All Forum Posts by: Belinda Lopez

I was taught that IRS liens pretty much trump all other liens on a property. This week I came across a buyer under a County Tax Sale Lien in Texas for next week. When I did the title research it shows an additional IRS lien on the property and the IRS is also listed as a defendant on the County Tax suit! If the county sells the property at auction does the new owner have to pay off the IRS lien first?

Has anyone used this system to 'turn your real estate business into a million dollar business in a year'? That was one of the web videos informercial claims. It looked to be basic internet marketing systems, SEO and such for generating wholesale seller leads. I'm skeptical but since the price was only $67 it might be worth checking out.

Yes, I've had similar problems with investors going around me on two different deals. I had the property under contract in both cases. In the first, the seller suddenly backed out and then months later I found out the property had been bought by the guy who was supposed to be my end buyer. In the 2nd, the end buyer contacted my seller and cut me out the deal by letting my contract expire and then they came in and bought the property directly.

I'm slowly learning to better screen my end buyers and also trying to get longer contract times so I have to find an end buyer. Also, I've now identified some private money so I can go ahead and buy the properties outright then sell them; hoping to only hold them for a short time.

I'm also in the Houston area so remember that despite it being a 'big' city, the world of RE is a small community and those with bad reputations become known pretty quickly. Likewise, hardworking, honest folks get good reps quickly. Join some of the local meetups and REIA groups and you'll start to develop a good network.

Good Luck!

I recently came across a property that had an LLC as the current owner on the deed. (Texas). I tracked down one of the directors and he was surprised to learn the property was still in the name of the LLC as he and the other primary director had a pretty bad falling out and he thought the LLC had been dissolved. I explained how I located him and that Title searches still show the LLC as the owner and that 'someone' has been paying the taxes for the past few years. The status of the LLC is reported as 'inactive' in state records.

So who can sell the property? Can this director sign the necessary papers? He and I are both trying to figure this out b/c he wants his name cleared from the property and he would be happy to sign the property away. I now have the contact info for the partner but not sure if I should contact him yet if we only need the first director to sign; given the sour nature of their breakup.

thanks!

Originally posted by Raky Patel:

Belinda Lopez thanks for your feedback. I will check out RICH club. I have heard about it in the past but have yet to sign up. Are all the meetings free to attend with the membership? I looked at the calendar on the website and it seems there are several events each month, are those included?

YES! Membership includes the Monday Night Workshops, ALL Focus Group meetings and monthly general meetings. Most other REIAs make their members pay for each and every Focus Group and other sessions. Paid classes/events are the 101 series of courses, Bus Tour and now mentoring. Those fees are b/c we have to pay the instructors. RICH is a member-owned and run club and you can even volunteer at events to help offset your membership or other course fees.

Originally posted by Rob P.:

I find it strange that come election time, every corner has a bandit sign on it and no one complains.

That's because political signs are usually under a different category than 'non-premises' signs or advertising signs. The day after the election you'll folks going out collecting all the old signs - unless there is a runoff, then the candidate can keep their signs up through the runoff period.

I've heard that some folks pick up the signs after elections and re-purpose them for their own use. Just paint over the original ad and make your own.

Good luck!

Nice to see all the other RICH members here! I'm Belinda Lopez, the Education Director for RICH. The big difference with RICH and other groups is that we are a non-profit trade group offering education and now mentoring for professionals. Lifestyles is one of our vendors and we are also vendors for them as well. They offer deal partnering, education and mentoring but their underlying company is a for profit organization set up by their founders. I've heard lots of good things about them but am not a member myself.

Liberty seems to be a newer for profit group here in Houston and they are advertising like crazy on the radio. Not sure of their business model but it's always worth checking 'free' events if only to network and take advantage of free content.

I attended the event in Orlando recently and it was packed full of content; all content, no sales pitch. If you buy the Boot Camp package, you pretty much get every product they sell and then the follow on weekly calls. They have a very specific formula and criteria for buying/fixing holding of flipping parks that may or may not work for your plans. They've honed their process over years and you'll probably only be able to absorb a small portion of what it taught so take a good inventory of what YOUR goals are in this area.

Personally I think MHPs are one of the best areas to invest in but it's a business like any other area. Good Luck!