All Forum Posts by: Evelyne Ling

Hi everyone,

I'm a junior lender on a property, and my attorney is advising me to buy out the first lender so that I can foreclose on the property myself. The sale proceeds likely won't fully cover my loan.

I have a few questions:

1. What documents will I need to complete the buyout of the first lender? I asked the first lender which is a big company and they did not know.
2. If I buy out the first lender, can I foreclose with the total amount due for both loans combined, or will it remain as two separate loans, with only one being foreclosable?
3. The house has a lot of deferred maintenance. Would it be better to do some remodeling and deduct those costs from the sale proceeds, or should I foreclose and sell the property "as-is"?

Trying to cut my losses as the borrower got all her unsecured debts discharged through Chapter 7.

Thank you in advance for any advice or guidance you can share!

Hi fellow investors,

I'm under contract for my first self storage unit, I'd like to know how much it costs for the property inspection for 175 small to mid-size units. The units do not have electricity or plumbing, there is only a small office with A/C, plumbing and electricity. I've called several commercial inspection companies and their quotes were pretty expensive.