All Forum Posts by: Minna Reid

This is so common. The partial claims are always way more than people expect and usually leave them upside down. Unless you want to stay in the home or pay the difference out of pocket, you should pursue a short sale. FHA is currently streamlining everyone through short sales. Easiest time in history to do a short sale.

Any ethical broker will be against subject to for sellers as it is almost never in the sellers best interest. 

Unless you're making major money on this, I would think again. That mortgage will tie up your credit and your VA entitlement, impacting your ability to purchase other property. Rent to own almost never works out and if not you will have to evict or foreclose - $$$.

Are you an experienced landlord? Do you want to manage property from out of state?

How much will you actually make by doing this?

How much equity do you have? If it's not a lot you could easily end up upside down in this home in a shaky market and that's bad news if the buyer/tenant becomes a problem. 

Have you considered selling the property with the loan? VA loans are assumable, and if you get another VA buyer they can also assume the entitlement amount, freeing it back to you. You will also be able to sell for more if you can pass on this low rate. I would explore that option before the one you're considering.

The 10% you think you gained is long gone if you attempt to sell with an active mold issue. 

Remediate the mold and then consider your options.

This is really going to depend on where this Airbnb is. If it is in a highly desirable STR area (the beaches, Riverside etc) it may be beneficial to sell it furnished. However if the property is likely to sell to an owner occupant, 99% of the time they do not want your stuff, just the property.

Your best bet is to list it in the open market (MLS) with a local agent, with the option of furnished or not, and be prepared to have to clear it out should a buyer not be interested in your personal items.

The market here is kind of saturated with arbnbs right now. Seems that's what direction a ton of investors went in the last few years. 

If you want to message me with the address I can give you a better opinion on strategy. 

Honestly I've never even heard of a real estate investing attorney. Most attorneys are out of their element in creative real estate. However you don't need one?

Like the poster above said, there's nothing you can do til this owner wants to sell to you. Your number one job as a real estate investor is to locate motivated sellers and get them in contract. All the other details get addressed later. Nothing a lawyer can do for you right now.

There's nothing you will be able to do unless the heirs agree to go through probate to get ownership of the property and then sell it to you. Zero. The lender wont talk to you without the owners written authorization, and the lender does not own the property to sell it to you. 

0% chance HUD will subrogate the lien on the partial claim.

The numbers are terrible. This is no deal at all just leave it alone.

Never heard of any protection that allows anyone to indefinitely postpone foreclosure, not even with VA. At some point they will in fact foreclose.

Also never heard of a town accidentally removing a titled owner. 

Banks also don't tell owners whether they will pursue a deficiency. They do not own these notes to make that statement. They are servicers. They follow state laws, or in the case of a VA loan, the borrowers entitlement will be reduced by the amount of the loss against the loan. The bank has no say in it.

None of these facts add up and I think there's more to this story.

Either way, banks don't buy houses so don't waste your time there. The only option I see here is a short sale, but if the husband is the one on the note, he would have to cooperate.