All Forum Posts by: Scott Esmail

@Tom Gimer Yes it is a first mortgage being foreclosed 

 @ tom Based on what I read on their website its with the state. So does this mean all that they can do is remove the equitment and nothing to do with liening the home for the remaining balance ? 

@Tom Gimerundefined

@Matt Devincenzo From what I am seeing on the solar panel website, yes there is a UCC filing. So if I understand correctly your saying there only recourse is to repo the panels and but can not lien the property ?

I am wanting to buy a property in a online auction with the clerk of courts in my area. The foreclosure is for the mortgage not paid, the property current owner who is being foreclosed on also purchased solar panels in 2022 and financed them according to my searches. From my understanding the debt will be not wiped out with this auction.

So my question is if I buy this property does the debt belong to current owner and they will just come take back the panels. Or will there be a lien placed on the property and the only way that the lien will be removed is if I pay off the solar panels once I own it. 

Even if he did not use the address as his business address as a roofer he still may/would have this type of materials and trailer needed to do his daily stuff and removing the address as business may not change this fact he would bring home.

 You could call code enforment on him but utimately if he does not move you will be responiable. 

As a former roofer I would not worry about fire in regards to the supplies and you have hazzard insurace anyways I would assume 

 If he is paying the rent leave him as is and hope he stays for long time. When he does move I am sure you will have some yard work etc to deal with but if he stays a long time then its the cost of doing business I guess. 

money is expensive and prices are high so if you can find something that works in a area your confortable owing then do it. if you can't find something then hold off until you can and keep saving. I only buy really really good deals right now and pass alot up due to the cost of money and how that eats all the cash flow. Many of the deals I am passing on would have bought when rates low. Since you only have to find one property then be picky and low ball all offers, there is not nearly as much buyers out there

How is $45 dollars for a door knob replacement alot. The cost for material would be $15-20 on the low end and that would leave only $$25-30 to go to the store buy a door knob come back and install. I thought the prices you mentioned were low. $65 to fix any type of leak in a toliet is cheap 

Keep dropping price and hopefully you sell before you break even. If your going to loose you can take a loss or re fi into 7-8 percent dscr loan and hold for 5 years or so that is what I am seeing with the prepayment. I am in the same boat I have a flip that I thought would sell for $459k I am now down to $419 and will have to drop until it sells. Its best to get out and use the money for something else that you can do better on. The bad news is were in the summer slow down time now and less buyers then last couple months. There is not much buyers out there buying, on the flip side I have been able to buy 4 properties this month that were really good deals.

Thank you for the contact @David Niles I will reach out to them. Will let you know if anything is needed on the Pm side however we do self manage.

Enforce lease if you show flexibility on something that lease says,  then in future tenants will push again and create celebrate stories on why the exception needs to be done again. You are enforcing fair housing rules. Suppose you have 2 units and give one no late fee and the other one you did.That could cause a problem in fair housing court. Enforce lease at all times to protect yourself plus much easier to show no flexibility then in future they wont expect and bother you about it. Does your bank/ phone provider or any other bill waive a late fee if you dont pay mortgage on-time, you don not even bother to ask becuause they wont, this is the way your tenants need to see this . Plus as mentioned reduces your admin time dealing with tenant when you have to enforce lease at all time no exceptions. Blame your decision on fair housing laws and they should except that. Lastly if tenants think your going to waive fees then you may be getting rent late often which is annoying.