All Forum Posts by: Josh P.

Hi @Paris, I'm happy to help your friend out and buy his "Sink Hole Central" home here in Spring Hill, FL. I've personally purchased over 20 of them in 2016, and would be happy to help him pay off his credit cards.

And for what it's worth, AANTV is a wholesaler of real estate nationwide (http://www.aantv.com/). And we've both bought property from and sold property to AANTV without an issue.  

Overpaying for something that was sold via auction sounds more like an inability to control one's emotions than someone being taken advantage of.  That's one of the hardest parts to overcome when buying via an auction for new investors.  

I'm happy to take the Spring Hill burden off your hands @Leigh C!

@John Verduzco, I've got plenty of rentals that I'd be happy to pay 6% 1st position private funding on. PM me the terms you'd be looking for (LTV, etc). We've got several rentals left (sold as many of them as I could this year while we are at the top of the market), and I am prepared to acquire additional properties.

^^^ All great information! Well done!

@Leigh C - I've done about 30 here in Spring Hill this year, myself, and we've not yet crossed paths somehow. I'd love to connect and see how we could both grow our numbers here locally.

@John Verduzco - I agree with Leigh; that 2nd position junk is *NUTS* - all 2nd position securities are the first to fail, last to get paid. And guess what folks, we're going to have a tightening of the market (much like @Michael Haynes is eluding to) in the not-so-distant-future.  Remember, everything is cyclical, and we're typically on a 10.7 year cycle..... Guess how long it's been since "the crash" about a decade ago?!?!?

@Jason Faucher - honestly, private lending on 1st position mortgages with investors who have a proven track record of success would be something to consider.  Also, I would look into non-performing notes as well.  I'm local to you here (we're the big 2-story house at the corner of Spring Hill Drive and Coronado, just East of Mariner), and would be happy to help you guys however we can.

@Jason Faucher, we're in Spring Hill, too.  What's mom's goal w/the money?  What's mom's needs w/the money?  

My 2 cents - I wouldn't invest in something you're not familiar or comfortable with unless accompanied by someone who is (IE: joint venture w/someone familiar w/Tax Cert Sales). 

As a born & raised Florida Native, with thousands of transactions under my belt.... There seems to be a lot of bad (read: weak, vague, ambiguous) info in this post.

You need *way more* specifics to get proper data and information on your investment option(s).

Sinkholes are *not* an issue for investors looking to rent their homes out.  In fact, they're not even an issue for me on my flips.  

There is *no area* in Florida that "is not a sinkhole area" and there are also no areas that *are* sinkhole areas.  It's just FLORIDA.

A *real* sinkhole is very rare in my experience.  A "insurance job sinkhole" is *much more commonplace* unfortunately.  Most of these "sinkholes" are simply = "WECLOME TO FLORIDA!"  We're a beach, we're just above the water table.  This is NOT the Midwest, we are NOT built atop Granite or Mountain basin(s).  

Sinkholes are insurable (even in unrepaired condition) for Investors like us.  If you're not familiar - look into AFFINITY. We've got all our properties insured (repaired & unrepaired alike) through them. 

Sinkholes are insurable & finance-able for an end user when remediation appropriately completed.  I have insurance companies and lenders who can facilitate both.

If you are afraid of them (Sinkhole Homes), please, feel free to send them my way and I'll gladly pay a bird dog fee :-)  I love them, and have flipped 16 of them this year. 

As for Flood Insurance - you can be on the same street as another house and one require the coverage and another not.  It's a case-by-case basis, based upon the elevation above the flood plain.  My parents' home does not require Flood, however, 4 houses down does (lower elevation; my parents are on a hill).  I've got clients who were not in a "required" zone, who we got them a very small policy ($400 annually) when they purchased their home from us, and they got flood damage within 3 years of owning that home from a "once in a 100+ years" flooding!  

Flood / Sinkholes / Rehabs - these are all simply risk vs. reward.  What are you willing to risk, at what cost, at what opportunity?  

Yet these broad-scope assumptions and posts / responses are not going to help you assess an individual opportunity.  You'll want to review each individual opportunity entirely w/all these risks factored in.

Tampa Bay / Florida / Spring Hill / Inverness / Jax / Ocala - are all great areas and opportunities to invest in.  You'll want to determine if the individual *DEAL* is a good value, and if it fits your risk factors or not.

Just my 2 cents anyways.

Long time, no see! Welcome to Bigger Pockets bud!

While I'm not familiar with Vestus, I'm wondering what exactly you're seeking? 

Are you looking for an auction site like hubzu.com, auction.com, etc to find deals for yourself?

Or are you looking for someone to turn you on to deals?

Help provide some clarity as to what you're specifically seeking to accomplish and I'll do my best to point you in the right direction!

You would need to have the owner of record on board to accomplish anything of the sort. 

You'll need a signed borrower's 3rd party authorization form, containing the loan number and borrower's social security number(s). You'll need to submit that to their lender and request a reinstatement payoff letter and it is usually prudent to also request a loan payoff at the same time. 

We have had success in acquiring subject to existing mortgages where the equity was good enough for us to pay the reinstatement amount through a "closing" where the owner QCD's into a Land Trust that we're the beneficiary of. 

The Florida FARBAR As Is contract is a 12 page contract, and it can be used by anyone who has a copy of it (licensed or not). 

Yet you definitely could consult with an attorney and have them draft a contract for your acquisitions.