All Forum Posts by: Sean Phillips

@Wayne Brooks Ok let me clarify.  What can the Lender do then if the Deed is transferred to the winning bidder?  Are you saying they can still force yet another sale of the property??

@Christopher Phillips I see what you are saying. From what I am seeing here in the court docs it would seem that the HOA has super lien status here as well. I am looking for legal opinions on the matter as I have seen an investor take it.

Thanks for the input

All I came across some interesting items and I am trying to work it out and explain to the wife. I have found some HOA foreclosures in my area and actually when driving for dollars found an empty rental at the time and tracked down all that happened. So the HOA foreclosed and the house went to Sell Dec 2015. When I was tracking cases against the previous owner, the one the HOA foreclosed on I see a lis pendens against him in late 2016 from the Lender.

My Question is this.  Since the house was foreclosed and deeded backed in 2015 the Lender has no recourse to the property correct?

Now I am looking at one as well and in the documentation I see that any persons with interest in the property can make a claim up to 60 days after the sale.  So the next question is if the Lender files motions on the 59th day am I screwed?  If I take deed can I turn around and sell before the 60 day period??

Thanks in advance!

I am not a landlord......YET!  However I am of the thought that if you are renting now you are paying someone else.  Pay yourself instead.  Yes in an ideal world I want to have my tenants pay for my units and the expenses.  I think that is the goal.  My wife and I are looking to house hack when our lease is up and our first thought is that we need to be able to cover everything while the units/rooms are vacant.  We are looking to create a bank account for the hack that we can pay into, with the financial payments to bank being paid from there.  Ideally this will grow above and beyond what we are putting into it and we will be able to then use the added funds to purchase other units......and repeat.

So in the rental analysis add your unit and the amount that you would be charging another to live there.  That will be the true analysis once you are out anyway.  That is waht I would and will be doing hope that helps some.

@Arlen Chou thanks and yes I didnt think I would be able to as to how the deal was being offered. And it was only 3 condos in a large complex. So I went and physically walked the complex and I think it is C- also what ended up killing the deal is the HOA fees. The 2/2 were at 309.24 and the 3/2 was at 404.95. rents for the 2/2 would have brought in $750.

I cant see 45% going to HOA.

Help!!  I am looking at this deal.  

1 unit is 3/2 which I would move into

2 units 2/2 that would rent out.

Questions are along the best way to go about closing this transaction. Would I even be able to think about a bank for this, FHA or otherwise???

Any Lenders care to chime in??

Thanks in Advance

street name        Lee Ave.

Asking price   $125,000  
Current rents    Both units for $1,500/month
Annual taxes     2015 Taxes at $1,095 assessment at $32,382
Annual insurance   unknown

All,

Looked at the neighborhood where a duplex is being offered.  In one of the original communities on Orlando, FL.  currently rented. however in doing a drive by I noticed that many homes in the area are abandoned.  Zillow shows the pricing in the area on an upward trend.  I have yet to contact the agent that has this listing and am wondering should I?  Keep in mind this would be a crack at the first investment property.

Thoughts??

I would like to know what the opinions are of how to go about building the legal structure(s) for multi rental units, the possibility of a trust as owner of the per unit corporations and then maybe a multi investor member corporation as beneficiary of the trust.

Thoughts??