All Forum Posts by: Rowdy B.

I just spoke with Brenda Flatter at Meridian Title, and found that they will provide title insurance on tax lien foreclosures.  Although they're located in the midwest, they service Arizona and apparently some other states.  I have not yet used their services, but she was very familiar with the process, and it sounds like the company is one of a few in the country who provide these services.  She also mentioned checking out the National Tax Lien Association website:   ntla dot org

I hope this information helps someone in the future!

I am in the process of acquiring 20+ bare land lots through tax lien foreclosure. All of these properties have five or more years of unpaid taxes, and can be purchased "over the counter" directly from the county. My intent is to build single family homes on each lot, and then sell them. I am currently building several homes in the same municipality, and have done many weeks of due diligence to understand the value of this course of action, as well as the potential pitfalls. I am using an attorney to foreclose on my first few properties, and he charges $5000 per property. I am a full time property investor, and for the potential savings of $100K+ for 20+ properties, I am more than willing to put in the time and effort and go through the learning process. From other posts I've read, I have paid for the tax liens and will foreclose in my own name, not the name of my LLC (which I believe requires an attorney).

From what I understand, quiet title is granted through the court foreclosure action (correct me if I'm wrong).  However, for me to resell these properties, I'm reasonably certain that I need title Insurance from a title company.  I have spoken with several title companies, and most of them do not provide title for tax lien foreclosures.  A few others will provide insurance, but only if the foreclosure is handled by an attorney.  I have found two who have said that they may be able to do this, but only if I provide proof of serving the 30 day notice using a third party service to each individual who may have an interest in the property.  My attorney has indicated that in the case where the owner who is in default is an entity, the law only requires that the 30 day notice is mailed to the address on file with the county.

If one of you could recommend a title company who would be able to provide title insurance without the use of an attorney, and without the use of a third party service to track down the owners of the entity and serve them personally, I'd appreciate it.

I own a property in Pinal County, Arizona which has a well with water tested at 0.028 mg/L (28 PPB) arsenic. I have just built four manufactured homes which will be sharing water from the well. I believe more than 50% of my potential buyers will use FHA financing. To the best of my knowledge, most Arizona lenders use the EPA drinking water standards requiring a maximum of 0.010 mg/L (10 PPB) arsenic. Most of the builders in the area (it's a rural area not serviced by city water, only wells) are installing "point of use" RO (Reverse Osmosis) systems (about $500 installed under the kitchen sink). From speaking with several realtors, using just a single RO system has been accepted by nearly all FHA loans originated by local lenders. However, I have heard of one case where the lender required a "whole house" arsenic treatment system, which are about $2500-$3000 installed. I thought I read an article once which stated that a "whole house" arsenic treatment was required by FHA for all water in the house, as well as any drinking water for pets or livestock. Unfortunately, I have not been able to find that definitive FHA guideline. If anyone could provide me a link to the FHA guidelines, I would certainly appreciate it.

By the way, here's probably the best article I've found on the subject:

https://www.mass.gov/info-details/arsenic-in-private-well-water-faqs#:~:text=Unless%20your%20arsenic%20level%20is,not%20evaporate%20into%20the%20air.

One notable quote from it:

"Unless your arsenic level is over 500 ppb, showering, bathing and other household uses are safe. Arsenic is not absorbed through the skin and does not evaporate into the air."

By the way, I will have details of what I'm offering in a few days. Feel free to PM me if you know of anyone interested in becoming an equity partner.

Thanks for your reply, Jason.  

The reason I was interested in his site was that he advertised 100% equity funding.  

I am building five single family homes at the moment, and am looking for an equity partner to help me build more.  I have debt financing, a contractor who has given me a very good price on building single family homes, and own land in a very hot market. 

After receiving a funding offer from Lorenzo Nava at PrivateInvestorsLLC that sounded too good to be true, I decided to do a bit of research on him and companies he is/has been associated with.  

Here is what I found:

https://ripoffscams.com/reports-filed/ciiimtg/las-vegas-nevada/ciiimtg-lorenzo-nava-lorenzo-nava-stole-my-money-and-will-no-longer-take-my-calls-internet/293193/

https://www.ripoffreport.com/reports/ciiimtg-llc/internet/ciiimtg-llc-lorenzo-nava-ciiimtg-charged-20000-to-obtain-a-lender-commitment-letter-l-1151976

https://www.holysmoke.org/scam/alpine-financial-real-estate-investment-group-inc-review/

Nearly all of the images on privatelendersllc.com exist on other websites.  I found this by right-clicking on the image in Chrome, then selecting "Search Google for image".  Here's one example: 

https://www.google.com/search?tbs=sbi:AMhZZiuuXejlqSvZwjEmXmAKvhyxTnDNKVGJQSxTEX-C3sHe3beRDqz7WxdZv6DLvTQVPRAXAd7Z58jsnLlJwK9ypytYrg2L_12g2DXbBxyzBoet2bdFDTFjKLIQoA1qIWrOpppiOeODcTEvPzZJ5MhypPdKc4fzG_1LFeaAZbVXt38cziNVh3IW_1VEgOqh2qGHAq7B6OZ3dqkX04RypOOESgFhBbWteijgTB02b5k3W2sTDjudsP-w9RzglzzisJhWdkLnKQAee4pj_1wWpi_1atzKr577wG68nRQyLpfR999oqCGvydHDs5x1OlScVbBa69rqviZA11tR_16kHPYNk8YYFQfZ_1swbS0aA

He has a Gmail account.

The fine print at the bottom of the "testimonials" page (http://www.privatelendersllc.com/testimonials.html) has several grammatical errors:
We are direct private investors providing private investor services to investors on or about business or financial matters. Joint ventures, Profits, Equity, Returns On Investments may vary depending on each individual's experience, rates, or terms may change at any time without notice. By clicking submit you agree to be contacted even if your on the do not call list.

I won't be working with him, and bear him no malice.  I would be interested if anyone here has any experience (positive or negative) with him or his company.  

Hi Thomas - I am in the same situation, and so far have only found 21st mortgage willing to do a cash out refi on a manufactured home investment property. They offer a 55%LTV on the original purchase price of the land and home - not the current value. Their rates vary from 6-12% depending on credit and age of the home. They also only offer a 10 year term on investment properties, and have a 3 to 5% origination fee. In my case, the original land + home costs were $160k so loan of $88k. With my credit near 700, they quoted me a monthly payment of $1000 to $1050 with interest rates of 7.25 to 8.5%.

I do have a question for you about Citadel. When I called them, they stated that they are not licensed to provide personal loans (I hold the property in my name) in Arizona. Do you hold the property in an LLC, or could they provide you with financing in your name in NC?

I am hoping to find financing for a 1989 3 bed 2 bath double wide manufactured home which was moved in 2002 and is on its own 1.25 acre lot.  There are tenants in place, and I would keep the property indefinitely, with the possibility of putting a new manufactured home on it in 5-10 years.  The land (with septic and 1/4 of a shared water well agreement) value is roughly $35,000.  A similar age home (which has not been moved) in the neighbourhood on 1.25 acres is for sale at $85,000, and I believe I would be able to purchase it for around $65,000.  I have the option to purchase the lot next to it for an additional $25,000, and may have the option to purchase the third and possibly fourth lots (all serviced by the same well) in the future.  The lot next to it has an old mobile home which I would tear down and replace with a new manufactured home.  Once built, that property should be worth $160,000 to $180,000, which I intend to refinance.  I have already paid cash for the new manufactured home, which I was originally intending to put onto another property, but could put on this property if it helps with getting financing.  To sum it up, I'm hoping to finance a $90,000 purchase of two lots and two manufactured/mobile homes, replace the older one with a new home, and rent both out.  Combined rent should be around $2200 per month.  

I'm aware that the probability of FHA financing for a moved manufactured home is next to zero, so understand that this is a big ask.

I am looking for a Principal + Interest loan with monthly repayments of $500 or less.  I have good credit, and over 10 years experience in property investment, including hands-on construction of the same manufactured home I would be putting on this property.

I want to put a 40ft x 40ft addition onto a property in Flagstaff, Arizona (zip 86001).  I have fixed/flippped/built additions for seven properties, and have either done or been involved with nearly all trades.  I am searching for the lowest cost method of doing this which could be completed before the frost hits in September/October.  I am capable of doing the framing myself, and getting subs for everything else, but would prefer to focus on my day job and have a life for the next few months.  That being said, this option does seem to be the only way to get the job done within my budget and time frame.

I have spoken to several general contractors in the area, but all have indicated that they are either not interested or could not get started for at least 3 to 6 months (building boom here).

The most appealing idea for me at the moment is modular.  In particular, I would like to find a manufacturer that is able to produce a two-story custom modular building for a reasonable price.  I have a rough design in PDF format.   I have been in contact with all of the major manufactured home builders here in Arizona, but none of them do two story, and all of them now have at least a 5-6 month build time.

I am open to other options, and have been doing a lot of research on new building methods and materials (such as SIPs), but none seem to match my budget and time frame.  One other challenge here in Flagstaff is finding reasonable quality workers.

If anyone has any information they can share, I'd certainly appreciate it.

Thank you,

Rowdy Bristol

I have a tenant who is late with their rent, but is willing to pay in a short period of time.  I want to be reasonable, but at the same time convey that I am firm about the late payment and ensure future rent payments on time.

I plan to agree to this via a legal document I found online  (I can share the link if you want and if it's allowed) called a "Late Rent Payment Agreement".  This document has a "Good Faith" payment clause:

WHEREAS, the Tenant promises to pay the above amount ($2600.00) owed in full, with a good faith payment of $100.00 cash paid at the time of signing this Agreement, and the remainder ($2500.00) no later than <time / timezone> on <date>.

 I am wondering if anyone has experience using this sort of a document before, and if so, whether a good faith payment is reasonable, and what sort of a percent of the total is acceptable.

I can post the content of the entire agreement if needed, and am happy to share the document if anyone wants a copy.

Thanks in advance,

R