All Forum Posts by: Brock W.

Hello all-  

Briefly- I used a HELOC on property A to buy Property B which I am now trying to sell with 100 % owner financing. Im paying X on the HELOC, but collecting XPLUS on the note. I've crafted terms that are a win for me and for my buyer, but my intention is to hold the deed of the property until the buyers's note to me is paid in full, exactly as the banks do. An attorney whom I am working with has informed me that he "cannot facilitate a seller-finance transaction that does not convey the property by deed at closing." which took me by surprise. How does having vs not having the deed during the several years of mortgage paydown affect my risk? Is it advantageous to have the deed in the event of default? IE- does it make reclaiming the property and evicting the end user more difficult?

I appreciate everyone who has lent their opinion and perspective.   Pleased to announce that weve resolved the situation with a cash for keys.  We settled on a deal where the faster he got out the more i was able to pay and he moved out in approx 5 days for $400.   Now the cleanup fun starts.  

Thanks Everyone!

Quote from @Greg M.:

First off, not a squatter. The person is a tenant. Treat them as such or you can get screwed.

What is your landlord/tenant area like? If pro-tenant, try cash for keys. Otherwise, file for eviction. 

As for the HOA, since you own the place, you are responsible for the dues. Your leverage went away when you became the owner. You can absolutely try to negotiate with the HOA. Offer to pay 100% of dues owed if they waive all late fees and see if they will forgive/reduce any legal fees.

Hello Greg- Thanks for the response.   When you say "the person is a tenant" I assume you are saying "treat them like a tenant" for the sake of the process (?) but in point of fact they are NOT a tenant.  There's nothing binding us, we've never met, I dont know their name. No one has signed anything remotely like a lease.   I own the property and they are unlawfully occupying it, Yes ?  

Bjorn-  Just to clarify.  *I* didn't turn off the water or power -  Someone else did prior to my purchase.

John Underwood-  Interesting angle!  I will do some research.  Thank you.

Hello All-

So I recently purchased a condo (2/2 1k sq ft ground floor apartment) at foreclosure auction here in Wilmington NC.  It  was quite inexpensive so I feel good about that, BUT  I have two concerns and would love some perspective and insight.

1- The prior owner of legal record has died.  Her son "lives" in it and according to the neighbors refuses to leave.  He has ignored eviction warnings in the past and despite having his water and electric disconnected he maintains some measure of residency, as does his large pit bull type dog.  Evidently, he buys retail water and trucks his waste out the door in a plastic bucket.     This is not a tenant/landlord circumstance so I'm not sure what my legal obligation is (looking into that now).   The dog complicates breaking in and changing the locks.  I am considering a "Pay him to leave" scenario as well but wondering what the going rate and structure of that might look like.     

2- This is an ongoing problem, an as a result, the HOA dues in this condo complex are way behind. What, if any ways have you all dealt with, mitigated this issue? The condo board seems desperate to get him out, can that be used to my advantage vis a vis the looming HOA lien on the property? Can I negotiate the terms of the lien repayment.

Is hiring an attorney worth it?  If so, what type of attorney am i looking at?

Thanks for reading-  I appreciate any advice.  
  

Possibly this breaks down by region.  Speaking very broadly, urban areas Lose value as people don’t want to be in elevators, subway cars and busses during Covid-20 or SARS part Deux etc etc. the suburbs and social distance from the neighbors wins. 

Also cold loses and warm gains. If you can work from home, why not live where life is warm. 

Northeast, rust belt and Pacific nw fall while the mid Atlantic and the sunbelt gain.  

SE NC is exploding.  The flight from the northeastern corridor will continue for the medium future.  Great bargains to be had in Brunswick and Onslow counties.  Anything you buy now will appreciate dramatically over the next decade. 

Very valid point.  Assuming that’s the case, do you think  that equates to No or negligible change in the foreclosure market?

While I grasp that  higher interest rates will likely slow Real Estate appreciation and price increase in the retail ecosystem,  I struggle to understand how it will impact foreclosures.  I realize this is a broad question, but I'm curious as to what other investors think?  Please "game it out" for me as you see fit.

I am considering purchasing 1 or possibly 2 of what I'll refer to as College Campus Efficiency Apartments. These units are mirror image bed/bath with a shared living room/kitchen area. The units are half a mile from my local University. They commonly rent for about $850 total (both units) vs a $50-55K sales price. There's a $185/month HOA fee so, if I paid in cash I'm seeing $685/month. This is a decent return and consistent with my cash flow, buy and hold, slow build goals. My biggest reservation is, of course, COLLEGE STUDENTS. If anyone else has experience with a similar property, I'd love to hear your inights.