All Forum Posts by: Savannah Lewison

Hello,

I'm analyzing this property up for auction and see that it is being auctioned off by Reverse Mortgage Solutions Inc. I also see that a new mortgage assignment was recorded on the home by Cascade Funding Mortgage in May of this year. Who owns the rights to the home and if I purchased it would I have any trouble with Cascade Funding Mortgage?

Thank you!

Savannah

Hello,

I have another property up for auction that has confused me upon looking into the recorded deeds. The home is being auctioned by Reverse Mortgage Solutions INC but I see there was a recent mortgage assignment to Cascade Funding Mortgage Trust. How is it that there is a reverse mortgage as well as a new mortgage on the home? Also who has the rights to the home and if I were to purchase it would there be any issue with Cascade Funding Mortgage?

Thank you in advance!

Still learning so looking for any and all information available on this topic.

Savannah

@Chris Seveney Who do you use for your title searches? Do you do this all ahead of time when building your auction list? Also what is the average cost of this?

Thank you in advance!

@Wayne Brooks @Chris Seveney Thank you both for your quick replies! Very helpful and answered my question. I didn't realize home loans were constantly being sold to other lenders. 

Hello,

I am learning to do my own title search for auctioned properties. Problem is I'm having trouble actually understanding what I'm looking at. I have a real life example here. I see that Pingora Loan LLC assigned a loan in July of 2019 and then there is another loan assignment by Specialized Loan Servicing LLC. I do not see that the Pingora loan was satisfied. Specialized Loan Servicing LLC is the one who is suing the defendant resulting in the home going up for auction. Is this a case of bidding on a second mortgage? Or am I just not reading this correctly.

Any and all help and feedback is appreciated thank you!

Savannah

Here's my second deal of the week sold by owner also found on the MLS. This is a C-/D+ area. I have no problem investing in an area like this as long as it isn't a war zone. I checked the rental numbers in the area and it would cash flow fine. This would scare a lot of investors off because of the roof and foundation repairs. I would get have a couple of contractors take a look and give me estimates before purchasing. It really could be a great deal. I am aware that my expenses and cap ex are high especially with such a large rehab number. I do this on purpose.

What are your thoughts?

Thank you!!!

Savannah

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hey BP community! Here is an analysis I did this week on a duplex in town. Found this off of the MLS. The property has been on the market for about a month so I would ideally like to get the property for around 59k and be able to put some more money into making it look nice.

The misc amount in expenses us for lawn care and snow removal.

Please give me any feedback, comments, or concerns. 

Thank you!

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Ben Smalley @Tchaka Owen I've posted the screen shots above.

Here is the re-analysis with some updated numbers. I've taken out water, gas, sewer, electric as the tenant would be paying. I could only get slightly more rent because it is a lower class neighborhood so I've gone ahead and lowered the rehab costs because it doesn't seem like the area would call for it. I lowered the cap ex as well but still prefer to remain conservative on the expense numbers. Take a look again please! @Wilburt King @Tchaka Owen @Brian Whitney @Ben Smalley

@Bjorik Mutize 10% management is normal and I add an extra 1% for the first months rent owed when they place a tenant. 

https://www.biggerpockets.com/buy_and_hold_results/1084596