All Forum Posts by: Sam Alpha

@Erin Legler wow!!! That is really dirty! On the other hand, you should take it as a compliment in that they found you threatening enough to go so low. 

I'm really sorry that you're stuck in such a situation, when all you were trying to do was secure your financial future. Be assured, that karma does come around full circle.

I do know, that from time to time, you can pick up a good deal at the foreclosure auction. Once rehabed, you can stick it on the MLS and make a nice $20-25k. I'm getting myself educated with the procedure and will be seeking some help from the old-timers that do this in a different area. I feel that everyone has a right to go out there and place their bid, without having to worry about consequences. In saying that, I plan to be as low-key as possible.

Erin, I hope that your incident has only strengthened your resolve to get in there and claim your right. If you are interested in combining resources, let me know. It may just help in making our journey a little more easier.

In the meantime, I hope that this situation of yours gets resolved efficiently and effectively. If I come across anything that I feel may serve some sort of value, I will get in touch with you.

Until then, keep your head up high. You have a lot to be proud of.

@Anil Samuel I completely agree with you on your first statement. It's good that your motivation levels are high. Sometimes, it is just the determination of the person that gets them through.

I wish you the very best for this year and I look forward to seeing you achieving your goals.

@Erin Legler What you have posted is what I heard today from someone that does the whole auction thing.  It seems like a pretty tough arena to pierce into.  do you know anyone generous enough to help with the process?

In the meantime, i will persist with educating myself and will keep going to the auctions when possible.  I know that this will not be an easy route and I am prepared to battle.  I have time on my side.

@Hermilo Garcia Thank you.  Unfortunately, i am not very familiar with this area, but if you search Tampa or Hillsborough County, you will find some good help there.

And yes, this will be my first.  i will keep you updated.

@Wayne Brooks that is a very interesting fact about an FHA being assumable, which I was not aware of.

When you say "assumable" do you mean that when you sell a property, that mortgage (HFA) along with its rate go onto the new purchaser?

@Wayne Brooks 

Funds = Cash.  It was wired to my attorney, who sent a copy of the statement to the bank holding the loan.

The purchase agreement has been signed by myself and the owner and was also forwarded.

@Wayne Brooks we have forwarded them an "As-is" contract along with the proof of funds via an attorney.  We are hoping to hear from them by midday tomorrow, but they seem to be taking their sweet time.  Also, the attorney we are working with, seems like he get a supply from Colorado and is very "chilled" out ;-).  

He is a very nice and polite person, but lacks in executing aggressively, explaining the happenings in full (what the procedure is, who responded, what actions are taken from his side, time lines etc) and responding with good details (one line sentences are the norm). 

 Silly me has not read this!  I have heard from a ton of people that it has some very good valuable lessons in it.

Hi @Hermilo Garcia 

So your situation comes with the good and the bad.  The good is that you are YOUNG and are starting out early.  I cannot emphasize the value of time and the advantage you have in it.  The bad is that at your age, the most common issue is that of funds.  However, there is some good news to that.  There are options out there.  They may not always be easy and good options, but at least it allows you to enter the field.  Once you have something to show for, it definitely gets easier.  I will speak to a friend who funds and will see if he has any good options.

In regards to multifamily units, those tend to be a rarity in central FL.  However, there are always some available, but most are in C-D areas and I'm not sure if that is what you would like to take on as your very first one.

The property I am working on ATM is a funny one with a lot of learning experiences.  I am hoping that it will work out as it would give me about a 35% equity right of the bat.  I am going to convert it from a 3 to a 4 bed and hold it.  If that works out, it should have a cash flow of $550-650/month (due to lower mortgage payment available due to built in equity) and I am hoping that I can pay it off to free and clear in about 8 years.

If not, than I guess it wasn't meant to be and I will move on to the next one.

We have been back and forth with our attorney to help with closing on the property.  On our end, we are good (all the moneys wired and due diligence completed).  

However, our attorney is saying that the bank is not being cooperative in providing the payoff amount, so we can move towards closing.

What are the legalities behind this?  If we have agreed to settle with the full amount, can they deny/delay to provide the payoff amount, so as to lead the property to auction?