All Forum Posts by: Arcinio Arauz

@Wayne Brooks thank you kindly for your input. I was thinking about a wrap prior to my post. Thus, you confirmed it! I was even thinking of making the rate 3.8%...which is still excellent for the buyer and I would secure a promissory note with a little extra monthly cash flow for me. What's typical for a ballon and a sub2? 

Hello all,

I may be doing my first sub to deal. I am on the selling end. So my question is how or what documentation would I need to protect myself in the event the buyer defaults and quits paying the note? Is there a way that can record a position or lien in the event the buyer quits paying.  I cringe at the thought of a buyer that quits paying and it's my credit affected. A few points.... I'm asking for a 90K equity payout to me, new owner will take over loan at 187K @3.3% 30 years fixed... all done through title company.  

I know this topic comes up often, but just wondering... I found a house, both owners passed away 10 years ago. House has been vacant since. Taxes became delinquent 4 years ago, owners had no children but does have other family members (sisters/brothers, nephews). At one point it seemed as if one sister cared for the house and payed the taxes but still kept it vacant. NO BANK/ MORTGAGE is involved!

So my question...in the event the sister wishes not to petition for probate (since house is still in descent's name) what else if anything can I do ? An AP (adverse possession) deal is one option yet because of lingering distant family members I am hesitant. Is there any other way ?  Can sister sign rights for me to petition or can I petition? Perhaps @Rick H. might know.  

@Stephen Brown Seriously not worth chasing this deal; using basic software tools or even a trip to the records office can give you an idea of what the balance is. You'll most likely find a NOD with some figure of an amount. Furthermore, as already stated the bank will not talk too you. THE ONLY TWO WAYS to acquire this property is 1. the son must petition for probate and get the rights to sell you the house. Doing this when there is nothing in it for him plus a looming foreclosure and time restraints is probably not likely. 2. Adverse possession... depending on your state, you can take possession and pay the delinquent taxes (if they are in rears) for the next 5 years or whatever your state rule is and you keep the house. But again, if there is mortgage on this house, not a good idea since the bank may be paying those taxes and thus they are sheltering their collateral to sell at an auction. Bottom line, if its a vacant home and there's a bank involved ...its a no go for me.

@Brett Goldsmith Yes the agent represents both side and she is the facilitator (supposedly) communicating with the bank. I have already recommended to bring in an attorney to assist with the situation and she said that was not needed. Thus, here we are 9 months later and absolutely nothing happening. 

@Inessa Stysis Contacting her broker may be an option however, they may just defend the agent. I would like to know if I can just bring in another agent on my side while still having the property tied up.

Thanks for your input 

Hello All,

I put in an offer on a short sale back in Feb for a primary residence . It's now October and we are no further along. I fully understand that a short sale can take a good while and in many cases the bank is the cause of slow progression. The SS bank keeps asking the seller  for the same thing and its the same runaround over and over again.  To make matters worse, the agent DOES NOT call or text me anything! She has been so incompetent and lacks follow up skills. Every week I chase her down to ask her where we are at. Again she fails to respond as always. I am feeling that if her level of service to the SS bank is the same at what she delivers to me...I am beginning to believe that the hold up is her lack of following through. Also...she has NEVER spoken to the seller other than the very first time they met, and its been 10 months for him!  So my Questions: How can I fire this RE agent from hell? If I fire her on my end but the seller decides to keep her, how does that affect things being I get a different agent. Last thing...since the seller is so fed up with the whole deal, he allowed me to start moving in and live in the property! So now I'm actually living in it while we wait for the SS! Your thoughts?

So what exactly makes a senior lien senior (1st) and a junior (2nd) junior? When referring to a deed of trust, is it the time/date when one was recorded or the dollar amount ?

For example if I take a loan (considering there are no other liens attached) for the amount of $50k on 2/14/18... then later take another loan for $100k on 7/17/18, which is Senior?

The first one I took because  it was recorded first or the second at a higher value yet a later date? 

@Nolan Martineau... I believe the house is vacant.

@Rich Hupper I've honestly come across a few "dead ends" a PO box with an owner that is "hidden". The last resort is to send a letter the PO box  certified mail with signature required (may cost $8.00). Thus then you would know for certain that the addressee received your letter per the signature of which the post office will send you notice of. After a few weeks, send another letter the same way, then another and another. Somewhere in there, ask the postmaster front desk attendant that the next the owner comes in to call you because its urgent  or find out info from the postmaster about the said person. 

Let me know how this turns out. Send me a PM. I invariably do "detective style" work to find people.  

So I decided at the point when I have enough passive income from my rentals to equal what I'm making now at my 7am to 3pm job is when I'll leave the JOB. Thus this would allow more time to focus on production and increase volume. My hold back is that I have such good health insurance for my family with the job. What does a self employed investor do for health coverage? I'm in Ca. 

@Rich Hupper AP...Adverse Possession. An entirely different strategy of  acquiring property. 

In a rough nut shell... A person basically holds a claim on said property (pays the taxes) and adversely, openly claims that property as his/hers.

After a period of time, 5, 10, 20 years a court order can give you free title. Each state is different and you must know the laws governing within state. Risky? Yes. Profitable? Very much so if successful. I've done a few and many others here BP have as well.