All Forum Posts by: Carl B.

A better way to purchase a foreclosure (land or real estate) property via online auction is a tax deed sale.  Only liens of record that run with the land, or those held by a municipality or county survive a tax deed sale. 

I bought a hud home as owner occupied in Florida.  I moved in but then my life partner died from covid 19.  Are there any legal loopholes that would allow me to sell in less than 12 months so I can move back up north?  If there are loopholes do you have a link to them?

Thank you.

Hi Alex,

Thank you for responding.  I do have an L.L.C set up.  However I am currently working with someone at this point on this particular investment.  It probable wouldn't hurt to set up a business credit after this.  

Thanks.

- Carl 

Hi Perry,

Thank you for the information.  I may need to use home style for other investments in the future.

- Carl 

Hi Stephanie,

My mistake. The ARV should be at 80%. I have years of experience fixing/flipping homes. Also buying/fixing/holding.

Thanks.

- Carl 

I am looking for a hard money loan that is based upon an ARV of 100%. I also will need an upfront draw to start any rehab required. The purchase price is $120,000 and the ARV is $217,000. The rehab is $40,000 or less. The loan would be for twelve months with no prepayment penalties.

Hope to hear from you soon.

- Carl 

I have found that numerous people are getting the impression that you don't need any money to get into real estate investing.  This is totally false.  At the minimum in order to purchase real estate for a flip.  You will be required to put down 10% of the loan amount.  Along with another $8,000 - $10,000 in fee's.  Not to mention the additional $5,000 to $8,000 the lender requires you to have in reserves.  So basically at the minimum you will need $25,000 to get into flipping houses.  Also most lenders have a minimum loan amount from $65,000 to $100,000.  

Thank You Mike and Greg for your input.  I appreciate it. 

I have a few questions concerning Hud registered brokers.  Can a hud registered broker place bids on any of the hud homes or only ones that are in his or her state?  Also how can I find a hud registered broker that can bid on hud homes in Florida?

Hi Christopher,

I will keep that in mind.  I know you have to keep in mind the number of days the property has been on the market.  I have heard that banks have a bottom line percentage that they want to obtain for the properties.  Some are at 84% and others are less.  All depends on how hot the property is and if they have multiple offers for it.