All Forum Posts by: Derek Sziga

@Jeff Foulds

Thanks for your insight. I just did a search on my local recorders office to follow how and when the mortgages were assigned. Also looked up the owners / "defendants" in the city clerk for open cases to see there defaulted credit cards.  Seems like there is a good amount of this info via public sources. What I'm curious is what a $200 title search would offer me above and beyond my research.

Yes sorry, Thank you for answering my question guys! What i intended to write is it was transfered to another servicing company.

Hello everyone,

In the case of a sherrif sale. If the primary mortgage ends up being "reassinged" years later to a different mortgage company, does that loan still remain its seniority?

Situation - Loan for 220k in 2004 resold in 2015. Second loan in 2008 for 75k. Home goes into foreclosure / sheriff sale on reassigned 220k loan. the 220k loan takes seniority and wipes out the 75k loan correct?

In the case that the owners are deceased, and the home that is lis pendens goes to sheriff sale. Would you be able to just purchase at a sheriff sale?

Anyone?

As far as my research has answered since the initial mortgage was for 223k and would be the "senior loan" the other loan for 75k would be wiped out by foreclosure and I would not be liable for it after sheriff sale.

Nothing else on the recorders office that I can see. My question now is the credit cards. Do personal debs such as credit cards place liens on a home?

Hi everyone, so recently I purchased my first condo as a rental  property and have instead moved in / out of my parents haha (to have our own space until we find a house).

I am currently looking at a upcoming Sheriff Sale for a home Id like to invest in.  I'm hoping I am not overlooking things and am trying to mitigate risk ;) any insight greatly appreciated. 

-I was able to see the inside of the property since the previous owner had the home listed on zillow in attempt to sell prior to the sheriff sae. ( I have a good idea of what needs to be done and how it stands on the market).

-As far as I can tell, County Recorders office shows three loans. 2004 - Loan for 223,000 , 2004 - Loan for 50,000, 2008 - Loan for 75,000

The 50k loan was "released" , 223k Loan is bringing it to auction, and the loan by Bank of America in 2008 is listed as one of the defendants on the court docket "BoA."

----Would you be held liable for the 75k loan from Bank of America after purchasing? Can someone define senior vs junior loan?

----How can I check for any other liens against the property? I see in the County Clerk two cases of unpaid credit cards. One is "case closed" and other is "Judgement / Decree". Last case is the "open case" of this foreclosure. 

----How does a Sheriff's Deed compare to something like a Warranty Deed, Quit Claim, Trustee, Executor etc.?

I am trying to learn and understand more to better guide me in future attempts at short sales. Thanks in advance to everyone's input! This sight has been nothing but informational in my real state adventures!

Not sure how to tag you guys but.

Initially priced at market for 99k then I offered 82 was told it was a multiple offer situation so I bumped my offer to 85k thinking I'd try my hand at renting. Not ridiculously under market but it's been difficult to purchase property recently around here.

Attorney was told no back hoa fees and 8months ago they had a little over 40k in reserves. I'll find out tmrw what the number is now. Will also look into planned projects and planned ones for the special assessment portion.

Back at end of 2015 there was Zillow listings for 1250 rent in the association. I am also being told a lot are "agent owned rentals."

One question I have is for an exit plan at some point. What if indeed there are over 50% investor owned units which exempts the fha loans, Will that put me in a pickle if for some reason I decide to sell? (Property was on the market for about 180 days with multiple loans falling through)? Most recent unit was sold for 99k identical to this one but 8months ago and I believe the loan was conventional.

I'm seeing some of the bylaws require hoa approval of your renters lease agreement and things like that. I was told by my realtor that they were pretty lax about all that with the other unit he sold to another first time investor as well.

I'd have to spend 130k to see the 14-1500 in rent with nearly the same expenses. So say 900-1000 monthly return with a +40k investment on a single family.

The HOA idea/ part has me worried the most to be completely honest.

Hi everyone this is my first post hopefully in the right forum!

I am looking to purchase my first rental for a buy and rent long term strategy.

Rundown as follows:

-It is a foreclosed condo in an HOA that allows rentals.

-All in investment of 90k after closing costs / light refresh (property comps for approximately 100-107k) - My monthly fees will be $500 (HOA, insurance, taxes) with rental comps for 1200-1300 = Return of about 700-800 monthly (10% yearly return)

-Purchasing for cash - from what I hear can not get line of equity for investment props so this will tie up 90k liquid capital?

Any thoughts or insight on whether I should commit to this property? Any advice before I sign and make the purchase final? I was hoping to get into the rental side after my first flip. I have read mixed reviews regarding buying condos in associations. 

Any advice is very greatly appreciated before I learn a hard good or bad lesson ;)