All Forum Posts by: Minna Reid

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. 

A foreclosure will take much longer to complete and affect you much longer than a short sale, so "letting the bank take it" is probably your worst option. Furthermore, depending on which state the property is in, if its a deficiency state the lender can foreclose and pursue you for their losses after. 

Unless you want to pay the difference out of pocket, you should probably attempt a short sale. Your credit will take a hit but most of my clients recover very quickly if they don't default on other debts. You wont get a new mortgage for likely at least 2-3 years, but that's all better than a foreclosure.

Is this an FHA loan? If so, you don't even need financial documentation to qualify for a short sale now as they have the Covid 19 short sale in place through 4/2025. There has literally never been an easier time to short sell.

I saw this listing the other day. The ones in Mandarin if I recall correctly. Curious what the $625/month per quad HOA was all about? Seemed extremely excessive for trash/grounds/road maintenance.

Otherwise seemed interesting.