All Forum Posts by: Paul Choate

News Flash! - I am late getting this out again. Sorry, again.

I think Dot Wo worked out well last time so lets keep the  place, date and time the same for the foreseeable future. (Dot Wo, 4th Tuesday of the month, noon.) Always looking for feed back.

This is a networking event. We are having lunch and sharing our current projects, successes and struggles. There is no speaker or expectation of participation on anyone's part. Please come and listen or ask questions. We have had some very good discussions about the local market and activities of the local investing community.

I plan to report on my latest acquisition- 1bed 1 bath $10,000 purchase price owner carried with $500 down and 0% interest for 5 years. I should be all in for about $4000 and it will rent for $450-$500 per month. If only I can figure out how to get it to cash flow! ;)

Please let me know if you have any questions. Please let me know if you are coming so I can have a rough head count. Please come anyway if your schedule opens up and you did not tell me!

We will be meeting on the fourth Tuesday of every month so put it on your calendars.

Keywords- Oklahoma City, Norman, Midwest City, Yukon, Edmond, Mustang

@Rhett Tullis

We are going to be meeting at Dot Wo, 6161 N May Ave, Oklahoma City, OK 73112. 

Hope to see you there!

Oklahoma, Oklahoma City, Norman, Edmond, Moore, Midwest City, Yukon

Thanks everyone for the responses. I am very excited to give these a shot. @Kenneth Jones thanks for the info on the piping. That is one of my big concerns. @Dan H.I will be ordering a system this next week and will report back on how it goes with the install. ( After some more research, I think I am going to go ahead and install this one myself).

Bankruptcy does not stop foreclosures without resolving the underlying default. It delays them or cures the default though a chapter 13 plan. If she is in a chapter 7, the stay will expire in about 3 months (to be safe). The bank can then resume the foreclosure or they can file a motion to start sooner. You can negotiate a sell with the bank but you can not rely on the old note if she is in default. If she is in a chapter 13, she needs the Court's permission to do just about anything. I don't know of a Court that would approve any creative financing options for a debtor in a chapter 13 bankruptcy.

This should be a cash sale or you are wasting your time.

Since there is no formal structure, each meeting takes its own course. I have been toying with the idea of having very general monthly themes. For example, I think May should be devoted to learning about tax sales and June to reporting what happened. January could be about setting yearly goals and putting them out there. July could be evaluating them at the half way point. November or December could be a celebration of successes and/or failures. I don't want to be too corny with this as the discussions have been great. I want this to be a valuable experience for all those participating. If you have any ideas please put them in the comments below. If you are happy with the way things are, feel free to add that as well.

Last month's meet up was our biggest one yet! I believe we had 14 people in attendance.

Everyone is welcome. The only cost is your lunch if you chose to eat.

NOTE: Working on Location. I have a couple places I am scouting this week and will update the thread by next Tuesday. It will be in OKC.

This is a networking event. We are having lunch and sharing our current projects, successes and struggles. There is no speaker or expectation of participation on anyone's part. Please come and listen or ask questions. We have had some very good discussions about the local market and activities of the local investing community.

Please let me know if you have any questions. Please let me know if you are coming so I can have a rough head count. Please come anyway if your schedule opens up and you did not tell me! 

We will be meeting on the fourth Tuesday of every month so put it on your calendars. 

Keywords- Oklahoma City, Norman, Midwest City, Yukon, Edmond, Mustang

@Rhett Tullis

@JJ Gritts

@Faye Herl

@Deborah Burian

Please pass the word!

I am tired of buying window air units. I generally buy and hold SFRs built from the 1920s-1960s. Most do not have central heat and air systems. I have put in a couple full central systems and it has been too expensive for the return. I like the idea behind the ductless systems but am worried about the quality, ease of installation and maintenance. I have zero experience with them so all opinions are welcome!

I will have my licensed hvac guy install the first one but I am hoping to be able to do them myself at some point.

Thanks in advance.

I practice in the federal courts (bankruptcy) and am not familiar with many of the local attorneys. I can offer my brother, James Choate. 405-606-8620. nelsonchoate.com. He has a civil law practice in OKC. He also office shares with 3-4 other attorneys so they should be able to give you a referral if he does not handle it.

@Hasan Hamdan

 Bankruptcy law is federal law and is substantially similar across the U.S. There are always nuances between the different districts and even between judges but that doesn't really matter in this discussion because the variations are in the various foreclosure laws of the states. That could change the benefits and costs for the debtor. As stated before, these are just the general guidelines for pitching to debtors the pros of working with you.

I think @Wayne Brooksbrought up two very interesting points: tax liability for forgiven debt and the waiting period restart. Tax liability- Debtors are not responsible for forgiven debt after the bankruptcy as Wayne said. IRS form 982 is used after the filing of a bankruptcy if a creditor sends a 1099 for forgiven debt. Some accountants or tax preparers are not aware of it. Wayne, that is very interesting on the waiting period restart and could matter to the debtor.

@William Hochstedler deficiencies after a discharge are not an issue as Wayne said. However, I have seen deficiencies arise outside of bankruptcy but that is more of a deed-in-lieu situation.

@Ron S. bankruptcy does not always remove all liens (i.e. judicial liens, mechanics liens, tax liens etc.). Once a lien is attached to the property, it has a legal existence of its own pursuant to state laws. When the mortgage holder is in first position they do not care as they can clear all of this off through the foreclosure process. You as a short sale buyer have to know what you are buying, just like when you buy at foreclosure auctions. Except in a short sale, there is no judicial mechanism clearing off all of the junior liens. So it is great there are banks out there willing to go through all of the work to do this in a short sale. Many debtors have no extra liens. It does not mean there is no risk or extra work. I assume it must be a state by state thing. In my area the banks just don't mess with it much.

You are incorrect about the reporting of foreclosure actions on a credit report. Foreclosures are public records they do not come from the creditor and therefore do not violate the automatic stay. Public records are facts not collection attempts.