All Forum Posts by: Rick Doctor

What if the sales price will not satisfy both the 2nd mortgage and the judgment?

Hey Guys,

Thanks for the response. I would have thought that it would have been her proceeds from the sale of the property.

How can a creditor stop her from selling her property because of the judgment?

I understand that the creditor would get any proceeds from the sale before she gets it, but to go so far as to stop the sale and attach to the property, can you guys help me understand how that works?

Thanks!!!

Hey BP Nation!

I need information regarding Judgment Liens on a property.

I have a property under contract, but a title search revealed that there is a pretty sizable judgment lien. I am not familiar with this situation, however a family member who is a GC looked up the records and understands that the judgment is against the owner and not against the property.

How does the judgment lien affect the transaction?

• 1)Does it only affect the proceeds that would have gone to the owner after fulfilling the current mortgage?

• 2)Or does it the judgment need to be paid in full along with the current mortgage?

I know that the seller didn’t like the person who filed the judgment and is willing to lower the sales price to fulfill the mortgage but would not provide any money to the judgment lien if she isn’t going to get any money anyways due to the judgment.

I am in Florida if that helps provide more info.

Thanks!

Rick

Hey BP Nation,

I just picked up my first property.  YAY!!!

It is in Jacksonville, FL. Located in the Mandarin area. I prefer to fix and flip this, but wholesaling is an option. ARV is $200,000. To my very untrained eye it looks like it needs a full rehab. 1400 sf, 3 bed, 2 bath, pool, pool shed. It has been vacant for 3 years.

What I am asking for is for any experience flippers/landlords to let me know some reputable GC’s. I’ve called 6 and haven’t gotten a hold of anyone besides one guy and he says he is books out to two months.

Can my BP brothers and sisters help out their newbie little bro?

Thanks in advance!

Rick

Will be using this!  Thanks for sharing!

That's a great point, Alexander.

I've been listening a lot to Ray Kurzweil and Peter Diamandis seminars on the future of the exponential technologies and how these technologies will disrupt every industry as we know it, similiar to what uber is doing to transportation and airbnb is doing to hotel industry.

I am no expert (understatement) but I was hoping we have some people on the forefront of the R.E. Industry who have thought these things through.

For instance, we’ve seen in China that 12 homes were 3d printed in 24 hours by a machine, another 3 story and a 6 story building was built using 3d printer machines and then the modular pieces were used to construct the buildings.

What would this technology do to the cost of building homes, let alone building custom homes? For that instance, what affect would it have on all real estate prices?

On top of that, the future of driverless cars is coming, and some believe that within 10 years the majority of cars will be driverless. If (big if) this is true, and your commute becomes PRODUCTIVE time rather than a waste of time, then living further away from your office or metropolitan area becomes much more tenable because you can use your commute to Read, Work, Socialize, Play Games, SLEEP more, etc.

If this happens I believe the cost of Real Estate in these metro areas will drop significantly and the land near the outskirts of these areas will then increase.

I just read an article in the Wall street journal today that showed that someone had bought a house and the ENTIRE Mortgage process (notary included) was done digitally from his kitchen table.

Has anyone else looked into these topics or questions?

Does anyone have an idea of what the future of the RE Industry looks like in an exponential technology world?

How much information should I expect from a Wholesaler when I am looking to do my due diligence on a property before I potentially give him an offer?

I don't want to come off as a tire kicker, but I want to make sure I know what I am getting into before I sign or offer anything.  I am also a newbie.

Where did you buy your duplex?

Thanks, Jeff!  I've been trying to download a bunch of properties from the Tax Assessor's website.  Trying to filter on Quads and Tris, but no luck.  The filters don't really work.  I need to start becoming a local expert.  Any tips on actually finding where these properties are?