All Forum Posts by: Adam Hays

@Mark Boek if you ever decide to drop to 130K give me a shout. Cash purchase. 

@Caleb Rigby I was only out my holding cost on private money. Didn't lose any to the auction. 

Caleb Rigby how are you doing due diligence on auction properties. I won a bid once at a great price only to find out 2.5 months later that the title couldn't clear. I made my bid without much diligence last minute and it cost me holding cost on private money. Had I done a little digging I could have seen this deal had been listed and not closed multiple times. One unknown lien could really mess up the numbers

what is the current lease agreement and how long has the current tenant been there?

Marian Smith I haven't been able to actually find a lien for the CC debt. Brother 1 may be making assumptions or believing an aggressive collector

Boyd McClean thank you for a very thorough reply! I sent an email to a law firm about the Medicaid lien. I'll post the updates on that. I did find out brother2 that has the CC debt has passed away. Is brother1 now effectively responsible for it all. I did find the Medicaid lien online. I don't see anything for CC or taxes, but I can see property taxes haven't been paid since 2012. If I can get brother 1 who is cooperative to agree to work towards a solution I'll just pay the $137 for a title search online.

I found an absentee owner property today while driving for dollars. I managed to make contact with one of the owners and its complicated. 

In a nutshell: 
mom signs a beneficiary deed in 1995 listing her 3 kids
mom signs new beneficiary deed to just her two sons  in 1999
mom signs POA listing both sons and requires joint approval of any actions

The son I made contact with lives in Florida andsays their is no mortgage on the property but there are liens. He is cooperative and hates that the house is sitting empty as an eye sore for the neighbor. Its the other brother that is the problem. He says the house goes to auction for tax liens in a few months. Liens being about 6K in property tax, unknown amount for Medicaid, and 30K credit card lien in brothers name.

my questions:

1. Will the junior liens be wiped out by the tax lien sale?
----if not ------
2. Are credit card liens easily negotiated?

3. How do you find more info on Medicaid lein?

yeah i understand the steps in a BRRRR

I just wasn't clear on the requirements. It makes sense that on a 100K loan when they give you 75% the other 25% in equity is effectively the down payment

Thanks for the info

I've been studying a lot about this strategy but haven't been able to find an answer to this question: When undergoing the refinance step in the BRRRR strategy is there a 20% down payment requirement or is the equity in the house sufficient?

Michael Noto in a BRRRR strategy when you purchase with cash and then go to refi is there a 20% down payment requirement for the refi or do they accept the equity in the property as assurance?