All Forum Posts by: Brett Dufur

Court-order receiver is the lingo I was looking for. If you have experience to share in this area, and can weigh in with your expertise, I would appreciate it. Thanks!

To clarify, my goal is to understand where to begin on talking to the court to become a court-appointed conservator/steward (not the right word) for a property currently owned by a bank who foreclosed on it 6-8 years ago and is letting the entire property deteriorate and rot into the ground... thanks!

I've listened to a ton of Bigger Pocket Podcasts. Love them! A year or so back, a Bigger Pockets podcast guest briefly sort of off-hand talked about taking a bank owned property that was just languishing... (wasn't even listed for sale)... and he had a judge make him the conservator/steward... darn that's not the word he used... but the judge allowed him to become the point man on preserving the property (because preserving habitable property benefits the community)... so he was legally able to go in, stabilize and rehab the property, at which point he later closed out/foreclosed on the BANK and then owned the property completely. 

I am real rusty on some of the lingo... can anyone help me out with this process? Long story short, I'm in Missouri, there is a nice little farm near here with a house that is literally ROTTING away... owned/foreclosed by a BIG bank in Texas who foreclosed on it probably 6-8 years ago... it is sitting in limbo still... not for sale... not listed for sale... my realtor has been faxing/emailing their foreclosure department for a YEAR with no reply... it must be stuck in their backlisted inventory for some reason... in the meantime, they pay a management company to mow the grass, drain the water lines... but that company has been tight lipped and won't give me a contact person. 

It is basically my dream property and wonder if I should drive down to Texas and knock on the big bank's door til I get a good point of contact. I've spent probably a hundred hours researching for a point of contact, talking to the county seat recorders office, etc., and can't seem to make a solid connection with someone at the mega-bank who owns it... Like I mentioned, neither me nor my realtor was able to get the magical call back from their Fax Only Foreclosure department. Any thoughts on where to begin? Many thanks!! If you've got the skills to help me bird-dog this, I am all ears!

Make sure you are talking to a commercial lender -- that is a small amount of money (in the grand scheme of things)... they should be willing to do a loan in your name... I swung a few real estate purchases and construction loans through a local bank and they never asked me to set up an LLC (although it is super easy to do)... Just ask a lot of questions and get specific action steps from your lender (and definitely shop around)... make sure you are jumping through their hoops and get it done. Good luck!

Hi Mushfiq! Thanks for saying hello - I just emailed you details on the property. I look forward to our discussion!

Looking for $45k loan to purchase long-term rental hold. 7%, 30 amort., balloon in 5 years. Needs less than $5k in repairs. ARV $85k+. Solid brick exterior, modern kitchen, oak hardwoods... Ready to rent at $650-675 a month. Right across the street from a college. I own 16 doors in this neighborhood. Hope we can partner up!

Looking for recommendations for an insurance broker that might be more competitively priced? I am a Mid-Missouri investor - with some single family rentals and also some multifamily in Jefferson City, MO. Currently all of my insurance policies are with State Farm, and are killing me. My main goal is just covering the lender... I typically do the highest deductible ($5,000) and try to insure at 80% of value... I have good properties and have never filed an insurance claim in 20+ years. I have carpenters on staff so I am not the kind of person who calls the insurance company when a strong wind blows a shingle off the roof. :) Thank you!

Hi Bill! Small world! Thanks for the suggestions. I'll be sure to follow up with you. Thank you!

Thank you Kristine, I will keep that in mind and make sure I seek the appropriate council. Thank you for being so generous with your expertise.

To possibly further muddy the waters, the owner did ask that I put some skin in the game by putting $50k down, paid directly down on the note. I countered by suggesting I offer to put $10k down on each of the three notes and hold my remaining $20k back for repairs, deferred maintenance, etc., and he was OK with that. Again, no money will change hands unless we get a contract hammered out...