All Forum Posts by: John Kelp
John Kelp has started 2 posts and replied 6 times.
Post: Should I let my portfolio go up for foreclosure?
- Posts 6
- Votes 0
Quote from @Minna Reid:
What are the payment amounts and interest rates?
Post: Should I let my portfolio go up for foreclosure?
- Posts 6
- Votes 0
Quote from @Benjamin Aaker:
in the meantime, how much personal cash flow do you have to pay the mortgages? Can you make the payments on the mortgages while renting, even though you are under water? If you intended to keep them long-term, it doesn't really matter what their market value is right now. You probably don't have a second mortgage otherwise the second bank would have discovered the first mortgages (perhaps what happened here?). Good idea with the attorney working with the lenders. You might be able to restructure the loans due to this hardship.
Luckily I am able to have a family relative help me pay the mortgages with cash . But does it make sense ? What’s your thoughts ?
Post: Should I let my portfolio go up for foreclosure?
- Posts 6
- Votes 0
Long story short , didn’t do my due diligence . Purchased not one but two properties from a foreclosure with no title search . Comes to find out each property has a mortgage. Combined with the price I paid through the auction, they are much higher than market value
property 1: paid 100k, owe 170k. Worth 200k. Rent is 1800 and HOA is 400
property 2: paid 280, owe 370, worth 500. Rent is 3500, HOA is 1500.
I have a lawyer negotiating with the lenders currently.
what would you do if you were in this situation? Buy out the properties mortgages and sell it for a loss and try to minimize the total loss? Or rent out, refinance , and recoup money else where knowing what I know now . I used cash for these properties . I’m open to ANY idea .
location: southern Florida.
Post: Does it make sense to keep these 2 properties ?
- Posts 6
- Votes 0
Any other suggestions ?
Post: Does it make sense to keep these 2 properties ?
- Posts 6
- Votes 0
Quote from @Jason Taken:
Quote from @John Kelp:
Long story short , didn’t do my due diligence . Purchased not one but two properties from a foreclosure with no title search . Comes to find out each property has a mortgage. Combined with the price I paid through the auction, they are much higher than market value
property 1: paid 100k, owe 170k. Worth 200k. Rent is 1800 and HOA is 400
property 2: paid 280, owe 370, worth 500. Rent is 3500, HOA is 1500.
I have a lawyer negotiating with the lenders currently.
what would you do if you were in this situation? Buy out the properties mortgages and sell it for a loss and try to minimize the total loss? Or rent out, refinance , and recoup money else where knowing what I know now .
location: southern Florida.
Are there any other clouds on title? Unpaid liens/taxes/etc?
Thanks for the reply. Purchased both with cash . There’s no other liens / clouds on title. I included the total amount of debt owed in the original post.
I originally purchased them for a quick flip until I found out about the mortgages attached . Just trying to scope out ideas / methods to minimize loss here .
Post: Does it make sense to keep these 2 properties ?
- Posts 6
- Votes 0
Long story short , didn’t do my due diligence . Purchased not one but two properties from a foreclosure with no title search . Comes to find out each property has a mortgage. Combined with the price I paid through the auction, they are much higher than market value
property 1: paid 100k, owe 170k. Worth 200k. Rent is 1800 and HOA is 400
property 2: paid 280, owe 370, worth 500. Rent is 3500, HOA is 1500.
I have a lawyer negotiating with the lenders currently.
what would you do if you were in this situation? Buy out the properties mortgages and sell it for a loss and try to minimize the total loss? Or rent out, refinance , and recoup money else where knowing what I know now .
location: southern Florida.