Made no offer yet Asking $ 4,500,000 DN $ 1,850,000 to mortgage holder assume $ 2,650,000 note at 5.95% / 30 term ballon due 2012 GOI $ 498,432.00 NOE $ 200,373.00 = 41.5% +/- GOI NOI of $291,843.00 less sellers dept service of $ 162,108 $ 13,509 pr/mon Cash flow $ 129,735.00 or $10,811.25 There is on site laundry, rents are below market, rec.hall,shuffleboard and more.

One successful builder told us he'd like to see someone who can make money on rentals because he hasn't (10 year holder) One long term investor said she really has been thinking about taking cash out of some of her properties and doing what she wants with it.

Kasha I assume you are making a simple mistake that many make when get third party releases.You might have authorization to talk to the bank but do not for the attorney.For that you would need a separate authorization to release.When I did residential short sales years ago I would have one form for third party release and would have all junior lien holders listed along with senior and the attorneys.This way I could send the same document off without having to track down the seller each time for more signatures.A short sale takes awhile to complete.Do you have cash or do you need some financing ??

John,Lease audits are always fun, Sometimes there are no tenants in "occupied" units and visa versa.but probably the best one was a 225 unit deal in San Antonio that was only permitted for 150 units.

Usually their loan is protected by being first lien holder on the property itself.

However, the back-end controls were so bad and the HD management of their credit accounts so poor that we eventually ditched it... we now just issue Visa employee cards to our employees instead (with spending limits appropriate to position and that person's responsibility level)If you must deal with someone who is so disorganized that he can't predict costs, the two ways are either to get a HD account or do phone sales with emailed invoices.

Bought a house at an auction requested by a junior lien holder.

If the owner of record Quitclaims the deed to another party, does the note need to be modified as well to reflect the new deed holder?  

A mortgagee may be the mortgage servicer.(4) "Mortgagee" means: (A) the grantee, beneficiary, owner, or holder of a security instrument; (B) a book entry system; or (C) if the security interest has been assigned of record, the last person to whom the security interest has been assigned of record.(5) "Mortgagor" means the grantor of a security instrument.Thanks for any help.J

@Tiffanie VendryesIf you've never purchased at an auction before, steer clear of HOA foreclosures as you can get completely wiped out by other lien holders.