All Forum Posts by: Jon Chung

Is it possible to assume a loan from someone hasn't been paying the lender?

For Example: Lender has a foreclosure lawsuit against a borrower because the borrower hasn't paid their mortgage in over a year.  There are also tax liens against the property from the state.  In this situation, is it possible or even feasible to come in, pay off the tax liens against the property, and take over the mortgage from the bank?

In this case, the state gets their money, and the bank gets a good borrower to take over the mortgage so they get their money, and the original borrower gets relieved of all the debt they owe.

From what limited research I've done up to this point, it looks as though FHA loans are assumable loans and from the documents I've seen and what it looks like the original down payment was, I am assuming that this property in question was purchased under a FHA loan.

Thanks!

For the landlords out there, curious about your guys' tenant turnover experience. What's the timeline typically looked like for you guys to do the basic make ready/turnover preparation after a tenant leaves and prior to a new tenant occupying the property?  I'm thinking basic things like repainting, deep cleaning, catching up on any needed maintenance.  Is there a general price range that you either target or find that this comes out to?  Additionally, do you go through referrals from your property management company to find folks to hire for this process or are there specific make ready companies that you would recommend?

Bonus question: What type of aesthetic upgrades have you guys done during the turnover time that you've found increased the value and appeal of your rental, and how much cost and time has this typically added to the basic make ready process?

Thanks all!

@Josh Stoddard

Hey Josh, I would say for me it was just the fact that long distance investing is less tangible than something in your backyard. However there are several things you can do to manage risk, and I think one thing that helped me with the long distance real estate is that emotion is easier to leave out and it’s easier to focus on the numbers. Whereas if something is tangible, you may subconsciously have emotion attached to it which can sometimes lead to poor decision making. Just a thought!

Shoot me a message and we can look at out of state markets together since you likely won’t find a cash flow property in NOVA. The best bet here is to start a marketing campaign, buy flips or wholesale.

@Jeffrey Wong I talked to a few realtors in the area and they seemed to indicate that a lot of the supply up there was going rather quickly with multiple offers.

I wonder what are the factors making some sit on the market longer than others (I.e: age, price, #bed/bath) while others are going rather quickly.

Or is this being driven by people that think the market may be topped out and may fall due to covid and therefore are trying to sell at a perceived peak?

Hi @Josh Stoddard. Everything out here in NOVA is pretty expensive, have you considered remote real estate investing?

I would think two to diversify your risk if all else is equal.  Then you aren't in an all or nothing situation.

Hi @Steven Pratama, I recently just closed on a property in SW OKC to jump into the market.  It is in a great school district and will hopefully see appreciation over time.  According to the county's website (Canadian County), it is the fastest growing county in the state.

I also tried looking in Edmond and had a hard time finding anything that would cash flow in a way that the CoC ROI would be worth it due to the high prices.

Is your primary goal cash flow or appreciation?