All Forum Posts by: Daniel Paloscio

@John Thedford 

Thanks for the advice. I'll have her talk to my agents broker and see what my options are. I'm paying a point per month in interest on the money, of which I'm borrowing 100% of purchase price, so if I can market one month prior to buying I can save $1500. 

@Wayne Brooks 

I see your point with the local MLS. It may be against regulations to list before I close. I'll have to dig deeper into it. Equitable interest is just used to describe the buyers position in a contract. It makes it easier to describe than saying "my buying interest in said property". I use it and I typically rehab.

I have a property under contract in Clearwater, FL. In my contract it states that the seller allows the buyer to market the property on the MLS, in periodicals, Newspaper, and with a for sale sign in the yard.

My question is can I list the property with a realtor considering I have equitable interest in the property and the owners permission? I have a realtor that will list it but I don't want her to break any rules.

@Brian Johnson I'm not getting bank financing for this property. My concern is that if I allow her to stay, then pay her and she decides not to move out what would my next step be? I'm assuming eviction. If I had to do that and it took an extra couple of months that would cost me some money in interest as well as court fees. She doesn't seem like that type of person, but things happen and I would feel like a terrible person if I had to put her out.

@Elizabeth Colegrove I would love to go way below on this deal, but my area is super competitive right now and that house is in a great neighborhood. I'm sure she will get multiple offers, but I'm hoping mine will be more attractive by allowing her to stay. It just hit the MLS today and I'm going to offer tomorrow.

I've heard of having to let people stay during the winter time in some northern areas but our winters here in FL last about 2 weeks.. lol. Our coldest day is sometimes in the 30's and thats in the middle of the night. Its actually still in the 80's here!

Thanks @John Thedford 

I want to offer on a property that I've found but the owner has said that she will take offers that allow her to stay in the property for another month or two into greater consideration than offers that don't.

She's a sick elderly woman and she has a judgement for 60k pending foreclosure sale in November. She is asking 130k but I think she may take as low as 115k or 120k. Her realtor told me that she is looking with her to find a place to move into. 

The ARV on this property if I just clean it up (10-15k) is about 185k and if I rehab it (40-45k) it's about 220k. My question is should I buy this property and allow the owner to stay for a couple months, and if so how can I protect myself in the offer/contract? Could I have the title company hold 10k and give it to her once she moves out and if she doesn't within 2 months it would be refunded back to me?

@Dave Metsker Thanks for the input. I just listened to John Fedro's podcast about mobile home investing and I can see the value in marketing to those groups. I think I'll give it a shot. 

Is anyone mailing to mobile home or condo probates? If so what is your experience with them? I am having a hard time figuring out if its worth it considering some parks and condos are 55+ and sometimes have rules about "flipping" or renting out units. I typically pass them over when when compiling my list. I have mailed to them in an absentee list and got an overwhelming response, however I stopped mailing to them at the time because I was focusing only on the houses I wanted to flip. 

@Wayne Brooks Where would I look besides public records for the types of liens that follow the home? Would I need to track down the manager of the HOA to find out if there are any unrecorded HOA debts?

@Curt Davis  At our auction you have to have 5% of your bid price in your accountt at the time of bid, and we have to make our purchase by the end of the next business day or lose our 5%. Do you know if the title searches actually cost the title co any money? I offered to pay them $50/search or work out a monthly plan and they said they didn't have any wiggle room on searches but could get me really good rates on closing and insurance fees, $295-$395.

@Steve Babiak Thanks for the links. So much for getting to bed early!

I've been looking into bidding on properties at the Pinellas County Florida foreclosure auction. I want to make sure that I'm not surprised by any lien or other mortgages. Pinellas County has their public records accessible from the net so I've been looking there for liens. I've noticed some properties have more than one mortgage, or at least debts to multiple banks. Would I be responsible for the debts to the banks that didn't file the LP once the sale goes through or are they wiped out once the house is sold?

Also, aside from any actual damage to the house, what are some of the pit falls that I should look out for when buying at a trustee sale? I've read a few threads and blogs on here but couln't find anything comprehensive on the subject. If anyone could point me to something that would help I would greatly appreciate it. 

I've also spoke to 2 title agents and they told be I could have them run a search for title but that it would be about $150 per search. I would like to be bidding on multiple properties a week and that is an expense I am hoping to be able to avoid.

I'm hoping someone out there has experience purchasing at trustee sales in my market.

-Danny