A new member. Who i am, how i got here and where i want to go.

[Chris Houghtaling]

My name is Chris i'm a single retired paramedic but i'm not what that title (retired) implies . LOL. ( i'm only 56). l do have time and a true desire to excel in Real Estate investing. I live in Homestead Fl.. i currently live in a house that i rent and was surprised when a document came in the mail addressed to current tenant. It was a motion for summary of final judgement of foreclosure! Suprise! I called my landlord and he assured me everything was okay. Subsequent notices have showed that he has also retained a attorney to fight the foreclosure. He is very reassuring that he is okay and will retain his house (my home) but i decided that i better get educated..quickly. I bounced around the Internet for about a week or two learning quite a bit. I came across Biggerpockets and made the decision to go "pro" and jump in feet first. I have been preparing/repairing my credit for the past couple years anyhow and i now have it at 750. I have been researching short sales, for the possibility that i might be able to buy this house before foreclosure if it does end up there. I know i need to approach the owner/landlord for permission to negotiate a short sale ..i'm just not sure when the right time would be..now or if i see his fight to save his home fail and see the foreclosure going forward. (i still get notices in the mail) plan B would be to wait for the foreclosure sale itself..and i am preparing for that also by reading and learning.. I need to find out about the time frames and orders of title searches, etc. and whether to get a RE agent to help me, if i do so should i now or should i wait?...one thing that i don't understand is foreclosures in my county "Miami Dade" need full payment for the property the next day with a cashiers check for the full amount. I don't know how that works because i will need bank financing and a conventional 30 day loan...from what i see here on BP hard money then refinance would be an option, but again, how that is done with a foreclosure auction, because the way i see it i wouldn't know if i need the cash (loan) for the full amount until the auction to see if i won the property. Well, like i said i'm learning, i new nothing a little over a week ago. i will continue. Whatever happens with this house I do want to find a deal on a house for me and my two dogs, purchase it, live there (House Hack), gain more experience and continue investing. I'm not sure of my niche yet. Flipping i think, and possibly multiple unit rentals.

On a more personal note I am proud to say that I consider my honesty, to be my best quality. I care about other people and have extreme loyalty. I am the kind of guy that never does anything half way..never have been. I do love hunting the deal. And I am good at it..I have an obsessive nature..I think that's an advantage. 

Best of luck to all who read this. Any advice or comment is welcomed.

Happy hunting! 

Chris

[Doron Nissim]

Hi @Chris Houghtaling

you definitely need to talk with a short sale agent and get a full disclosure from your land lord!!

do not wait another day. next day you can be out by the sheriff

foreclosure in Florida is fast, if your land lord is getting screwed by his attorney he wouldn't know and you wouldn't know and both of you will lose this house.

i have seen numerous time when land lord stall and tell the tenants everything is fine just to get the rent payment which in fact they don't care and they end up losing the house and the tenants is forced out.

please call him ask to speak with his attorney and get in touch with who ever you need. time is in an essence here.

if you need more help call me!

btw- for the foreclosure auction you will need to post 5% deposit 3 days in advance. and if you win you need to pay in 24 hours. no finance is going to work here. you also need to know that the bank final judgment could be higher then the market value for the house and they will probably outbid you by crazy amount...