All Forum Posts by: Dave Martel

I was just responding to the OP's question if any title companies would close with dry funds in Colorado, and Land Title will. That being said, I just closed a deal with their Avon office last week and it went great, I would recommend them to anyone looking for an investor friendly title co.

Land Title will close with dry funds in Colorado as well, they call it 'acquisition escrow'. Like @Anson Young said they require full disclosure and everyone has to sign an affidavit agreeing to it. They don't disclose any numbers, just that there is another transaction that is funding or will fund the other.

Figure it out yet?

Its most likely a loose connection in the outlet your plugging the fan into. Turn off the power at the panel and open up the outlet. I bet the wires are 'backstabbed', meaning they are pushed into the holes in the back of the outlet. One or more wires are most likely loose and will probably pull right out if it didn't already when you pulled the outlet out. Buy a new outlet and use the screw terminals, whites to silver color screws, blacks to brass color screws, ground to green.

Hear Hear Michael Quarles

Thank you everyone for your responses, they have been extremely helpful.

I spent part of the day trying to get to the bottom of this and didn't get to far. I don't believe there is joint tenancy but there seems to be some confusion in the O & E report. I'll try to explain.(This was my fist deal BTW so this is all new to me)

The oldest record on the report is a QCD from 1998 that shows the mother and brother as owners and they added the 2 sisters. This QCD shows joint tenancy. In Feb 2003 there is another QCD where everyone gives back ownership to the mother and 1 sister and there is no mention of JT. They then pulled a bunch of money out and there is a deed of trust from Feb 2003 that states there is JT. Then in March 2003 there is another QCD where the mother and sister add the other sister and brother back in, again no JT mentioned. This is the vesting deed. Then again in April 2003 they all pulled more money out and this deed of trust again says there is JT. In 2005 the mother died and a different brother (from Iowa) filed a death certificate and affidavit stating his mother was part owner in JT and he had no claim to the property. The mothers name is still on the deed although the sisters were named executers and said they filed some paperwork in Iowa.(not sure exactly what they filed)

So as I understand it , there is no JT because it isn't specifically mentioned on the vesting deed, and the deeds of trust carry no weight, but everyone seems to think there is JT. (as far as the family and the 2 banks are concerned)

I called the trustee and they said there is nothing they can do about the auction and that it is up to the bank. I've been trying to reach the law firm representing the bank for three days now with no luck.

I did talk with the 2 sisters today and as it turns out, the woman I thought was his daughter trying to get POA was actually his niece. He never married and has no kids. They also said as far as they knew the only debt he had was 2 credit cards totaling about $6200 and no will. I could easily pay these 2 cards and still make a good profit on the deal.

I know nothing about the probate process but I will contact an estate attorney tomorrow to see what I can find out.

Any additional advice would be greatly appreciated.

Hello BP, I hope someone can help me out with this.

I got a call Friday from a motivated seller and met them on Sunday. It turns out the house is owned by three siblings ( two sisters and a brother) all of whom are on social security. The brother became ill a while back and was placed in a nursing home. With the loss of his income the two sisters fell behind on the mortgage and the house is in foreclosure, cure deadline is Oct 15.

After walking through the house and speaking with the sisters we made a deal and they signed my contract. I spoke with the daughter of the brother and she agreed to the deal as well and was working to get power of attorney.

When I got home today I had a message from one of the sisters saying that the brother died this morning and his daughter wasn't able to get the power of attorney signed. I haven't called back yet and don't know if there is a will.

So where do I go from here? The sisters still want to sell and I'm waiting for a call back from the law firm working the foreclosure to try to push the sale. I feel super awkward calling to find out if there is a will but if there isn't I would imagine it could take months to get sorted out. Even if there is a will wouldn't it still take a while? I already did a title search and it is not a joint tenant deed.

What do you all think?

Thanks for the input. But this would be true for all lien waivers no?

@J Scott

Your twisting my words. I said in many instances I don't think it should happen. Those instances are when I'm required to front large sums of money for materials.

Part of my business is large custom homes. Some have electrical contracts that can reach and exceed $100K. It is not uncommon for me to front 50-60K at a time on one job alone, and have several other jobs going as well. As a small business my resources are not unlimited and a couple of late payments can put me in a tough spot. Requiring a deposit is just risk management.

As far as extending credit, that is exactly my point. I believe that fronting the cost for deferred payment is an extension of credit and a thorough credit check and personal guarantee should be required, but not in all instances.

I also think asking a client for a SSN and financial statements won't go over too well.

I know its industry standard in most places but can you explain to me why a contractor should deliver materials to you without an extension of credit when you can't get those same materials anywhere else without it? Especially when that contractor had to apply for and guarantee that credit himself.

On the topic of lien wavers most of my clients stamp the back of every check .

You can buy online for like $26

@J Scott

I couldn't say it any better than @Randy F.

Who said it never happens? It happens all day long, I'm just saying in many instances I don't think it should.

I work net 30 without a deposit all the time but it depends on the customer and the job. There seems to be an attitude by some that if a contractor wants a deposit then he's a deadbeat that can't manage his money and that investor risk is greater than mine. It's not.

There are probably the same amount of deadbeat investors out there as there are shady contractors, believe me I know.

Unfortunately (for me) it IS the way the most of the service industry operates and what most people expect. That's why I'm at Bigger Pockets, to make my own deals and worry less about running up all my personally guaranteed accounts with materials for other peoples projects and wondering when (or if) I'll get paid.

CHA CHING!!

Make some calls, I'm sure a couple local contractors would be happy to help out.