All Forum Posts by: Vincent Falcone

Steve great info in those posts thanks a bunch

how much were your lawer fees if you dont mind me asking

i know it is an old post, did you end up getting the properties?

Ok I will propose a scenario,
I watched the auction today and this property stood out as a good deal to me. Keep in mind I have no idea the actual condition of the property.

let’s assume it needs 10k in repairs.

Address: 5407 Rundle Rd. Orlando, FL 32810

Final judgment for the plaintiff $274058.05

Property appraiser assessed value $92240

It sold for $61300 at auction

Actual value Zillow.com 105k realtor.com 122K

Link to property appraiser site page http://www.ocpafl.org/searches/ParcelSearch.aspx?pid=292129878202170

Clerk of court page for foreclosure judgement http://or.occompt.com/recorder/eagleweb/viewDoc.jsp?node=DOC1106S10141

I did a Comptroller search for the lein holder and it came up with a ton of stuff including a death certificate

guess the poor guy died… RIP

Name Serrano Antonio

Comptroller search page http://or.occompt.com/recorder/eagleweb/docSearch.jsp

Couple of questions…
1. Is this a good buy? 61300 + repairs 10K = 71300 sell it for 110k = profit 36900 or hold and mortgage for 1200/mo rent

2. Is the foreclosure of the senior lien? How do you know?

3. Are there any other liens that can bite me in the BUTT on this property? how do you know?

Steve,
how much do title searches cost?
down here in Orlando there are literally 50-100 properties at each auction many of the properties only show the judgement amount do not show their Plaintiff opening bid. do i have to title search all of them or do you have a trick to quickly weed out the non profitable properties.

This is way more complicated and risky than when i worked at the car dealership... LOL... the auto auction had to disclose title "branding" and mileage at the sale and they were not able to sell a car with other outstanding liens or a dirty title.

Scott,
thanks for the advice, i have experience in construction and my father is a maintenance man i am usually pretty good at guesstimating. if it is above my head i will ask my dad to help.

do you have any experiences buying from wholesalers/

Steve, I am a Noob so go easy on me... i am not looking to buy HOA's i simply found useful info on this site when i was researching them. and from what i learned i think i will stay away from them.

you do bring up a valid point, how do i know if i am bidding on the senior lien? is it disclosed somewhere on the auction? i have been to a live auction and i do not remember them saying if it was the senior lien or not? i also know there can be IRS liens that do not go away after foreclosure how can i tell if a property has one of them on it?

Nate, Thank you so much for the info. i have another quick question.
would i be better off going through a wholesale dealer and getting a property that needs minor repairs... paint water heater, carpet etc..

I stumbled on this forum after I googled HOA Foreclosure sales. I found a lot of interesting info and some good advice. Most everyone seemed to know what they are talking about.
I live in Orlando FL and I currently have a career in computer repair/IT and I want to change to real estate/ property management. My friend and I recently purchased a listed short sale as an investment and it is working out great. I want to branch out and try getting a property at foreclosure auctions I know there are some awesome deals out there. I have attended a live auction in Seminole county a few years ago to see what it was about and now Orange County does theirs online. There are a few things that I have questions about regarding buying foreclosures at auction.
1. Lien searches, I do not want to get stuck buying a foreclosure that has a large secondary lien against it and lose money. I have tried doing a record search on the OC Comptrollers website by owners name but I really don’t know what I am looking at. Some properties have 1 or 2 mortgages on them and some have mortgages with deed in lieu, I have no idea what is good and or bad.

2. I would like to hold onto some of the properties I purchase and keep them as rentals. Is it possible to buy a foreclosure and after repairs, get a mortgage on the property to get my investment money back to reinvest?

3. Would I be better off incorporating and putting homes in the business name or will that make it harder to borrow against it?

4. Is it better to buy REO properties than bidding at auctions?

5. Is there such a thing as a Bank REO auction, I know it is probably fake but I have seen it on TV shows like flip men. Is this a real event how do I find them?

6. Since REO properties have already been foreclosed do I have to worry about other liens/ second mortgages or does the bank disclose that info.