All Forum Posts by: Chris Kennedy

Hey Ann, I left you a message on facebook regarding a different post you might be able to help me on.

Regarding the BOA cards: I have seperate "sub"-accounts for each rental unit. The tenant name is not on them so I don't have the hassle of changing the name after every lease. I actually encourage partial payments in weekly or bi-weekly increments. I leave their security deposit in the account for simplicity and so the account is free.

The HELOC is considered a NPN. I believe the rules regarding NPN's are different than short sales. Investors/Private lenders can and will discount notes for various reasons. It is a possibility that the bank lost the original note.

Buy the note and then decide what you want to do. Buying the note, in a owner cooperative situation, IMO is the best option when the cost is the same.
* You could then do a short sale contract with you as the lender with 5k moving expense
* Implement a cash for keys contract (Deed in lieu)
* Use an option as payment
* Have a 3rd party overpay for something

I agree with previous posts. I would recommend only accepting cash, cashier's check, or money order.

What I do with my rentals is issue my tenants BOA debit cards.
* I setup a seperate account for each unit.
* The tenants aren't listed anywhere on the account.
* Their cards have deposit only permission.
* Each card is labeled with Property name (Ex: 777 Ashley)
* If the card is ever lost, or not returned it doesn't matter. All they can do is deposit.
* You can check balance/transfer/etc online.
* No excuses for late payments. Tenants can deposit 24/7 at any BOA atm.

Speaking about the Hillsborough County market (Florida), the HOA foreclosures have gotten too competitive. I know a few individuals that did very well before the strategy became main-stream. Now, the ROI in my opinion, after considering the various risks, is too low unless another strategy besides renting (until bank foreclosure) is being implemented. Having privileged information to the particular property is what can give you an advantage and allow you to beat out other investors. I have seen various people bid on HOA foreclosures thinking they are going to get clear title.

One example is someone who bought a property at hoa foreclosure,... only to lose it less than two weeks later when the 1st mortgage position wiped them out.

I'd like to bring this post back to life. Anyone research this further? Any more contact information for Tax Lien Portfolios? I'd love to hear anyone's experiences regarding loan products for tax lien certificates.

Any update on this? I might be going through the same thing, as I'm sure alot of people are. Thanks.