Practical guides on finding deals, finding buyers, and closing your first wholesale assignment.
An HOA foreclosure is a sale of a home by its homeowners association to collect unpaid assessments. For investors, the critical question is lien priority: in most states the first mortgage survives, but in super-lien states part of the association’s lien can rank ahead of it.
The Minnesota foreclosure process is usually nonjudicial: most lenders foreclose by advertisement, publishing notice for six weeks and selling the property at a sheriff’s sale. What makes Minnesota different for investors is the six-month redemption period that follows.
The South Carolina foreclosure process is judicial, which means the lender must file a lawsuit, win a court judgment, and then have the property sold at a public auction usually run by the county’s Master-in-Equity.
“And/or assigns” is wording added after the buyer’s name on a real estate purchase contract, such as “Jane Smith and/or assigns,” to show the buyer may transfer the contract to someone else before closing.
Section 8 investing means buying rental property and renting it to tenants who use Housing Choice Vouchers, so a local public housing agency pays part of the rent directly to you each month.
“Time is of the essence” in real estate means the dates in a purchase contract are strict deadlines, so missing one, such as the closing date, can count as a material breach that lets the other side cancel or keep the deposit.
Specific performance in real estate is a court order that forces a party who breached a purchase contract to actually complete the sale, instead of just paying money damages.
A transfer on death deed lets an owner name a beneficiary who receives the property at death without probate. Here is how TOD deeds work, which states allow them, and how to buy from a TOD beneficiary.
A fire damaged house can be one of the best deals in a neighborhood, but only when the price accounts for smoke, water, structural and insurance unknowns. Here is how to inspect, value and resell one.
Self-directed IRA real estate investing means your IRA, not you, owns the property, and every dollar runs through the account. Here are the prohibited-transaction rules, the UBTI and UDFI tax traps, and a worked rental example.