At 15 units you should be hiring a service guy to manage/maintain at 25 you should either employ another or switch to PM. At 100+ you should own PM.

End result will more than likely be a sale at auction normally in those type of situations, stupidity has no bounds and at the end of the day they probably wouldn't have any equity after commissions and closing costs.

What about 2nd mortgage, credit line and/or cross collateralization? This doesn't seem to make sense and unless there are other underlying circumstances i.e. a divorce than something else has to be involved. In the event of a divorce good luck getting them both to sign.