All Forum Posts by: Parker Detweiler

Who cares whose responsibility it is. It is a liability regardless, if a kid gets stung that is allergic and dies who do you think they are taking to court? You or your tenant? Spend the money to have them professionally removed and documented as such. Liability is the biggest thing in this business and definitely not something to mess around with in any way shape or form.

Honestly we have found so many things that you would want to track down the old owner and give them. Literally everything you can imagine. We now operate with the mindset of putting it somewhere out of the way and if we haven't been contacted by them to get it back by the time the home is done, we toss it in the garbage. Including cremation remains. On scale you can not take the time to deal with things like that it just isn't feasible for us.

I can't remember the last time I saw a basement. I live in Florida……oh I miss basements.

For any DECENT advice you really need to elaborate on which way you mean to invest.

If you mean you are going to buy "New Construction" to rent then if the numbers make sense sure why not.

If you mean you are going to put up the capital for a builder to throw up a spec and you share in the profits, well then that becomes a little more complicated. Who is the builder? How well do you know them? What is their reputation? How do the numbers look? Are the numbers realistic? etc etc...

As well the association would have received notice of the sale in FL and they were given their chance to redeem then. Should've done it but decided not to probably due to the cost and/or legal advice they were given. That was the mistake from the beginning on this one.

The best thing they could have done in this situation was to satisfy the taxes and to foreclose the unit. After they gained both title and possession they should rent the unit until the bank got around to foreclosing. If the bank never came around in a reasonable time frame (In FL four years normally) they would then file a Quiet Title Suit and gain clear title and be able to market the unit for sale. All of the excess funds at that point would then be the associations.

I am not an attorney and not providing any legal advice, just saying what my experiences have been in these situations.

It is a mistaken clerk, they are not a judge nor an attorney. The reason I know this is from actually buying my own property back and claiming the surplus, I bought the property via HOA foreclosure and the bank would never respond to a payoff nor was paying the taxes and/or insurance. So we decided to buy the tax certificates hold it for two years (while renting) and the bought the property back at tax deed (the judge wouldn't give us a quiet title against the mortgage). The association tried to make a claim from the dues we didn't pay and the judge gladly let them know that they had no rights and should've redeemed if they wanted any.

As with my other post I am not an attorney and not providing any legal advice, just saying what my experiences have been in these situations.

If you are talking about an HOA in FL, you actually have no rights to the excess funds in a tax deed sale. The only person who holds a legal claim to is the previous legal title holder and to secure your position in the foreclosure of your own, you should have paid off the taxes and attached them to the judgment. Sorry to say but technically you are not even entitled to the funds and they are supposed to go into FL unclaimed property under the previous legal title owners name.

Then I would recommend just getting a QC deed and an affidavit. The affidavit isn't even necessary if you are just going to pay it off, it just makes the transaction much smoother. Basically you throw the previous owner a couple of bucks to stay out of the way, you are subject to the mortgage and will have to pay it off to avoid anymore accruing interest/pending foreclosure action. Not a big deal pretty easy transaction in reality. If you can convince the previous owner to take $1,000.00 for the QC deed I would recommend getting that done ASAP.

Regulation D is not your only concern, Blue Sky Laws vary from state to state. I am a securities company technically and even though we are investing in real estate there are many many very minute lines you have to be cautious of. To put it in perspective we don't even look at issuing securities for less than $250,000.00 just due to the sheer headache and cost. We do operate under exemptions and just the start up cost of the contracts and other information you are going to need from an attorney are going to cost $10,000.00 or more. Operating in this style is very expensive although it can be very profitable at scale. You will also run into the accredited investors issues as well. If they are taking equity in a specific project, they are a partner and not an investor. Make sure you structure the deal to show this (i.e. a land trust with the main person as trustee for title). 

As I have said and always say, check with a very qualified securities attorney with regards to your state laws and exact circumstances. Be prepared to start cutting some big checks if you decide to move forward down this route.

Is there any equity in the property?

If not don't bother.

If yes then write a check for a couple thousand dollars for a QC deed and an affidavit that allows you to contact the bank and basically take the position of the old owner. Once this is all done request a payoff and cut the bank a check.