I've Been Served!.........

[Anthony Mikolich]

Hi All,

Last year my brother passed away and left his condo to me in his will. It is in Tarpon Springs, Fl and I live in Tampa. Fixed up it would sell for about 100k - 115k. It needs a complete reno, lets say 30k worth. The mortgage, now delinquent, has 49k left on it and is in arrears about 3-4 in HOA and taxes.

      As per Florida law and even though they are not named in his will his 3 estranged, adult children need to sign off on my inheritance and 2 of them refuse to do so. The property is now in foreclosure and I've applied for mediation to take over the property. Neither of the 3 kids has the means to buy the property so I'm pretty sure I have a really good shot at getting it.

      I'm pretty new to real estate. I do have an almost paid for house in New York that is professionally managed and cash flowing quite nicely. This would be my first "real deal". I'm all for it. I have the time and I have the means to pursue this. I thought this would be a great learning experience even if I don't come out on the other end with a substantial profit.

Although I'd like to use the unit as a long term rental [mortgage payment is 350 month, HOA 200 and taxes are 1500 a year] the HOA won't allow it so I'm just going to do a flip. The units that are rented are fetching about 1200-1500 a month.

Basically my question is....does anyone have experience with this court/foreclosure situation and what can I expect that I'm not already anticipating? I'm building relationships slowly but surely. I have a real estate agent that I love to work with and I also know some contractors but only have been scratching the surface with them.

Thank you in advance for any and all input