All Forum Posts by: Claudette Attride

Like any investments, the state/areas make a big difference. I am in South Florida; in our tri county area- Palm Beach, Broward & Miami Dade counties, we have one of the highest percentage of senior residents in the country. Assisted living facilities and continuing-care retirement communities are very different from what we usually refer to 55+ Adult Communities – these places are never (as far as I know would even be considered in our real investment portfolio) – just clearing that up.

Now, 55+ Adult communities have some basic identifying characteristics: The unit prices are lower, they all operate under a strong HOA which controls entrance/purchase requirements, and if and when you will be allowed to rent/lease your unit. The HOA also has to approve the integrity of the purchaser, which can range from passing their approved credit score to background criminal or other checks.

Here in South Florida, several units are usually available on the MLS through probate sale, auction sale after delinquent HOA dues cause foreclosure and/ or unpaid taxes. So let's say you bought a unit a 55+ unit – great price, now what. First you receive your ‘welcome kit’ which is the Condo association rules. This among other things tells you how much you need to pay for monthly dues/fees, (runs about 295- 450 monthly) and this begins immediately. You will also realize that you cannot lease the unit, maybe you will allowed to after two years of ownership, no problem you say, I will just sell it. OK, you put in on the market and wait, now you have to screen your buyers to pass the HOA’s owner profile….

Yes, I can go on, but I just wanted to give you an idea of some things to think about to help you understand the 55+ market, at least in the SoFlo area. But, remember, this is only my take on it, but I hope it can open a conservation to BP members who were interested in this market.

Maybe I missed it somewhere, why do you think they are illegal immigrants?  I know of people from other countries who have some for reason- sometimes medical- rent properties wthout any problems.  Many people from other countries do have the ability to maintain a residence here in the US without having to work here.  I would focus on ability to pay and security to 'cover  your back'.

@Kellen Driscoll:

Congratulations on a possible great deal; just adding my bit, I am sure your Seller is an honest motivated person.  I am always encouraging doing your own due diligence work- Florida is great for letting 'your fingers do the walking' since I you are in the great state of Massachusetts use your computer to access the relevant Florida county's website and check out the property. You should look first at the Deed and see your Seller's name and how he owns it- sole or joint, to save time negogitating with the wrong person; then cleck the tax history of the property- to see it is up to date; and then HOA history and/or city liens if any. Always do your own due diligence first, and yes, I would recommend an agent to 'hold your hand' through this. Note: I think it is always good to know WHY a person is selling! It helps you to decide if you are willing and capable to deal with the issue that caused the sale. Good luck.

Claudette

@Rainiel De La Nuez

Since it appears that some time has already elasped since the publication, the  process is still active. I cannot stress emough, the importance of you verifying that your Seller is indeed mentioned in the official documents, if in a will, or intestate ( that is died without a will) in a document showing the division of assets- that the property is mentioned and his/her name and is 100% for your seller. I am not for one moment impying dishonesty on behalf of you Seller, I am just encouraging you to develop a habit of checking things for yourself. That being said, the person who will have authority to dispose (sell) the property will receive an Order to Sell signed by the Judge, then that will be just what that means.  The road to that point- (remember I am not a lawyer etc..) involves various court filings to satisfy the judge that in order for the estate to be distributed, the property should be sold and documents are filed to support this; that no other family member is interested in the acquiring property; the value of the property; a buyer in the wings etc., If you look in the court file, the attorney for the case with contact information will be listed there, you can reach out to him.   Look at the file youself, I can't stress that enough. 

Finally, and I don't want to go to much into this because this would be another post- when a person says, they 'inherited a property'  should begin a conservation beginning with HOW, and then proceed to find out if they have the transferred deed.  Inheritance only takes place after the estate is settled.

Claudette

No John, Not from BP and not the NRA either.  And,  one email does not constitute a spam, and after your first and ONLY request, you were taken off our list.  May God continue to bless your day.

Claudette

@raniel de la Nunez.  Hello, I am not an attorney, this is just my thoughts...

The Notice to Creditors is part of the process that the Court requires to inform everyone that someone is in the process of 'closing' all deals that have been made by the deceased person- as is usually referred to as  'settling the estate'. This public notice is just that- a public notice; it may or may not mean that there are debts associated with the estate,. The important creditors ( the bank- mortgage, HOA, and Uncle Sam) are already aware, this notice iwill tell Mr Average Joe what is happening. You need to find out who is the personal representastive ( that is the person was will receive the Order to Sell from the court), it is a document signed by the judge. It appears that you are in Volusia County, Florida, if the property had been granted a tax exemption as Homestead property, that tax exepmtion will also become a court decision before permission for sale is granted to the Personal Represntative. If we are talking about Volusia ( Daytona Beach) you can search thieir site, or  vist the court probate division at 101 North Alabama Avenue. 

The information you need is grandman's name to begin to look at the file.  Look for your 'seller's' name in the file and see what it says about him/her. .Keep close to that 'seller' try to get some committment, probate properties are GREAT deals.  Good luck.

Claudette

Will do; we hope to beging preparing probate deals fort hat county soon.

If you buy the proprty before the auction, it is a regular arms length transaction so you are subject to all the 'landlord ' eviction issues and laws, but if you bid and buy at the auction, then your next concern is to get your 'quiet title' then you rent back to them. You shouldn't need quiet title to rent, however I mention it to address your concern that they may have 'special rights'.  The only 'special rights' that I can think of is through the auction process - for example, them not being properly served and they challenge the auction sale.  I am not a lawyer and this is not legal advice, so you know the drill.. check with an attorney.

Oopps!!  I forgot you -bad me- @Neil Da Silva same for your Kissimmee market you are also Orange county.

My company offers leads to investors but only in Broward.  We do hope to extend throughout Florida  to help open an alternate niche market. You can look at my information in the marketplace.  We also have a video there to explain probates much better that I can here.  @ Jean-Thierry Aleman you can search Orange County, 425 N Orange Avenue records office for probates- look for probate applications with properties -it takes an awful lot of time, but worth it-  

Claudette