You also have to evict the current tenant(s) before you can even do any renovating. Those tenants sometimes trash the place in that 90-180 days. But if you are lucky you can buy an HOA foreclosure cheap (say $6000-$12000), and if you can clear it out fast you can AirBnB or rent it out until the mortgage company forecloses on it. Collecting $2k a month in rent for a year = $24K. $12-18K gross profit.
You say all 6 foreclosures that day are "HOA Foreclosures" but you don't say how you recognize that they are HOA foreclosures. Does it say HOA foreclosures somewhere? If this is an instructional video, why skip the most important part??
After researching the FL statutes, Those HOA auctions should be illegal if the liens outstanding are higher than the property value. .. there is 0 gain to any one bidding. The state should outlaw these and they shouldn't be offered for auction. We are currently facing the same issue 2021 33667 COCI Volusia Records.
I think they should be illegal. Or upfront notice of what is owed against the property by the Lawyer selling them at the time of auction. Same thing with the city, they may have a house that is deemed abandoned by the city, but they wont tell you or record it. If you buy it,, then you cant do anything with it except tear it down and spend 50K.@@AB-sy9tf
Thank you for sharing your knowledge. What if you win the bid on a foreclosure sale from the mortgage company and there was a previous foreclosure a yr before on HOA fee's. The attorney who purchased the HOA fee's are not listed on the party details. W How do you eliminate the HOA foreclosure? Will they have equal rights to the property and be on the deed as well?
I lost 40000 on buying two properties from HOA Liens. We should find ways to bring awareness to this situation . Thank you so much for sharing. I wish I saw this video before I got scammed.
This lady bought a condo 3 years ago in California. She passed away in January 2021. She obviously did not pay for almost two years. I talked to the associating attorney and he wants to sell me the condo for a lien of $14,000. Great deal but she is being foreclosed by the first trust deed. My idea was to buy open escrow and get a preliminary report to make she has no other liens. I can now legally change the locks and put them for a sale with a top real estate agent and sell it for profit since I did my comps already and has a profit margin of $100,0000. I can have the real estate agent stop or postpone it for a longer period of time. For the record, I have been in the mortgage business for 32 years and I have never got involved in tax liens or wholesaling. What are your suggestions? By the way great youtube video.
I have a situation that just happened, COA foreclosed.i want to buy it back "right of redemption.unethical & unlawful things were done by the coa,coa management company, & contractors from the insurance claim
I see this is one year old, and of course I should have looked you up early before bidding on HOA foreclosure auction. I wanted to ask a question ... what’s my remedy after making a bad purchase ... could the surplus go to the first mortgage lender and I pay remaining mortgage because the previous owners are trying to get their hands on the surplus. How to stop them from getting any surplus at all?
HI, good luck with that purchase if i find someone can help you i let you know, before you buy, did you use a tile sear online before buy it, one of thoses cheap of under 50.00 ? i'm wondering how good they are since there is not insurance on the info they give you
I wonder that too. I just saw an hoa foreclosure for $7k go for $78k, but the 200k loan is 20yrs old…so does excess go to the loan…then can you negotiate with the loan to pay it off?
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