All Forum Posts by: Minna Reid

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.

I've never even heard of a due on sale clause being called in 17 years in the business. 

However, I have seen just a single deal in that same time, where a subject to could have benefited the seller. In that sale, the sellers were elderly, sick, uncollectible, and a hefty upfront payment in exchange for a sub 2 would have actually benefited them more than an outright sale (long story). A default on the mortgage later would have been an acceptable risk in their position and worth the lump sum upfront. 

That's one deal in thousands I have witnessed. I have never had a single other opportunity to recommend a sub 2, and probably never will again . They are almost never worth the risk to the seller.

Tom is correct -  that lien is out there owned by someone. You need to find that someone and negotiate payment for the lien release. If the numbers are tight, you will need to short the first as well to get some payment to the second.