All Forum Posts by: Scott Rosslow

Hi everyone,

My my name is Scott and I am a first time / long distance investor from West Palm Beach, FL.

I am interested in investing in SFH in the Phenix, AL and Columbus, GA area and would like to grow a portfolio in the area over the next few years.

It would be great to connect with investors, contractors, property managers, lenders, realtors, and attorneys operating in this area.

Good suggestions. I think at the for the moment I will reach out and try to acquire the tax certificate from the holder. As I will have to hold that for more than a year I will have time to get a title search and see how to probate shakes out.

@Roman M.

Thank you for the thorough response. Through my readings and your response I learned that most encumbrances don’t survive but govt. I haven’t found out yet but would that potentially wipe out the probate process as well?

@Scott Rosslow

Sorry I meant to say the files docs are a bit convoluted so I might have a title company review all the properties for me. My understanding is

Gold acquired the house in the late 90s, she then built two town houses. Eventually she carved out a studio from the back of her house which I think her squatting son was living in the early 00s before she kicked him out. During the run up she took out a very big 2nd mortgage. After that the mortgages were carved up as she starting selling units.

I feel like I need to print all the documents and do the crime scene red string on the wall to figure it all out. It also drives me nuts because the first half of the deed for the studio says unit 2 but the attached legal description says unit 1B.

@Bruce Lynn

Through some unfortunate circumstances I am hoping to work a deal with the owner of the other two but it is too early to tell. The ideal circumstance for me would be to get all the properties. Thank you for taking it the time to respond.

In South Florida my wife owns a Townhouse in a small HOA 4 units. Names are changed for privacy.

1. Wife owns unit one
2. Fish owns units two and three
3. Gold's estate owns unit four

My understanding is over a year ago Gold passed away over a year ago. Her son in an email to the HOA said he has turned over the property to the reverse mortgage company. I tried calling the company to followup on the lead and the reverse mortgage company couldn't locate it in the records. At this point I have waited and checked ever so often to see if new court records have been filed on the property. I can't find any evidence of foreclosure.

In the meantime Gold's other son has since been squatting in the unit who I think was not allowed back, by the HOA, into the property (drug abuse). I also know the HOA has filed a lien on the property for the HOA fees.

Today I looked through the taxes and saw someone bought the 2018 tax certificate.

My idea from here is to reach out to the 2018 certificate owner and try to buy the certificate. After I am allowed by the certificate I would try to foreclose on the unit. I figure the worst case scenario is I am out some money paying for the certificate, best case I win the tax deed auction. Anyone know of any pit falls or have other ideas on how to acquire the property?

Can you take a heloc on the property? No closing costs, and you will only pay interest on what you use. If your medical is higher than the heloc rate thats a win. Can you call and reduce down the medical debt?

Maybe the heloc would allow you to get into another +$500 a month deal but you won't pay until you use it.

Thanks Wayne, I figured its a long shot, but, gotta swing for the fences if you want to get a homerun!

My thoughts on dealing with the son would be something like this. If the loan amount was 100k and the son didn't have the $$ be the bank for him for like 110k and have him transfer the property to me after he repaid the loan. I get the property under market value, loan is paid back, son makes $$. 

A REO will be listed on the MLS correct? The RM company won't send this the county auction?

The title issues are basically the back part of the property was carved out as a studio and then the deed was transferred to her other son. It then was transferred back to the original owner later. So that studio has its own records and files at the county. The studio was sold last year and that is shown on the records for the house, I think because of an adjustment to the RM. That studio sale is listed under the parcel ID of the house. The deeds appear correct on the property appraiser. I wasn't sure if that would affect if the property went to foreclosure auction or sold on the MLS.

Sorry if this is not in the correct forum. My fiance (getting hitched in a month) has her own townhouse in a small HOA of 4 units. One owner passed and her son turned it over to the reverse mortgage company per an email he sent to the HOA. The 1300sf house on the property had a reverse mortgage from 2007 for $550k. I have no idea the remaining balance on the loan. I have called the number for the reverse mortgage and they couldn't find the property in their system. I would like to buy that property if the numbers are right. My understanding is the son could have bought the house at the remaining balance of the loan or 95% of the appraised value if its underwater. I feel like the house is worth maybe $180k maybe $250k if fixed up. I wanted to contact the son to see if we could structure a deal (if the numbers work) to buy the house, but I am not sure if that ship has sailed. Some questions I have:

• Would the reverse mortgage deal with me directly? It looks like they would be required to advertise the property for sale.
• Does the property go to foreclosure sale?
• I believe there are title issues with the property. The property appraiser files are a mess for the property. I plan on getting an attorneys opinion when I can locate the property/ assess the purchase price vs. value. Do title issues affect how they can sell the property?