Real Estate Investor · Las Vegas, NV · Member since 2011 · 111 posts · 10 votes
Down the rabbit hole: spending all day tracking down a property "owner"
20 Calls later, with no less than 10 government agencies tacked on to the end, I end up with a final "I don't know what to tell you sir, we down own that property."
I see why people pay people to do this now. :roll:
I literally spent 6 hours today and 4 hours yesterday actually on the phone talking to "people", trying to figure out who "owns" this house. This isn't even counting pulling up all the documents, recorded contracts, liens and emails sent back and forth with everything from title companies to government agents.
All the gurus say, "the best house you want, is vacant and boarded up. those are the cash cows." Sure if the mortgage company is not indicted on federal charges and its owner sent to prison for 11 years. :oops:
I had decided that I would go down my list and make sure I got ahold of all the property owners of each property, and not give up until I did. This beauty was the first on my list.
20 Calls later, with no less than 10 government agencies tacked on to the end, I end up with a final "I don't know what to tell you sir, we down own that property."... I literally spent 6 hours today and 4 hours yesterday actually on the phone talking to "people", trying to figure out who "owns" this house. This isn't even counting pulling up all the documents, recorded contracts, liens and emails sent back and forth with everything from title companies to government agents.
If you ever find the owner of this house, give him my e-mail. I want to take lessons from him. :idea:
STOP...there are much easier ways to do this. Is your plan to buy and hold? fix and flip? are you paying cash or are you getting a hard money loan?
What is your action plan and exit strategy? Do you have a contingency plan?
Real estate investing does not have to be so hard, it is vital to have a mentor to help you to avoid days like today, save you from making costly mistakes and give you answers to your questions when you run into a problem like today.
Ok, this is going to sound schizophrenic, but mind you I have several buyers. I literally have:
A) buyers that want to buy and hold, and want pristine places they can put a tenant in the day of signing, and they're working with cash [ I think ] [ maybe or maybe not their own ]
B) buyers that want the ugliest house on the block, beat up, boarded up, smells of ... unwashed masses huddled to breath free. They are paying with cash.
20 Calls later, with no less than 10 government agencies tacked on to the end, I end up with a final "I don't know what to tell you sir, we down own that property."... I literally spent 6 hours today and 4 hours yesterday actually on the phone talking to "people", trying to figure out who "owns" this house. This isn't even counting pulling up all the documents, recorded contracts, liens and emails sent back and forth with everything from title companies to government agents.
If you ever find the owner of this house, give him my e-mail. I want to take lessons from him. :idea:
LOL Mitch, why? Because he can disappear better than a NINJA?
I literally had bureaucrats on the phone commiserating with me over the injustice of not being able to find this guy, "since the house is empty and probably perfectly alright, just waiting for someone like you to buy it".
I had told them I was renting an apartment and saw this house down the street from me just sitting there all empty.
I tell you, if ever I find ANY owner, they are going to be toast in my evi... I mean caring hands. I make Glen Gary Glen Ross brass ones look like an inny. [ pardon my french ]
LOL Mitch, why? Because he can disappear better than a NINJA?
Yes, exactly! I don't spend a great deal of time searching titles myself, but I'm curious what you found when you pulled the recorded deed on this house. Was it held in trust or corporate name?
I've tried finding owners through tax records, but their names were removed from the bill due to privacy statutes. Hmmm, so the deed is public record but the tax bills are not?
I've tried finding owners through tax records, but their names were removed from the bill due to privacy statutes. Hmmm, so the deed is public record but the tax bills are not?
Make friends with a title officer and they will give you access to systems that let's you pull any document you want.
If you have MLS access, the ones in California come with a First American product called Realist that gives you basic ownership info for free.
well this was a special case. it was forclosed on 3 years ago and reverted back to the mortgage company, HOWEVER... Said company was none other than Taylor Bean & Whitaker, whom, if you don't know were unceremoniously raided by the FBI, indicted and finally jailed in April.
So, after even with a very cooperative title company, I finally ended up at HUD who then sent me to their asset management company, and the final guy said, "I'm sorry, but I have nothing to tell you, we don't have any record of the property." Which I was prepared for on the 17th call, by a very nice realtor who said, if there's anything wrong with title HUD will not take it.
The thing was, the entire day started AT the title company, with her emailing me all of the property documents, without so much so a promise for lunch or dinner. I'm good I tell ya. Although she did suggest calling the lawyer, which I never did get a hold of, nor got the number.
However, with all that said, I am very friendly on the phone and can get instant rapport with anyone. I have all of these people's number, and many of them said "any other property you want to look at?" Stupidly, I was a man on a mission, but I still have their numbers and emails :) Asset manager for HUD is a nice feather in my bonnet.
Marv Rousselow said STOP working hard, but then didn't provide any information as to how to stop working hard. Or is he just selling something? No offense intended. If you are, that's fine, just come out and say it.
I am curious and maybe one of the more experienced pros can assist with this... If the property has been boarded and abandoned for 3+ years, the bank that was holding the foreclosure has been busted and jailed, is it possible for the county to claim in condemned/abandoned and take possession? Then you can buy it directly from the county? I don't know if this is something that can be done, but it is just a thought. Would love to know if I am way off base here. Also Kevin, I would just keep in mind when you are reading replies to your posts; always take a look at the numbers of the poster. How many times have they posted what is their influence rating etc. Good luck on your ownership search!