Sun Rock Property Management» Foreclosure

No Vacancy

Sun Rock Properties — Sat, 17 Dec 2011 01:23:38 +0000

The current rental market is Hot. The recent record number of foreclosures have left families displaced, bank owned properties sit empty and mortgages are hard to come by. Throw in unemployment and depreciating properties and you get a high supply of prospective tenants.

Properties shouldn’t be sitting vacant long in this market. Most of our clients have new leases started the day after their old tenant’s lease ends. With 60 days notice and a hot rental market, how could you have vacancies? Any good property manager should, on average be able to rent your property in 2 to 3 weeks, if not, something is wrong.

When I look at properties online I see some that have been vacant for 200 to 300 days?? Property management in Wesley Chapel. This is ridiculous and I believe it is mainly from realtors telling owners what they want to hear and not being responsive to prospective tenants.

This rental market will be hot for the foreseeable future, but won’t last forever. Investors should be maximizing their opportunities while they are there.

For Expert Property Management in Hillsborough, Pinellas, Manatee and Sarasota Counties contact Sun Rock Property Management

Foreclosure Buying Nightmare Over?

Sun Rock Properties — Sun, 11 Dec 2011 22:10:52 +0000

RealtyTrac reports foreclosures are at a 7 month high after 230,678 U.S. filings in the month of October. However this is down 31% from last year. They attribute some of the annual decline to banks getting more efficient at the process of buying a foreclosure. Anyone who has bought or tried to buy a foreclosure in the past few years can tell you the nightmare they had. The process is slow, filled with meaningless paperwork and you can’t contact anyone competent enough to help you out.

Some investors have spent over a year trying to close a foreclosure deal. So hopefully the process is getting more efficient, it definitely can’t get any worse.

The Effect of Record Foreclosures

Sun Rock Properties — Sat, 13 Mar 2010 19:45:00 +0000

When you have record numbers of foreclosures like the United States has had over the last few years, you get record numbers of renters.

The most amount of people in history have been losing their homes to foreclosure, when this happens the person:

A. Doesn’t have a place to live

B. Has bad credit

C. Can’t qualify for another mortgage

So where do these people go? Some may have to move in with family, but the majority will be looking for a place to rent.

This means that there are currently a record number of people that are interested in renting a property. This is good news for our property management company, since it makes finding tenants very easy.

In some recent cases, we have had people bidding up properties over the advertised rental price. Once properties are rented, we continue to get tons of phone calls and emails of people trying to find a place or see if we have anything similar.

Owners who can capitalize on this opportunity can increase their cashflow and limit vacancies on their properties.

For expert property management in Lakewood Ranch, Florida, contact Sun Rock Property Management.

Bradenton & Sarasota REO Management

Sun Rock Properties — Tue, 24 Nov 2009 15:22:00 +0000

Sun Rock Property Management is now your resource for asset management in Bradenton and Sarasota, Florida. We are teaming with mortgage servicers to provide professional real estate owned or REO management and property preservation.

Services:

Property Management
REO Disposition
Complete Eviction Services
Appraisal Review
Title Issue Resolution
Property Inspections
Consulting
Contract Negotiation
Escrow Tracking

Contact Sun Rock Property Management for REO Management in Bradenton & Sarasota, Florida.

Homebuyer Tax Credit Extended

Sun Rock Properties — Sun, 08 Nov 2009 10:51:49 +0000

The government has extended the current $8000 tax credit for first-time home buyers through spring of next year. A new credit was also passed that is for $6500, buyers who have owned a home in the last 3 years will be eligible.

Tax Credit Extended, Some Home Buyers To Get 6500 | HULIQ

Florida Foreclosure Pain Continues

Sun Rock Properties — Sun, 25 Oct 2009 11:55:00 +0000

Foreclosure activity is on the rise as Florida continues to have one of the highest rates of foreclosures in the nation. California and Nevada round out the top three and foreclosures were reported as increasing 32 percent from last year.

This means that more bank repos are on the way and depreciation of Florida real estate values will continue.

The bottom is still a long way off, and investors should be patient, consider cashflow and ask “what if this property depreciates 3% per year for the next ten years?”

This statement is worth noting “In Florida, one in every 135 households received a filing in April.”

Sun Rock Property Management – Lakewood Ranch, Bradenton & Sarasota

Loan Modification

Sun Rock Properties — Sun, 11 Oct 2009 11:49:00 +0000

Loan modification is the process by which the existing terms of your mortgage loan is permanently changed. The change allows you to repay your debts in a more comfortable manner. By opting for loan modification, you can stop foreclosure of your home.

Facts about loan modification

Loan modification is different from the other debt help options like debt consolidation, debt settlement or forbearance. Loan modification is a solution when you are finding it difficult to make payments for mortgage loan due to an unexpected financial hardship.

While loan modification is capable of preventing foreclosure as the existing terms of your mortgage loan are altered to suit your convenience, if you file bankruptcy, you may not be able to save your house. Instead, filing bankruptcy may only defer the process of foreclosure. In other words, bankruptcy puts a temporary “halt” on the foreclosure process.

What is loan modification?

When you request your lender for loan modification and if the lender agrees to change the terms of your mortgage loan, he may help you by lowering the prevailing interest rate, he may also reduce your principal outstanding balance or increase the loan term of your mortgage.

When do you qualify for loan modification?

In order to qualify for loan modification, you should be willing to retain your home.
You have to prove that your current financial condition doesn’t allow you to make payments for mortgage.
The lender has to be convinced that if you are given another opportunity to make repayments, you will not default any further. Your income should be good enough so that you can continue making lower payments every month.

When does a lender qualify?

A lender should accept the loan modification request if after calculations it is found that the loan modification plan will yield good results for him. The cost of foreclosure is quite high and the various lending institutions are readily accepting the loan modification requests.

One of the biggest disadvantages of loan modification is that although it is helping many borrowers to enjoy lower interest rates, it fails to address the “underwater effect”. In underwater effect, there are many homeowners who have negative equity or they owe more than the equity that is available in their homes. Under such circumstances, homeowners have no other alternative but to “walk away” from their homes as there is no point in spending money for a property that has negative equity.

Property Underwater? You have 2 choices

Sun Rock Properties — Sun, 04 Oct 2009 11:47:00 +0000

Pay or do not Pay.

Florida, California and Nevada fill up the top ten cities with negative equity, with 43.5% of homes being upside down in nearby Port St. Lucie.

You pay, you stay. You don’t pay, you will be foreclosed on and will be forced to move out.

Modifications are rare, and usually only done by community banks. Refinancing is not an option because you have no equity. You can’t sell your property, at least without the bank’s permission (short sale) and even under the best circumstances, this process can be a nightmare. You are not going to get “bailed out” by the government and don’t think that hiring an attorney to tell the mortgage company to produce the note is your ticket to a free ride. Paying a “stop foreclosure expert” is probably the biggest scam out there right now, you pay them a few thousand dollars to do absolutely nothing. You are better off wiring your money to Nigeria to collect your lottery winnings. All of these are just delaying the inevitable. You have to pay to play.

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Are Your Real Estate Dreams Crushed?

Sun Rock Properties — Sun, 27 Sep 2009 11:44:00 +0000

Maybe you had big dreams about becoming a real estate investor, using other people’s money to leverage BIG deals, create a passive income and build a high net worth. You were going to live the good life, own big houses, luxury cars, travel around the world and basically do whatever you want without worrying about money.

In the mid 2000s, these dreams were coming true for many. There were stories everyday about people making BIG profits in real estate. Houses were appreciating like crazy, and you had to get a piece of the action before it was too late.

Then the housing market ~~crashed~~ started crashing, those properties you bought are now worth half of what you owe on them, they have been for sale for a year with no inquiries, unemployment is up and tenants stop paying their rent. Maybe you now have a foreclosure or two on your credit report, and maybe it was a big mistake to get into real estate in the first place. Maybe you should forget about those dreams and just be happy you have a job. Or……

Maybe you should get back in the game.

If you did buy an investment property then you learned quite a bit. You would have started by getting lots of information on how to buy investment properties, getting a mortgage, finding a realtor, going to a closing, being a landlord, etc. So this means you have a pretty solid base of education in the real estate industry. If you have been through the process start to finish then you also have experience in the real estate industry. If you then have experiences where you defaulted, ruined your credit or lost a lot of money, you have the most valuable experience of all, failure.

Say you bought a house for $300K and now it is getting foreclosed on. That is a $300K lesson learned in real estate. How many real estate courses can you buy for $300K?

My point is that if you do not use any of the valuable education or experience you have acquired, then that is just stupid, right? You must learn from your mistakes, Excessive Cash always follows education and experience.

So dust yourself off, get creative, realize that the real estate game has changed and follow these rules.

Don’t

buy for appreciation
think a mortgage is the only way to buy a property
think you will sell in 3 months
have a negative cashflow
speculate (the bottom could be 17 years away)
buy at market value (it is going to depreciate)
be in a hurry

have an exit strategy
a cashflow analysis
utilize the internet and realtors to find the properties for you
submit low offers
be patient
realize that their are other places to invest
find private investors who would love to have a 8% secured return

Sun Rock Property Management – Full service property management in Bradenton and Sarasota, Florida.

Tenants Screen the Landlords

Sun Rock Properties — Tue, 22 Sep 2009 00:38:34 +0000

As the collapse of the housing market continues, foreclosures are all to common. Many good tenants, who pay their rent on time are finding themselves having to move because their landlord has not been paying the mortgage.

Tenants are learning lessons from the housing bust. It is wise to check out the landlord before signing a lease, moving all of your stuff in and paying rent. This is not too difficult to do, the main thing the tenant needs to see is the pay history on the mortgage for the last two years. One way to accomplish this is to run a credit report on the Landlord to show payment histories on all of their mortgages. With authorization, a verification of mortgage (VOM) could be sent to the Landlord’s mortgage company. The VOM could take over a week, so it is a good idea for a landlord to go ahead and request it, so that it can be provided to prospective tenants at application.

When a property goes into foreclosure, the landlord should be upfront with the tenants about the situation. The tenants could possibly sue as they are promised uninterrupted enjoyment of the property in the lease. If a foreclosure process is started, any property management contracts are voided.

For more cashflow maximizing advice contact Sun Rock Property Management, no strings attached.