All Forum Posts by: Patrick L.

According to Google it does not wipe out the mortgage.  

http://www.grec.state.ga.us/infobase/tableofcontents/chapter57.html

• GCA and POAA state that association’s automatic, statutory lien is superior to all other liens on the condominium unit or lot except:
  • A lien for ad valorem taxes on the condominium unit or lot
  • The lien of any first priority mortgage on the condominium unit or lot;
  • The lien of any mortgage recorded before the declaration was recorded
  • A lessor’s lien
  • The lien of any secondary purchase money mortgage on the condominium unit or lot if the secondary purchase money mortgage holder or his/her grantee was not the seller of the condominium unit or lot to the then owner

Just wait until the title search comes back. Make sure you go through a title company and get title insurance. I see these all the time in the auctions here where new bidders jump in and buy HOA/COA foreclosures and think they're getting a sweet deal and get foreclosed out by the senior mortgage.

You are buying them subject to any senior liens, so you and your friends will loose all of your money once the 1st mortgage finishes their foreclosure.

Your options are either cash for keys or an eviction.   Not a whole lot less if they aren't moving willingly.  

On cheap apartments like that you tend to move more turn over and more wear and tear. I'd say $1k per unit for repairs at a minimum, not total.  

You also need to account for all expenses in your calculations, even if you're doing the work.   That's fine if you want to mow the yard and manage it but you need to factor both of those expenses in your calculations.  You can do them yourself and keep the cash but the numbers need to work with all expenses.  If you're mowing lawns and managing apartments for free can you cut my grass and deal with a few of my tenants for free too?  

Home inspectors do not guarantee anything.  Most of the agreements with them limit any liability to the cost of the inspection.  There is zero chance you'll get the inspector or their insurance to pay you a dollar of your chimney repairs.  Home inspectors generally are great at finding little things like improperly wired outlets, leaking faucets, etc.  If you want to evaluate the structure you're better off bringing a good contractor with you.  

You can pay off the senior mortgage in full (plus the other costs and fees in the judgement) if there's any equity or lose the house.   Nothing creative you can do at this point, you made a huge mistake.  If the foreclosure case was further out you could rent it for a little while and try to recover some money that way but not with an impending sale.  

Bachelor's degree in Finance.  I had a real job for about 11 months after college using my degree.  I started an online business after that and got into real estate with the money I made there.   Haven't had much use for the degree but I enjoyed college and it was learning and maturing experience.  

I love ramen noodles....but only good ones like this

Unless you are zoned as a hotel/motel/bed and breakfast/timeshare/rv park/etc I don't know how you're doing it legally in St Pete.   Any other use only allows for up to 3 rentals of less than 30 days in a 1 year period.