All Forum Posts by: Account Closed

@Account Closed Fantastic comment Ken, greatly appreciated.

Thank you all for the replies, really educative for me.

@Account Closed great comment. What steps would you take to avoid having the bank call the note, then? My understanding was that placing the property in a land trust would be something useful (?).

Hey BP, I am almost ready to present a Subject-To offer to a prospective seller and this question popped up in my mind: If the seller agrees to the deal and a couple years from now is able to buy a new property, how will the fact that it is still his name on the mortgage affect his chances of getting the new loan he needs to buy the new property?

In this specific deal I'm looking to keep the property.

Thanks for your comments!

@John Thedford Yes, thank you. I did know that, I guess my question deals more with what happens next. You're correct, I'm just assuming that I am successful in eventually, through the bidding process, acquire all units --which seems highly likely, since nobody has shown interest since about 2014 when the first tax certificates were issued.

Thank you!

Hello BP Community!

I need help to defining whether the following scenario makes sense from an investment perspective.

While visiting family in South Florida, I found this condominium with 20 units, all vacant and with use code of "Condominium Not Suitable For Occupancy" (they need a whole lot of work on them). The units have tax certificates up for sale (they also have tax certificates owned by third parties from previous years), all of them are in this state.

My question is: Would it be possible to buy all the tax certificates, and then (when allowed by local laws) try and redeem all the units, do the repairs and convert the whole thing into an apartment building?

Thank you in advance!

Thank you @Wayne Brooks and @James DeRoest for your answers. I think I get it now.

The one thing that confused me was the fact that the property is listed in the county property appraiser as owned by another company (one of the companies in the FROM column). Maybe those records just need updating.

Thank you again!

BP Community,

It'll be fairly obvious to you that I'm very new to RE. 

Can you explain me how management agreements work in the State of Florida? I found this while researching a property (this is from the county property search website):

What is really going on here? Are these deeds and Certificates of Title transferred to the management company? These can't possibly be actual sales (look at the dates); besides, at least one of these properties is still listed as being owned by the entity on the second column (First Indirect Name). In some cases the "Consideration" column (not shown above) displays a value of $10, in others what would seem to be a full sale price.

Thank you in advance for your help!

PS. Even though these records are public, I decided to redact the names of all entities involved just in case. I don't think it is relevant but let me know if you need more information