All Forum Posts by: Stephen Mozingo

Do I have to pay the Overbid in Alabama?

It's a 3bd 2ba approx 1300sqft with a full basement. On a double lot. Had just been remodeled until bad renters vandalized parts. Fairly new roof.

We're quit claiming it to our LLC and looking for a private money loan for both the repairs and the tax lien. This will be a long term rental at approx $1200mo with property management company handling the operations.

I own a house in B'ham that's paid off and the latest appraisal came in at 95k. It needs about 20k+ in renovation and there is 20k owed from a tax lien. Contact me for more details.

Yeah, it's officially listed.

Seller has mobile home park w/ 21 mobile home, 7 A-frame apartments and 2 other small apartments for 1.5m. He has 1.3 as debt/mortgage.  Before the call I was expecting to simply ask about seller finance but he mentioned the mortgage of 1.3 and the seller simply wanted to cash out. Not expecting this I asked if he would consider subject to the 1.3 and 200 cash. He says it would definitely be a consideration and he would send over the property details.

I don't have 200k cash.... which actually looks like the sellers agent commission plus attorneys fees for drawing it up and closing so maybe 275k.

Yall go easy on me, this would be my very first deal. So, with this limited info will you give me some ideas?

Ok thanks I appreciate the info.

Trying to keep it short, I have 90k in restricted escrow from a total loss payout. I need the funds from this property (my primary) in order to move out of state. I'm now upside-down in this property. With no credit or cash would a hard money lender be the way to go to build on to the guest house and sell?